nz_vehicle_loan_calculator
Work out repayments on a New Zealand car loan, and what it really costs.
Use for: 'what would repayments be on a $35,000 car', 'car loan
calculator', 'is a 5 year car loan a bad idea', 'how much interest will I
pay on car finance'.
LEAD WITH interest_share_of_borrowing, NOT THE MONTHLY PAYMENT. Car finance
runs at rates a mortgage borrower would not recognise, so over five years
the interest often exceeds 30% of what was borrowed. That single figure
informs the decision more than the payment does, and it is the one nobody
is shown at the dealership.
The term is short, so stretching it barely moves the monthly payment and
moves the total interest a great deal. If they are considering a longer
term, run both and show the difference in total interest.
fortnightly_equivalent is the monthly payment converted, because that is
how most people are paid. It is NOT fortnightly amortisation, which would
clear the loan faster and is a different product. Say which you mean.
ALWAYS mention excludes before quoting a payment as what they 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.
Args:
vehicle_price: Price of the vehicle.
deposit: Cash or trade-in up front.
annual_interest_rate_pct: A PERCENTAGE, so 12.95 not 0.1295.
term_years: Loan term in years.
Returns:
Monthly, fortnightly and weekly figures, total repaid, total interest,
and the interest as a share of the borrowing.
Input Schema
TableJSON Schema
| Name | Required | Description | Default |
|---|---|---|---|
| deposit | No | ||
| term_years | No | ||
| vehicle_price | Yes | ||
| annual_interest_rate_pct | No |