{"id":881584,"date":"2020-09-22T11:00:42","date_gmt":"2020-09-22T15:00:42","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=881584"},"modified":"2026-01-20T14:53:40","modified_gmt":"2026-01-20T19:53:40","slug":"what-is-the-average-car-payment","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/car-loans\/buying-a-car\/what-is-the-average-car-payment","title":{"rendered":"How much is the average car payment in Canada?"},"content":{"rendered":"

Canadians spend from $500 to $1,100 on the average car payment. Learn more about the different variables that affect your monthly car payments, and find out how you can get the best deal when you sign up for a new loan.<\/p>

What is the monthly average car payment?<\/h3>

The monthly average car payment is approximately $915 for a new car and around $612 for a used car. This is based on the average car prices, interest rates and loan terms in Canada. That said, your monthly car payment depends on several personal factors, such as the price of your vehicle, the interest rate you receive, and the length of your loan.<\/p>
Car<\/th>Loan amount<\/th>Average rate from Statistics Canada<\/th>Term length<\/th>Monthly average car payment<\/th><\/tr><\/thead>
New<\/td>$54,493 1<\/sup><\/td>6.45%<\/td>72 months<\/td>$914.73<\/td><\/tr>
Used<\/td>$31,306 2<\/sup><\/td>6.45%<\/td>60 months<\/td> $611.80<\/td><\/tr><\/tbody><\/table>

1. Based on a $60,548 average new car price from AutoTrader, with a 10% down payment<\/em><\/sub>
2. Based on a $34,784 average used car price from AutoTrader, with a 10% down payment<\/em><\/sub><\/p>

Factors that affect your loan payment<\/h3>

The following factors can cause your monthly average car payment in Canada to fluctuate:<\/p>