1. What is the Westpac Car Loan Calculator?

The Westpac Car Loan Calculator helps estimate monthly repayments for car loans, with special rates starting at 5.99% p.a. for electric and hybrid vehicles. It uses the standard loan payment formula to calculate your monthly obligations.

2. How Does the Calculator Work?

The calculator uses the loan payment formula:

Where:

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

Explanation: The formula accounts for both principal and interest payments over the loan term, with interest calculated on the reducing balance.

3. Importance of Loan Calculation

Details: Accurate loan calculation helps borrowers understand their financial commitments, compare loan options, and budget effectively for vehicle purchases.

4. Using the Calculator

Tips: Enter the loan amount in AUD, annual interest rate (5.99% minimum for electric/hybrid), loan term in months (1-84), and select vehicle type. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the current rate for electric/hybrid vehicles?
A: Westpac offers special rates starting at 5.99% p.a. for eligible electric and hybrid vehicles.

Q2: What is the maximum loan term available?
A: Westpac car loans typically offer terms up to 7 years (84 months).

Q3: Does this include other fees and charges?
A: This calculation shows principal and interest only. Additional fees like establishment fees may apply.

Q4: Can I make extra repayments?
A: Westpac generally allows extra repayments on variable rate car loans without penalty.

Q5: How accurate is this calculator?
A: This provides an estimate only. For exact figures, contact Westpac directly or get a formal loan quote.