At the moment I’m going through the process of getting a ‘new car’ with my girlfriend. Now even though that car isn’t going to be mine I still want to get a good deal (as you would). Apart from picking the car you want, finding the right model, picking the option and final trying to get a good price…. If you are going to get a car loan you then have to do it all over again, although it seems a bit more confusing.

So I put together a car loan calculator in excel, did some research on the net and input all the figures!

So to break it down. Everything in red is what can change, but you are really only interested in how much it will cost each month and how much it will actually ‘cost’.

Loan Amount = The total amount you wish to borrow
Establishment Fees = The total amount you are going to get charge to set it up, bank fees, REV’s, anything to get started.
Monthly Fees = The amount you have to pay each month to have the loan (crazy right, you are already paying interest and Establishment Fees)
Loan Term in Months = How long you plan to have the loan for in months….
Interest Rate = The interest rate you will have to pay – This can change daily, it could be fixed, variable, secured, unsecured, etc.

Monthly Repayments = How much money you will have to pay each month (roughly anyway).
Total Loan Cost = How much money you will have to pay in fees, interest, etc… on top of the full amount you borrowed (Bank Profit in my eyes)

Now I put this together a week or so ago and I know some interest rates and fees have changed, also if you get the loan through a car dealer each one will be different and I actually believe you have ‘some room to move’ in regards to the loan.

Oh also use this excel spreadsheet at your own risk, and check for official rates, fees and all of the terms & conditions as you normally would. Basically don’t trust what I’ve put together, but I found it a great tool to compare quick against the different banks (Suncorp, Bank West, Commonwealth, NAB, ANZ, etc). Oh one place you might not think to look at but would be worth checking out is the RACQ or similar as I think they have great deals.

Yes, yes – Did I mention an excel spreadsheet? I’m making this available for download because I couldn’t find anything that helped me on the internet so hopefully this will help someone else. Of course it was customer to my situation, but I’ve decided to leave some values in there to get you started. You can download the spreadsheet by clicking over there –> Jasons Loan Calculator <–.