Car Loan Calculator with Balloon
Try our easy Car Loan Calculator with balloon function. Find out how much you car loan repayments will be, given your estimates of the loan amount, annual interest rate and term of loan in years. Budget for your new car purchase by estimating your repayments. You can also request to have your quote emailed to you or get a refined quote. No pushy sales pitch - just friendly helpful service.
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What is a balloon payment?
A balloon payment is a lump sum payment that is paid at the end of the loan term. A balloon payment reduces the car loan repayments throughout the term of the loan. Not all of the principle of the loan is paid off during the loan resulting in a balloon payment at the end of the loan term. The balloon amount can either be paid off in full at the end of the loan or refinanced. Using our car loan calculator you can find out how a balloon payment will affect your repayments.
Get a Pre-approved Car Loan Today
Apply for a Pre-approved car loan now. Having a pre-approved car loan gives you more negotiating power when shopping for a new car. It also allows you to focus on finding the perfect car within your budget.
FAQ'S | Car loan with balloon payment
A balloon payment can help reduce your car loan repayments now, however, there will be a lump sum payment due at the end of the loan. This payment can be paid out with savings, the proceeds of selling the car or refinanced into a new loan.
A balloon is a set percentage, i.e. 30%, of your car loan principle. You do not made repayments on this portion of your loan until the end of your loan term. It is then due as a lump sum payment. Use our car loan calculator with balloon payment tool to calculate your loan repayments.
Yes. At the end of the loan term the lump sum balloon payment is due. This balloon payment can then be refinanced into a new loan.
A balloon car loan is made up of 2 different loan repayment components. The first is a regular periodic repayment over the term of the loan that pays off a portion of the principle. The second remainder of the principle is due at the end of the fixed loan term and is paid in the form of a lump sum payment.
To calculate car loan repayments you will need to know the amount of the loan, including any lender fees and charges, the interest rate and the term of the loan. Terms range from 1 to 7 years. The interest rate is determined by your individual circumstances. This includes your work history, asset type and age, credit history and home ownership. Our car loan calculator can help you estimate your car loan repayments.
How to get a loan with AAA Finance
You have now looked at the figures and determined that your new loan repayments will fit into your budget. The next step is find an experienced finance broker to get you a competitive loan approval to save you both time and money. AAA Finance has a team of finance experts and access to over 40 different lenders. We will get you the best deal in town!
4 easy steps to drive away
Our loan process takes 4 easy steps.
- Get approved
- Sign your loan contract
Firstly, complete our application form. We can either fill out the form over the phone for you or you can fill out the form in the comfort of your own home or workplace. Secondly, email any requested supporting documents. These will need to provide proof of who you are, where you live and your income. Documents usually include your drivers’ licence or passport; rental agreement or rates notice; pay slips, bank statements, and / or tax returns. Once we have taken your application, we will be able let you know exactly what documents we will need to get your loan approved.
2. Get approved
AAA Finance assesses your application and discusses your loan with lenders that suit your circumstances. We then apply to the lender with the lowest interest rate and most suitable loan terms. Most loan approvals take less than 24 hours. Once your loan is approved, we contact you with the approval details – loan amount, interest rate, loan term, repayment amount. We also discuss any approval conditions, such as, comprehensive insurance and repayments via direct debit.
3. Sign loan contract
Your loan contract is emailed to you for signing. Simply sign and return your loan documents by email along with any requested documents. This will include comprehensive insurance, which is a requirement of all secured loans. This type of protects you, your new purchase, and the lender. Your insurer will provide you with a ‘certificate of currency’ as proof of insurance. This certificate will need to list the financier as an interested party on your insurance policy.
The loan is sent to the lender for settlement. Monies are usually transferred overnight to the seller or dealer. Once settlement has occurred, we inform both you and seller. You can then pick up your new purchase and drive away!
Experience the AAA difference today - quick and easy finance along with exceptional customer service.