Loan Health Score
Is your loan a ripper or a rort? Chucks it in the machine and we'll tell you straight.
5 years
15%
0%
700 — Very Good
Strong position — you should qualify for most mainstream lenders.
Don't know your score? Check free via Equifax or Credit Savvy.
How to Use the Loan Health Score
Think of this as a health check for your car loan — like when the GP checks your blood pressure, but for your finances. The Duck reckons most people have no idea if their loan is actually any good.
Here's how to use it:
- 1Enter your loan details — loan amount, interest rate, loan term, any fees, and balloon payment if you have one.
- 2Hit check — the tool analyses your loan across multiple factors and gives you a health score from 1 to 100.
- 3Read your breakdown — you'll see exactly what's helping your score and what's hurting it, with clear explanations for each factor.
The health score considers:
- •Interest rate — how does yours compare to the current Aussie market average?
- •Fees — are you paying too many, or too much?
- •Loan term — is your term sensible or stretching you thin?
- •Balloon payment — if you have one, is it a reasonable size or a ticking time bomb?
- •Total cost — how much are you paying in interest over the life of the loan?
Pro tip from The Guy: If your score comes back low, don't panic. Check if you can refinance at a lower rate, make extra repayments to cut the term, or negotiate with your lender. Even a 1% rate reduction can save you thousands.