9 Top Tools For Budgeting and Calculating Car Loans

Date Posted: May 21, 2020

Woman holding phone with coffee

Calculating car loans and finance, like almost everything, has been made easier with technology. We review 9 tools available now on Android and iOS to help you sift through the numbers, makes and models of budgeting and calculating car loans.

Remember, auto financing doesn’t have to be hard. 

You won’t be hearing; “Man, you got ripped off!” or “You could have done better” with these apps…

Name: Credit Health

About: A good credit score is a must for any loan. The higher your score, the lower the interest rate and higher your chances of getting a loan. This app allows users to track and monitor their credit health (hence the name) in real time. Banks and lenders always look at borrowers’ credit scores – now this vital information is available to you (the borrower) in app-form.

Good Stuff: Ability to prepare for a loan with credit score health.

Cost: FREE

Platforms: Android and iOS 

Name: Frollo

About: Frollo helps you to monitor spending habits. It’ll need to synchronise itself with your bank accounts so higher security is a must – this app uses the same security as the big banks and it’s Aussie developed. Frollo scores you based on your level of debt, savings and, as mentioned – spending habits. Ideal for those trying to budget for loans or save for a deposit.

Good Stuff: High level of security.

Cost: FREE

Platforms: Android and iOS 

Name: ATO

About: As we all know: only two things in life are certain – death and taxes. The ATO app takes (some of) the pain out of doing your taxes. You’ll need to log in and connect with your TFN, a pretty simple task. If you’re hoping to use some of your tax return for a down payment for example, keep up to date with this app.

Good Stuff: Ease of use and government developed (we think it’s a good thing).

Cost: FREE

Platforms: Android and iOS

Name: Goodbudget

About: This US developed app is a hit in The States – now available for Australian users. Aimed at people familiar with old-style auto financing and budgeting with its envelopes and limit setting per category: shopping, bills and savings for example. You can export data to excel and analyse your spending over time.

Good Stuff: Ability to share data with partners, good for couples calculating car loans together.

Cost: FREE download with in-app purchases.

Platforms: Android and iOS

Name: MoneySmart Cars

About: This is a fantastic app developed by Australian financial regulator; ASIC. It’s easy to use and able to give you a clear idea of the real costs involved in calculating car loans and other finances. Personalise the results with a large range of fields and identify any hidden costs. You can even learn about industry terms in everyday English.

Good Stuff: Trustworthy and developed by ASIC – this app won’t pull any punches.

Cost: FREE

Platforms: Android and iOS

Name: Positive Budget Calculator

About: Available online with a smartphone or any other device, this tool has a simple layout with dozens of categories. Simply plug in your income details – multiple sources available, then enter your expenses. These can be listed as anything from pets to medical to transport so users can see a clear breakdown. You can also add in savings.

Good Stuff: Large number of categories and dropdown menus.

Cost: FREE

Platforms: All online devices

Name: Loan Calculator: Installment

About: If you’re a fan of data, this one may be for you. With rather technical interfaces and breakdowns, this app is for the tech-savvy car loan borrower. It can calculate car loan terms, interest rates and payment amounts. Calculations are easily generated and displayed on pie charts.

Good Stuff: Perfect if you’re out and about and see a loan advertised.

Cost: FREE download with in-app purchases.

Platforms: Android and iOS

Name: MoneyBrilliant

About: This app can connect to a number of banks and financial institutions in Australia. It is able to sync bank accounts with sufficient security too. You’ll be able to categorise money into expense specifics. If you opt to pay for the premium plan, you’ll see even more specifics and tips from experts. Good for those serious about their finances.

Good Stuff: Connects to multiple banks and lenders.

Cost: Basic plan is FREE, payment needed for premium plans.

Platforms: Android and iOS

Name: Car Loan Calculator Plus

About: Quite visually appealing, this app is one for anyone pressed for time looking to buy a car. The app brags about its ability to ‘declutter finance’. You can input a number of variables from down payments to sales tax and trade-in value. Worth having if you’re out visiting car dealerships.

Good Stuff: Fast and simple.

Cost: FREE with in-app purchases.

Platforms: Android and iOS

 

Try our online loan calculator now to get an idea on your auto financing and budgeting.

calculate repayments

Calculate Repayments

With a loan calculator you can work out what your repayments may be, how they can change with interest rates and how much you can borrow based on a weekly, monthly payment. Be armed for when you speak to your lender!

compare loans

Compare Loans

When ready, you will be able to compare loans to help you decide which is better suited to your needs! Assess what terms and figures will better help your situation and be fully prepared when you speak to your broker.