Estimate your car loan payment in Canadian dollars. Enter the vehicle price, your down payment and trade-in, the interest rate and the term, and see your monthly or bi-weekly payment and total interest.
Amount financed: – · Total interest: – · Total cost of the loan: –
Estimate only. Excludes dealer fees, licensing and registration, insurance and extended warranties. Your lender’s rate and terms may differ.
How the calculator works
The calculator adds sales tax to the vehicle price, subtracts your down payment and trade-in, and treats the rest as the amount financed. It then uses the standard loan amortization formula: the payment equals the amount financed multiplied by the periodic rate, divided by one minus (one plus the periodic rate) to the power of minus the number of payments.
Sales tax by province
Tax on a vehicle depends on your province and on whether you buy from a dealer or a private seller. In Ontario, dealer sales are subject to 13% HST. In Quebec, GST (5%) and QST (9.975%) apply. In Alberta, only the 5% GST applies to dealer sales. Rules for private sales and for other provinces differ, so confirm with your province before you buy.
Tips to lower your payment
- Make a larger down payment to reduce the amount financed.
- Compare rates from your bank or credit union before accepting dealer financing.
- Be careful with very long terms (84 or 96 months): the payment is lower, but you pay much more interest and may owe more than the car is worth for years.
- Negotiate the vehicle price first, then the financing.
Learn more in our guides: How much car can I afford in Canada? and Car loan vs leasing in Canada.