Handy Finance personal loan calculator

A personal loan calculator is a tool that helps you estimate the cost of borrowing money for personal expenses, such as home renovations, holidays, or debt consolidation. Our loan calculators can help you figure out estimates quickly and easily to make sure you have the information you need to make an informed choice. Providing an estimate of your potential loan repayments, including indicative interest charges, can make it easier to plan your finances.

A personal loan calculator operates based on a few key things: the loan amount, loan term, repayment frequency and credit rating. By entering these details, you can instantly estimate your expected repayments. It uses a standard formula to determine each payment’s indicative interest and principal components, giving you a breakdown of your financial commitment over time.

You can’t directly change the interest rate within the personal loan calculator. However, the indicative interest and comparison rates will change to reflect the credit rating  you enter into the calculator (Excellent, Very Good, Good, Average or Below Average).

It’s important to note that the indicative interest rate and repayment amount displayed are only estimates. The calculator helps you get a better idea of your borrowing power – it doesn’t act as a guarantee for your final loan terms. Your final interest rate will be influenced by factors like your credit score, employment status, living situation etc. – any information our credit experts can use to put together a picture of your overall financial situation.

To use the personal loan calculator, select your desired loan amount, loan term, repayment option, and credit rating in the designated field. You can adjust this amount as needed to see how it impacts your estimated monthly repayments.

To use the personal loan calculator effectively, you’ll need the following details:

• Loan amount: The total amount you intend to borrow.
• Loan term: The duration of your loan in years.
• Repayment frequency: How often you plan to make repayments (e.g., weekly, fortnightly, or monthly).
• Credit rating score: You can choose from five options to best represent your credit rating.

When using the personal loan calculator, you can estimate the total loan cost, including estimates for the principal amount and interest. The calculator includes a graph showing an estimate of the overall loan amount, calculated from the indicative interest and comparison rate on the calculator. This helps you get an informed view of the total estimated financial commitment associated with your loan.

You can use the personal loan calculator to compare various loan offers by inputting the details of each loan into the calculator. This allows you to evaluate and contrast the estimated repayments and total costs, enabling you to choose the loan option that best suits your budget and financial goals.

All Handy Finance loans have the option of weekly, fortnightly or monthly repayments. The personal loan calculator can estimate these repayments by considering the loan amount, interest rate, loan term, and repayment frequency. It divides the total cost of the loan into equal instalments, so you have an estimate as to how much to pay each time, depending on the frequency you choose.

By adjusting the loan term within the calculator, you can explore different repayment durations and see how they impact your estimated repayments. Explore the ‘how much can I afford?’ section earlier on this page for more information.

The personal loan calculator adjusts calculations based on your chosen repayment frequency. Whether you opt for weekly, fortnightly, or monthly repayments, the calculator provides updated estimates to ensure flexibility in managing your loan.

Since our loans don’t have any account-keeping or ongoing fees, our loan calculator only needs to consider the impact of the indicative interest rate and the estimated establishment fee when estimating your loan cost.

To plan your budget effectively, its a popular idea to use the calculator in the “How much can I afford?” section. Here you can estimate the loan term and amount that aligns with your financial plan by inputting the amount you can afford towards your loan for weekly, fortnightly, or monthly repayments. It’s a simple way to estimate how to stay within your budget.

The personal loan calculator is useful for estimating loan repayments and understanding the financial implications of borrowing. However, it’s important to note that it provides estimates, and actual loan terms may vary based on your financial situation. If you’d like a more precise estimation of your loan terms and borrowing power, complete our application form for a personalised quote. This quote is based on the financial information you provide us and can paint a clearer picture for you.

The personal loan calculator can be used for all types of personal loans. It provides an estimate of your potential repayments, irrespective of your specific loan purpose, allowing you to make informed financial decisions.

We also have individual calculators for each type of personal loan we offer, including a car loan calculator (including for your luxury car loan – Mercedes, Audi, BMW, Volkswagen, Toyota and Porsche), a boat loan calculator, caravan loan calculator, motorcycle loan calculator and pool finance calculator.