Trailer Loan Repayment Examples
How much will a trailer actually cost you each month? These examples show typical repayments at different loan sizes and terms.
Monthly repayments at 11% p.a.
These figures assume an 11% interest rate, no deposit, no balloon and no fees. They're illustrations only; your rate will depend on you, the trailer and the lender.
| Amount borrowed | 3 years | 5 years | 7 years |
|---|---|---|---|
| $8,000 | $262 | $174 | $137 |
| $15,000 | $491 | $326 | $257 |
| $30,000 | $982 | $652 | $514 |
| $60,000 | $1,964 | $1,305 | $1,027 |
Total interest paid
| Amount borrowed | 3 years | 5 years | 7 years |
|---|---|---|---|
| $8,000 | $1,429 | $2,436 | $3,506 |
| $15,000 | $2,679 | $4,568 | $6,574 |
| $30,000 | $5,358 | $9,136 | $13,149 |
| $60,000 | $10,716 | $18,273 | $26,297 |
Stretching a $30,000 loan from three to seven years cuts the repayment by almost half, but costs about $7,800 more in interest.
Want to talk it through? Send a free enquiry and we'll pass it to a broker who does trailer loans every day. Enquiring doesn't affect your credit score.
Weekly and fortnightly
Many people budget weekly. A $15,000 loan over five years at 11% works out to about $75 a week. Matching repayments to your pay cycle can make them easier to manage.
Ways to bring the cost down
- Borrow less. A deposit or trade-in reduces both repayments and interest.
- Choose the shortest term you can comfortably afford.
- Look at fees, not just the rate. Compare the comparison rate and total repaid.
- Use security. A secured loan is usually cheaper than an unsecured one.
Try your own numbers in the trailer loan calculator.