One of the first steps in working out how much you can afford to borrow, is working out or estimating what your disposable income is, after all your bills and other expenses have been paid. Once you are clear about what your weekly, fortnightly or monthly disposable income is expected to be, you'll get a better idea of how much you'll be able to afford to borrow, by moving the loan calculator slider above, from left or right.
As a responsible borrower, it is important that you don't extend yourself too much by being unable to make the repayments on your loan. Money3, as a responsible lender will also calculate and verify your income and expenses when working out how much money you could affordably borrow1. Once this is done, we'll be able to confirm with you, your loan pre-approval offer.
When you have been given your loan pre-approval, you'll then be able to confidently look for your next car or another vehicle, within your pre-approval price range.
Smaller loans with Money3 start over a 2 year period, however, to ensure the loan repayments are appropriate and affordable for you, the more you borrow, the longer the loan term may be. Loan terms start from 2 years when borrowing from $2,000 and go up to 5 years for larger car loans, generally when borrowing over $16,000.
Also See: How to Get a Car Loan.
1. Subject to verification, suitability and affordability
Vehicle Finance
Cars
Motorbikes
Used Cars
Campervans
Vans
Minibuses
Caravans
Trailers
Boats
Jet Skis
Trucks
Ride on Mowers
A car loan calculator is a tool that allows you to estimate your weekly repayments based on the amount of money you'd like to borrow. Alternatively, it allows you to estimate how much you could borrow, based on how much you could affordably repay on a weekly, fortnightly or monthly basis.
The repayment calculator can be used to work out how much money you could borrow and for how long, based on the repayment estimates, per week, fortnight or month shown in the example. However, if you are already set on a particular vehicle, you can move the slider to the cost of the vehicle. This will then show you an estimate of how much you would be expected to repay every week, fortnight or month, during the loan term for that vehicle. If the repayments are affordable for you and you meet our lending criteria, then you can start your application with Money3.
The value of your estimated repayments will be determined by your loan amount, the type of loan you take out (e.g. fixed rate loans), and your repayment frequency (e.g. monthly repayments, fortnightly repayments, etc.) among other factors. Use our repayment calculator above to get an idea of how much your weekly or monthly repayments would be, based on the selected loan amount.
You will need to work out what your disposable income is. That is the money you have left over, after all your bills, such as rent, gas and electric, travel and shopping plus any other expenses have been paid.
As an example, if after everything has been paid, you have $500 left for you to spend as you wish each month, then this would be your disposable income. As a guide, you should make sure you don't extend yourself too much towards your maximum affordability, as emergencies do crop up.
Money3, when reviewing your application will double-check and take your affordability into account when giving you your car loan pre-approval offer1. Our reviewing processes follow Australian government regulations, and we operate with an Australian Credit Licence 389 067.
Your car loan interest rate may vary depending on your car loan amount (new or used car), your financial circumstances and your repayment history with us, among other factors.
To get an idea of your loan costs, please see the Example Loan Costs Chart below. Our chart will provide you with examples of our secured car loan repayments.
1. Subject to verification, suitability and affordability
2. The results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for the product. Information such as interest rates quoted, and default figures used in the assumptions are subject to change.
| Borrow | Costs | Repay |
|---|---|---|
| $5,000 | $1,909 | $6,909 |
| Platinum secured personal loan for 24 months at 13.95% APR & 34.16% Comparison Rate | ||
| $10,000 | $6,925 | $16,925 |
| Platinum secured personal loan for 48 months at 13.95% APR & 29.11% Comparison Rate | ||
| $25,000 | $14,850 | $39,850 |
| Platinum secured personal loan for 60 months at 13.95% APR & 20.38% Comparison Rate | ||
| $50,000 | $30,285 | $80,285 |
| Platinum secured personal loan for 72 months at 13.95% APR & 17.23% Comparison Rate | ||
| $75,000 | $42,219 | $117,219 |
| Platinum secured personal loan for 72 months at 13.95% APR & 16.15% Comparison Rate | ||
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EXAMPLE: A platinum secured personal loan of $5,000 for 24 months has fees and charges totalling $1,935.15 and a total repayment of $6,935.15. The Minimum loan term is 24 months and the Maximum term 24 months. The loan term will be 24 months, 52 fortnights or 104 weeks. The Maximum APR is 13.95%. The Comparison Rate, based on a loan of $5,000 over two years, is 34.58%.
EXAMPLE: A platinum secured personal loan of $25,000 for 60 months has fees and charges totalling $14,850.43 and a total repayment of $39,850.43. The Minimum loan term is 24 months and the Maximum term 60 months. The term will be 60 months if you repay monthly, 130 fortnights or 260 weeks. The Maximum APR is 13.95%. The Comparison Rate, based on a loan of $25,000 over five years, is 20.38%. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Please Note: Advertised costs and repayments have been rounded up to the nearest dollar amount, so costs may be slightly cheaper in most cases. Australian Credit Licence 389 067 |
||
| Borrow | Costs | Repay |
|---|---|---|
| $5,000 | $2,313 | $7,313 |
| Silver secured personal loan for 24 months at 19.95% APR & 40.63% Comparison Rate | ||
| $10,000 | $8,676 | $18,676 |
| Silver secured personal loan for 48 months at 19.95% APR & 35.35% Comparison Rate | ||
| $25,000 | $20,883 | $45,883 |
| Silver secured personal loan for 60 months at 19.95% APR & 27.39% Comparison Rate | ||
| $50,000 | $42,963 | $92,963 |
| Silver secured personal loan for 72 months at 19.95% APR & 23.32% Comparison Rate | ||
|
EXAMPLE: A silver secured personal loan of $5,000 for 24 months has fees and charges totalling $2,313.37 and a total repayment of $7,313.37. The Minimum loan term is 24 months and the Maximum term 24 months. The term will be 24 months if you repay monthly, 52 fortnights or 104 weeks. The Maximum APR is 19.95%. The Comparison Rate, based on a loan of $5,000 over two years, is 40.63%.
EXAMPLE: A silver secured personal loan of $25,000 for 60 months has fees and charges totalling $20,883.12 and a total repayment of $45,883.12. The Minimum loan term is 24 months and the Maximum term 60 months. The term will be 60 months if you repay monthly, 130 fortnights or 260 weeks. The Maximum APR is 19.95%. The Comparison Rate, based on a loan of $25,000 over five years, is 27.39%. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Please Note: Advertised costs and repayments have been rounded up to the nearest dollar amount, so costs may be slightly cheaper in most cases. Australian Credit Licence 389 067 |
||
| Borrow | Costs | Repay |
|---|---|---|
| $5,000 | $2,661 | $7,661 |
| Bronze secured personal loan for 24 months at 24.95% APR & 46.04% Comparison Rate | ||
| $10,000 | $10,216 | $20,216 |
| Bronze secured personal loan for 48 months at 24.95% APR & 40.60% Comparison Rate | ||
| $25,000 | $25,625 | $50,625 |
| Bronze secured personal loan for 60 months at 24.95% APR & 32.59% Comparison Rate | ||
| $40,000 | $44,982 | $84,982 |
| Bronze secured personal loan for 72 months at 24.95% APR & 29.27% Comparison Rate | ||
|
EXAMPLE: A bronze secured personal loan of $5,000 for 24 months has fees and charges totalling $2,660.80 and a total repayment of $7,661.80. The Minimum loan term is 24 months and the Maximum term 24 months. The term will be 24 months if you repay monthly, 52 fortnights or 104 weeks. The Maximum APR is 24.95%. The Comparison Rate, based on a loan of $5,000 over two years, is 46.04%.
EXAMPLE: A bronze secured personal loan of $25,000 for 24 months has fees and charges totalling $25,625.34 and a total repayment of $50,625.34. The Minimum loan term is 24 months and the Maximum term 60 months. The term will be 60 months if you repay monthly, 130 fortnights or 260 weeks. The Maximum APR is 24.95%. The Comparison Rate, based on a loan of $25,000 over five years, is 32.59%. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Please Note: Advertised costs and repayments have been rounded up to the nearest dollar amount, so costs may be slightly cheaper in most cases. Australian Credit Licence 389 067 |
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