Car Loan & Lease Calculator

Buying a new car but don’t know what the repayments will be? Check it out here. Remember its not always cheaper to deal with the car yard finance companies. Simply enter the purchase price, interest rate and term of the loan. The residual amount also refers to the balloon payment.

A balloon payment is a lump sum owed to the lender at the end of a loan term after all regular monthly repayments have been made. This allows you to repay only part of the principal of your loan over its term, so at the end of the loan term, you can either choose to refinance it and keep the car or trade it in.

It’s important you don’t over inflate the balloon, otherwise you could end up owing more than it’s worth when you go to switch to a new set of wheels.

Benefits of a balloon payment:

  1. It’ll lower your loan repayments.
  2. It allows you to defer payment for part of the total loan amount.

As always, we’re here to guide you if you’d like some options.

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We will call you as soon as we can to chat about what you are looking for and how we can help you get there. Nothing formal just a good old fashioned conversation.