- Rates from 3.90% - 29.90%
- Borrow $500 - $75,000
- Loan terms from 12 - 96 months
- Pre-qualify within minutes
- Get matched with offers
Car loan calculator
Calculate how much you could expect to pay each month
Your loan
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Fill out the form and click on “Calculate” to see your estimated monthly payment.
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Compare car loansBased on your loan terms
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Interest | $ |
Total Cost | $ |
- Rates from 0% - 46.96%
- Borrow $500 - $50,000
- Loan terms from 3 - 60 months
- Easy process
- Get matched with offers
- Rates from 3.90% - 29.90%
- Borrow $500 - $75,000
- Loan terms from 12 - 96 months
- 6 dealerships in Ontario
- Fast and easy approval process
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.
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.
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
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