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The information which you calculate from this Calculator is intended for use by you as a guide only.

It is not an offer and has no legal effect on any contracts entered into by you ‘the client’. This simulation and the resulting calculations do not constitute a loan application or offer. The figures and formulae used within this calculator may change at any time without notice.

Should you apply with Credit One, we will make our own calculations and we will not necessarily take your calculations into account. All Interest rates are displayed ‘are guides ONLY’, repayments as a result of this simulation have no legal offering.

Credit One accepts no responsibility for any losses arising from any use of or reliance upon any calculations or conclusions reached using the calculator. Information provided on this calculator does not constitute an offer of finance. Any loan request is subject to assessment against normal lending criteria. Fees and charges may apply.

This calculation does not take into account any fees, charges or government taxes which may apply to either the calculation of the loan amount or the monthly repayments, such as GST or Luxury Car Tax (where applicable).


How to negotiate & lower your car loan repayments?

The key to any negotiation is arming yourself with as much information as possible. The more knowledge you possess, the more control of the negotiation you'll have. Because you did your research, have a max budget, know your ideal car, researched average prices in the area and gathered an accurate monthly payment calculation, you'll have the leverage with any dealer.

Before you head to the dealership, consider the time of the year, month or week. In fact, research shows that dealers drop prices early in the week, end of the month or quarter, on holidays, or at the end of the model year. Showing up on the dealer lot on a specific day can potentially save you thousands.

When negotiating with a dealer, you should always ask for the total, out-the-door cost. This is the final price of the car plus additional tax, title and license plate fees associated with each vehicle on the lot. Let this price serve as a starting point for negotiations.

All sales reps should be happy to provide any and all information. If they hesistate, you should find another dealership or sales rep to work with. Always know that you have the upper hand. Undoubtedly, there are similar cars at dealers nearby. Therefore, don't be afraid to step off the lot. If the salesperson is quoting prices much higher than your research or refuses to answer simple questions about the car or loan, walk away.

Where can I secure financing?

Car shoppers can secure financing from a bank, credit union or the dealership directly. To ensure you get the best loan, you should go to all three and see all interest rates.

What is the minimum down payment for a car loan?

You should put down at least 10 percent of the total cost for a down payment to limit your APR and monthly loan payments. In fact, experts recommend at least 20 percent, if you can afford it.

What is a good interest rate on a car loan?

Car loan interest rates change frequently. Your interest rate will be based on your credit score, current economic conditions, your lender, the car and more. Nonetheless, as of 2024, average interest rates range from 4 percent to 6 percent.

How do I determine the trade-in value of my car?

You can determine how much your car is worth at Only Cars by . You can also use our to get the average prices for similar vehicles.

How much of a car loan can I get?

The only way to determine an accurate total car loan estimate is to take your credit score and credit history to bank, credit union or dealership. They'll share the maximum car loan you can secure.