How to use this loan repayment calculator
Select your loan type using the tabs above, then adjust the sliders to match your situation. The calculator updates in real time to show your estimated monthly repayment, total interest and total repayable amount. For car loans, you can enter a deposit to reduce the loan amount. For debt consolidation, enter your current average interest rate to see how much you could save by consolidating at a lower rate.
All calculations use a default rate of 12.95% p.a. Your actual rate will depend on your credit profile, income and the lender you are matched to. Rates range from 8.99% to 29.95% p.a. (AIR).
What is a good interest rate for a personal loan in NZ?
In New Zealand, personal loan interest rates typically range from around 8.99% p.a. to 29.95% p.a. depending on the lender and your credit profile. As a general guide:
The best way to find out what rate you qualify for is to apply. Payday Advance NZ runs a soft credit check that does not affect your score and matches you to the lender most likely to offer you a competitive rate from our panel of 20+ NZ lenders.
What is a good interest rate for a car loan in NZ?
Car loan rates in NZ follow a similar range to personal loans but a few additional factors affect the rate you are offered. New vehicles from licensed dealers typically attract lower rates than older used vehicles or private sales. Secured car loans, where the lender holds an interest in the vehicle, generally attract lower rates than unsecured lending.
Dealer finance is convenient but you are typically only offered one rate from one lender. Applying through Payday Advance NZ gives you access to multiple lenders in one application, which increases the chance of finding a more competitive rate.
Loan term vs total cost. What most borrowers get wrong.
A longer loan term reduces your monthly repayment but significantly increases the total interest you pay. On a $15,000 loan at 12.95% p.a., choosing a 72-month term over a 36-month term roughly doubles the total interest paid. Use the repayment table above or the term slider in the calculator to compare total repayment across different terms before you decide.
If you can comfortably afford a higher monthly repayment, a shorter term will almost always save you money overall. The total repayment figure in the calculator, not just the monthly amount, is the number to focus on.
Is this calculator accurate?
This calculator uses standard amortisation to calculate repayments, which is how most NZ lenders calculate personal and car loan repayments. The figures are indicative only. Your actual repayment will vary depending on the exact rate offered, any lender establishment fees and the loan start date. Use the calculator to get a ballpark figure, then apply to see your actual rate and repayment with no credit score impact.