Car loan calculator.
Estimate a monthly payment, or work backwards from a budget to see what price fits. These are estimates to plan with — your real approved rate comes from an actual application.
Enter the total price including any taxes/fees you know about — this calculator doesn't add tax automatically since it varies by province.
Estimate only, not a loan offer or guarantee of approval. Your actual rate and terms depend on your application and the lender.
What these numbers actually mean.
Loan amount
This is what you're actually borrowing — the vehicle price minus your down payment and any trade-in equity. It's the number interest gets charged on.
Term length
Longer terms lower your monthly payment but usually mean more total interest paid over the life of the loan — there's a real tradeoff either way.
Total interest paid
This is the true cost of financing on top of the vehicle price. A better rate or shorter term both bring this number down.
Sample payments at 9.99%, 60 months.
A rough starting point before you plug in your own numbers above.
| Vehicle Price | $0 Down | $2,000 Down | Monthly Payment |
|---|---|---|---|
| $15,000 | $15,000 financed | $13,000 financed | ~$276 / mo |
| $20,000 | $20,000 financed | $18,000 financed | ~$382 / mo |
| $25,000 | $25,000 financed | $23,000 financed | ~$489 / mo |
| $30,000 | $30,000 financed | $28,000 financed | ~$595 / mo |
Monthly payment column assumes the $2,000-down scenario. These are rough estimates for reference only — use the calculator above with your own numbers for anything closer to accurate.
Questions people ask about these numbers.
Is this calculator's estimate the rate I'll actually be approved for?
No — this tool estimates payments based on a rate you enter, so you can plan with real numbers. Your actual approved rate depends on your credit profile, income, and the specific lender, and only comes from a real application.
Why doesn't this calculator include sales tax automatically?
Sales tax varies by province (GST-only in some, HST or GST+PST in others), so we didn't want to guess wrong. Enter the total price including any tax you expect to pay for the most accurate estimate.
Should I use a longer term to get a lower payment?
It depends on your priorities. A longer term lowers the monthly payment but increases total interest paid — try both a 60-month and 72-month term in the calculator above to see the real difference for your numbers.
What if I have negative equity on my trade-in?
Enter your trade-in's value and what you still owe on it separately — if you owe more than it's worth, that difference gets added to your new loan amount, which the calculator accounts for automatically.
Ready to see your real numbers?
A calculator gives you a plan. A real application gives you an actual answer — no hard credit pull to start.