Instantly calculate your monthly car loan repayments in Ireland, compare banks (AIB, BOI, PTSB, Credit Unions), and plan smarter.
Calculate EMI NowSample rates. Confirm with your lender.
| Year | EMI (monthly) | Interest Paid | Principal Paid | Balance Left |
|---|
An Equated Monthly Instalment (EMI) is the fixed amount you pay each month to repay your car loan. It includes:
Knowing your EMI helps you budget monthly expenses, compare loan offers between banks, and plan early repayments to save on interest.
Formula: EMI = P × r × (1 + r)n / [(1 + r)n − 1]
Where: P = Loan Amount, r = Monthly Interest Rate (annual ÷ 12 ÷ 100), n = Loan Tenure (months)
Worked Example
Loan Amount = €20,000; Interest Rate = 6% p.a.; Tenure = 5 years (60 months)
EMI ≈ €386/month | Total repayment ≈ €23,160 | Interest ≈ €3,160
| Bank / Institution | Interest Rate (example) | EMI / month | Total Repayment |
|---|---|---|---|
| AIB | 6.5% | €391 | €23,460 |
| Bank of Ireland | 7.0% | €396 | €23,760 |
| PTSB | 7.5% | €401 | €24,060 |
| Credit Union | 8.0% | €406 | €24,360 |
| Avant Money | 6.0% | €386 | €23,160 |
⚠️ These are sample rates — always confirm with your bank.
Tip: Credit Unions are often more flexible with local members.
In early months, your EMI includes more interest and less principal. In later months, more of your EMI goes toward principal. That’s why making extra payments early can save a lot of interest.
For €20,000 loan, 6% interest, 5 years:
| Year | EMI (monthly) | Interest Paid | Principal Paid | Balance Left |
|---|---|---|---|---|
| 1 | €386 | ~€1,100 | ~€3,530 | €16,470 |
| 2 | €386 | ~€940 | ~€3,670 | €12,800 |
| 3 | €386 | ~€770 | ~€3,830 | €8,970 |
| 4 | €386 | ~€580 | ~€4,060 | €4,910 |
| 5 | €386 | ~€360 | ~€4,340 | €0 |
This breakdown is exactly what our calculator generates.
You borrow money and own the car outright from day one.
Lower monthly payments but a balloon payment at the end to keep the car.
Pay in instalments; ownership transfers only after the last payment.
👉 Use this calculator for car loans only. PCP and HP use different rules.
A free tool to estimate your monthly car loan repayments.
AIB, BOI, PTSB, Avant, and Credit Unions.
Yes, though some banks may charge a small early settlement fee.
No, PCP needs a separate calculation.
Missed payments affect credit score and may add penalties.
Usually from €1,500 to €100,000, depending on the bank.
Yes, use the CSV export or print to PDF.
Always confirm latest rates and terms with your lender before signing agreements.
Use our Car Loan EMI Calculator now and compare repayments before you apply with any Irish lender.
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