Westpac Car Loan Repayment Calculator Extra Payments

Loan Payment Formula:

\[ PMT = P \times \frac{r \times (1 + r)^n}{(1 + r)^n - 1} \]

Loan Amount (P):

AUD

Annual Interest Rate:

% p.a.

Loan Term:

years

Extra Monthly Payment:

AUD

Standard Monthly Payment:

Payment with Extras:

Total Interest Paid:

Total Loan Cost:

Loan Term with Extras:

Total Savings:

Unit Converter ▲

Unit Converter ▼

From:	To:

1. What is the Westpac Car Loan Calculator?

This calculator helps you estimate repayments for Westpac car loans, which typically have interest rates between 5.99% and 8.99% p.a. It accounts for extra payments to show how they reduce your loan term and total interest.

2. How Does the Calculator Work?

The calculator uses the standard loan payment formula:

\[ PMT = P \times \frac{r \times (1 + r)^n}{(1 + r)^n - 1} \]

Where:

\( P \) — Principal loan amount (AUD)
\( r \) — Monthly interest rate (annual rate ÷ 12)
\( n \) — Number of monthly payments
\( PMT \) — Monthly payment amount (AUD)

Extra Payments: The calculator then adjusts the amortization schedule to account for any additional payments you specify.

3. Importance of Extra Payments

Details: Even small extra payments can significantly reduce your loan term and total interest. For example, adding AUD 50-100 per month to a standard 5-year loan could shorten it by 6-12 months and save thousands in interest.

4. Using the Calculator

Tips: Enter your loan amount (AUD), interest rate (Westpac typically offers 5.99-8.99% p.a.), loan term in years, and any extra monthly payment you plan to make. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What are Westpac's current car loan rates?
A: As of 2023, Westpac offers secured car loans between 5.99% and 8.99% p.a. depending on creditworthiness and loan terms.

Q2: How much can I save with extra payments?
A: Even AUD 50-100 extra per month can save thousands over the loan term. The calculator shows exact savings based on your inputs.

Q3: Are there penalties for extra payments?
A: Westpac generally doesn't charge extra repayment fees for variable rate loans, but check your specific loan terms.

Q4: Should I shorten the term or make extra payments?
A: Mathematically similar, but extra payments give more flexibility if your financial situation changes.

Q5: How accurate is this calculator?
A: It provides estimates. Your actual payments may vary slightly due to rounding or specific loan terms.