Car Loan Calculator

0% Financing

Loans Canada Car Loans

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• Rates from 0% - 35.00%
• Borrow $3,000 - $50,000
• Loan terms from 12-84 months
• Get matched with offers

Used Cars

Clutch Car Loans

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• Rates From 7.99%
• Borrow from $7,500
• Competitive vehicle prices

All Credit Scores

My Auto Approval Vehicle Loan

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• Rates from 0% - 35.00%
• Borrow $5,000 - $75,000
• Easy online application process
• Loans for all types of credit

I calculated my car loan’s monthly payment. What’s next?

It depends on why you used this calculator. If you wanted to know your car loan’s monthly payment based on an offer from a lender, you might want to pre-qualify with a few more car loan lenders to find out if you can get a better deal.

If you’re trying to figure out how much you can afford to borrow, use the loan amount, term and interest rate as a guide for finding a car and a corresponding loan that you can afford. Some lenders require that you have a car picked out before you apply. Even if they don’t, it doesn’t hurt to visit a few dealerships to compare your options.

After you’ve found a car that you like, research lenders that are willing to finance the particular car you’re interested in buying — some have restrictions on models, makes and mileage if you’re getting a used car. You can get started by using our comparison table. Once you’ve found a lender you like, follow their specific directions for applying for an auto loan.

Other costs to keep in mind

• Down payment. Typically, car loans come with a down payment of around 20% of the vehicle’s value.
• Taxes. Make sure you’re including the sales tax (PST/GST/HST) in your loan amount when calculating the monthly repayments.
• Insurance premiums. On top of car loan payments, you’ll have to pay for insurance. Your insurance payment will be determined based on where you live, your gender, your age, what type of car you drive, your driving history and other factors. In Canada, auto insurance fees usually cost between $700 – $3,000 per year. Ontario generally has the most expensive auto insurance due to the number of accidents that occur there. Drivers under the age of 25 will be charged a higher rate in any province.

Compare car loans

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5 of 14 results

Finder Score	APR Range	Loan Amount	Loan Term	Requirements	Broker Compliance
Promoted 9 Excellent My Auto Approval Vehicle Loan	9 Excellent	0% - 35.00%	$5,000 - $75,000	12 - 96 months	Requirements: Min. income of $1,800 /month, 3+ months employed	My Auto Approval is a loan search platform. Get matched with a suitable dealer based on your credit history and borrowing requirements.	Go to siteView details Compare product selection Compare	loading
Promoted 9 Excellent Loans Canada Car Loans	9 Excellent	0% - 35.00%	$3,000 - $50,000	12-84 months	Requirements: Min. income of $1,800/month, 3+ months employed	Loans Canada is a loan search platform. Get matched with a suitable dealer based on your credit history and borrowing requirements.	Go to siteView details Compare product selection Compare	loading
Promoted 8.7 Great Clutch Car Loans	8.7 Great	From 7.99%	$7,500 - No max.	24 - 96 months	Requirements: 3+ months employed; maximum 1 bankruptcy; only available in Ontario, New Brunswick and Nova Scotia	Apply for financing with online dealer Clutch, who partners with some of Canada’s largest financial institutions to get you competitive interest rates.	Go to siteView details Compare product selection Compare	loading
8.8 Great Carsfast Car Loans	8.8 Great	3.90% - 29.90%	$500 - $75,000	12 - 96 months	Requirements: Min. income of $2,000/month, 3+ months employed	Carsfast will connect you with a dealership near you to help you find the right financing.	View details Compare product selection Compare	loading
9.1 Excellent Approval Genie Car Loans	9.1 Excellent	3.90% - 29.90%	$5,000 - $75,000	12 - 84 months	Requirements: Min. income of $2,000 /month, 3+ months employed, Ontario only	Get customized car loan and auto financing solutions for a used vehicle that fits your budget and lifestyle.	View details Compare product selection Compare	loading

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Showing 5 of 14 results

Finder Score for car loans

To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 20+ car loans are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.

Read the full methodology

Bottom line

Using a car loan payment calculator can help you understand what kind of car is in your budget. After all, your monthly payment is the immediate cost you’ll have to deal with on a regular basis. If you can’t afford the monthly payments on a loan for a particular car, then you probably can’t afford that car.

Keep in mind that you might only be able to get a loan worth 80% of your car’s value. This means that you might be required to pay the other 20% upfront. Paying some money up front can actually be a good thing because your entire payment goes directly to reducing the principal amount owing on the car. Any part of the purchase price covered by the loan is subject to interest, which will eat away at the regular payments you make.

Frequently asked questions

• Is $400 a lot for a car payment?

  This depends on your monthly income and debts. Generally, people should spend less than 15-20% of their take-home pay on car-related expenses.

• Is it smart to do a 72-month car loan?

  Generally, it's better to avoid 72-month loan terms because you'll pay more interest overall.

Written by

Leanne Escobal

Senior Publisher

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Leanne Escobal is a senior publisher at Finder with more than 13 years of experience in financial products and services, with a focus on content strategy and marketing. She has completed the Canadian Securities Course (CSC®) as well as the Personal Lending and Mortgages course through the Canadian Securities Institute. Leanne holds a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full bio

Leanne's expertise

Leanne has written 201 Finder guides across topics including:

• Personal Loans
• Car Loans
• Business Loans
• Short-Term Loans
• International Money Transfers
• Make Money Online

Co-written by

Stacie Hurst

Editor

Stacie Hurst is an editor at Finder, specializing in loans, banking, investing and money transfers. She has a Bachelor of Arts in Psychology and Writing, and she has completed FP Canada Institute's Financial Management Course. Before working in the publishing industry, Stacie completed one year of law school in the United States. When not working, she can usually be found watching K-dramas or playing games with her friends and family. See full bio

Stacie's expertise

Stacie has written 234 Finder guides across topics including:

• Banking
• Stock Trading
• Cryptocurrency
• Personal Loans
• Car Loans
• Credit Cards