Monthly Payment
$0
Total Interest
$0
Loan Amortization
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What is a Auto Loan Calculator?
An Auto Loan Calculator helps you determine your true monthly car payment and the total cost of purchasing a vehicle. Dealerships often focus on the monthly payment, but this tool reveals how much interest you will actually pay over the loan term.
How to Use the Calculator
Enter the purchase price of the vehicle, your down payment, any trade-in value, and the loan term. Don't forget to include the sales tax for your province. The tool will calculate your exact monthly payment and total interest paid.
Frequently Asked Questions
Why do longer car loans cost more?
While a 72-month or 84-month loan lowers your monthly payment, you end up paying significantly more total interest. Furthermore, cars depreciate rapidly, so a long loan increases the risk of negative equity (owing more than the car is worth).
Does a trade-in reduce my sales tax?
In most local provinces, trading in a vehicle reduces the total amount subject to sales tax. You only pay tax on the difference between the new car price and the trade-in value, which can save you thousands.