Vehicle loan repayments and what the interest costs
Repayments on a car loan, and the part that is not the payment.
The amortisation is ordinary. What makes a vehicle loan worth its own endpoint is the context around it. Car finance runs at rates a mortgage borrower would not recognise, so interest_share_of_borrowing regularly lands above 30% over five years, and that single figure does more to inform a decision than the monthly payment does.
The term is short, so stretching it barely moves the payment and moves the total interest a lot. Compare two terms before recommending the longer one.
fortnightly_equivalent is the monthly payment converted, because that is how most people are paid. It is NOT a fortnightly amortisation, which would clear the loan faster and is a different product; say so if the caller is comparing.
Read excludes before quoting the payment as what someone will pay. Establishment fees, PPSR registration, mechanical breakdown insurance and dealer add-ons are usually financed too, so a real contract is higher. A balloon payment cuts the monthly figure and leaves a lump sum at the end.
Request
- Base URL: https://api.calculate.co.nz
- URL: https://api.calculate.co.nz/v1/vehicle-loan
- Auth: API key in header X-API-Key
Request body
Example request
{
"annual_interest_rate_pct": 12.95,
"deposit": 5000,
"term_years": 5,
"vehicle_price": 35000
}Response
Monthly repayment, total interest, and interest as a share of the borrowing.
Example response
{
"disclaimer": "Excludes establishment and PPSR fees, balloon or residual payments, insurance and dealer add-ons, which are usually financed too, so a real contract's payment is higher. Not financial advice.",
"result": {
"amount_borrowed": 30000,
"annual_interest_rate_pct": 12.95,
"deposit": 5000,
"deposit_share_of_price": 14.29,
"excludes": [
"establishment, administration and PPSR fees, which are usually financed too, so a real contract's payment is higher than this",
"balloon or residual payments, which cut the monthly figure and leave a lump sum at the end",
"mechanical breakdown insurance, payment protection and dealer add-ons bundled into the finance",
"depreciation, which is why a borrower can owe more than the vehicle is worth partway through the term"
],
"fortnightly_equivalent": 314.69,
"interest_share_of_borrowing": 36.36,
"monthly_repayment": 681.82,
"term_months": 60,
"term_years": 5,
"total_cost_including_deposit": 45909.47,
"total_interest": 10909.47,
"total_repaid": 40909.47,
"vehicle_price": 35000,
"weekly_equivalent": 157.34
}
}Changes
No recorded changes to this operation across all 1 revision of this API.