Estimate what a car loan could cost using your own numbers. The calculator does not know any lender’s rates and does not fill in tax for you: you choose every input.
Enter your numbers and choose Calculate to see an estimate.
How the calculator works
Amount financed = vehicle price + sales tax + fees added to the loan − down payment − trade-in allowance + any balance still owing on your trade-in.
Interest is worked out each period on the balance still owing. The annual rate you enter is divided evenly by the number of payments in a year (12, 26 or 52), and each payment is made at the end of its period. Lenders can count interest differently, so their figures will not match exactly.
Interest rate, APR and fees are three different things
- The interest rate is the yearly charge on the balance. That is what you enter here.
- The APR (annual percentage rate) is a disclosure figure that also reflects certain mandatory charges, so it can be higher than the interest rate. This calculator does not work out an APR.
- Financed fees are added to what you borrow, so you pay interest on them. We show them separately in the total borrowing cost.
Regular and accelerated payments
A regular bi-weekly payment spreads the same loan term over 26 payments a year. An accelerated bi-weekly payment is half of the monthly payment, paid 26 times a year. That adds up to one extra monthly payment each year, so the loan is repaid sooner and costs less interest. Weekly options work the same way with 52 payments.
Tax and trade-ins
Sales tax on vehicles, and whether a trade-in reduces the taxable amount, depends on your province and on whether you buy from a dealer or privately. Enter the rate that applies to you, and use the trade-in checkbox only if it applies to your purchase.
Results are estimates for planning. They are not a loan offer, a quote or a pre-approval.