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Car loan payment calculator

Calculate your potential car loan monthly payments using this simple calculator.

Car loan calculator

Calculate how much you could expect to pay each month
Your loan
Loan amount
$
Loan terms (in years)
Interest rate
%

Fill out the form and click on “Calculate” to see your estimated monthly payment.

or

Compare car loans now
You can expect to pay back $ per month
Based on your loan terms
Principal $
Interest $
Total Cost $

How to use this car loan payment calculator

  1. Enter the amount you want to borrow to buy a new car under Loan amount. This might not be the same as the cost of your car, since many lenders require a down payment.
  2. Write the amount of time you have to pay off your car loan under Loan terms (in years). If your loan term is in months, divide it by 12 first.
  3. Enter the interest rate you expect to pay on a car loan under Interest rate. If your car loan comes with fees, enter the annual percentage rate (APR) instead.
  4. Click Calculate.

In addition to your monthly payment, this car loan calculator shows how much you’d pay on your loan’s principle amount and how much you’d pay overall in interest. The principle amount is the amount that you borrowed and should be equal to your loan amount. Total interest is the amount you would pay on top of the principle — the cost of having your loan.

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

It depends on why you used this calculator. If you wanted to know your car loan monthly payment based on an offer from a lender, you might want to pre-qualify with a few more 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.

Quick Pre-Approval

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  • Rates from 3.90% - 29.90%
  • Borrow $500 - $75,000
  • Get matched with offers

0% Financing

Go to site
  • Rates from 0% - 46.96%
  • Borrow $500 - $50,000
  • Get matched with offers

Used Cars

Go to site
  • Rates from 3.90% - 29.90%
  • Borrow $500 - $75,000
  • 6 dealerships in Ontario

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 (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 now

1 - 5 of 5
Name Product Ratings APR Range Loan Amount Loan Term Requirements Broker Compliance
CarsFast Car Loans
Customer Survey:
★★★★★
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.
Loans Canada Car Loans
Customer Survey:
★★★★★
0% - 46.96%
$500 - $50,000
3 - 60 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.
Approval Genie
Not yet rated
3.90% - 29.90%
$500 - $75,000
12 - 96 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.
Clutch Car Loans
Customer Survey:
★★★★★
From 8.49%
$7,500 - No max.
12 - 96 months
Requirements: 3+ months employed, Max.1 bankruptcy, Ontario & Nova Scotia only
Apply for financing with online dealer Clutch, who partners with some of Canada’s largest financial institutions to get you competitive interest rates.
Dealerhop Car Loans
Not yet rated
6.99% - 29.99%
$7,000 - $50,000
12 - 96 months
Requirements: Min. income of $1,800 /month, 3+ months employed
Dealerhop matches you with a dealer partner to get you financing.
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Bottom line

Using 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 upfront 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

William Eve's headshot
Written by

Group publisher

William Eve is the Country Manager for Finder's Canada operations. He has previously held the positions of group publisher of insurance for Finder Australia and lead publisher for the Finder global team. William has a Bachelor of Communications from the University of Technology Sydney, Australia. He loves the challenge of launching Finder into new markets while helping grow Finder’s global team. See full bio

Stacie Hurst's headshot
Co-written by

Associate editor

Stacie Hurst is an editor at Finder, specializing in a wide range of topics including stock trading, money transfers, loans, banking products, online shopping and streaming. She has a Bachelor of Arts in Psychology and Writing, and she completed one year of law school in the United States before deciding to pursue a career in the publishing industry. When not working, Stacie can usually be found watching K-dramas or playing games with her friends and family. See full bio

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