Monthly payment
$629
Loan amount
$28,000

Car Loan Calculator

Calculate your auto loan payments with Canadian taxes and fees

Loan Details
$35,000
$0$100k

Total price before taxes

13.0

Select your province for tax calculation

$7,000(20%)

Higher down payment = lower monthly payment

Longer terms mean lower payments but more interest

6.9
0%25%
Monthly Payment
$629
$392(62%)
$161(26%)
$76(12%)
Total Cost Summary
Vehicle price$35,000
Total interest$9,660
Total taxes$4,550
Total cost$49,210

Find your next car with AI

Smart recommendations tailored to your budget and style.

Vehicles near your budget

Amortization preview

First 6 payments based on your configuration. Taxes are shown as a flat per‑payment amount for clarity.

#PrincipalInterestTaxBalance
1$392$161$76$27,608
2$394$159$76$27,214
3$397$156$76$26,817
4$399$154$76$26,418
5$401$152$76$26,017
6$404$150$76$25,613
7$406$147$76$25,207
8$408$145$76$24,799
9$411$143$76$24,389
10$413$140$76$23,976
11$415$138$76$23,561
12$418$135$76$23,143

Financing fundamentals

How much can I afford?

A common rule of thumb is to keep your car payment under 10–15% of your take‑home pay. Your comfort range depends on other monthly obligations and savings goals.

Lower your payment by choosing a longer term, increasing your down payment, or picking a lower‑priced car. Longer terms mean paying more interest over time.

How does down payment affect my payment?

A larger down payment reduces the amount you finance, which lowers your periodic payment and total interest. Many buyers target 10–20% down; use the quick buttons to experiment.

Don’t drain your emergency fund—leave room for insurance, maintenance, registration, and taxes.

What term should I choose?

Shorter terms (36–48 months) mean higher payments but less total interest. Longer terms (60–84 months) reduce the payment but increase the total cost.

Choose the shortest term that keeps your payment comfortable while meeting your savings goals.

Tips to get a better rate
  • Improve your credit utilization and pay bills on time for a few months before applying.
  • Compare rates from banks/credit unions and dealer financing.
  • Add a larger down payment or a qualified co‑signer to lower risk.

Guided scenarios

Lower my payment
  • Increase down payment to 20–30% if possible.
  • Choose a longer term (72–84 months) but plan extra principal payments.
  • Pick bi‑weekly payments to smooth cash flow with paycheques.
Pay it off faster
  • Shorter term (36–48 months) and weekly payments.
  • Round up payments or add small extra amounts toward principal.
  • Refinance later if your credit improves.
Minimize total cost
  • Target the lowest APR by rate‑shopping and getting pre‑approved.
  • Avoid extended terms unless necessary; interest compounds over time.
  • Consider a lower‑priced vehicle to reduce both tax and interest.

FAQ

This tool provides estimates for planning purposes only and is not a financing offer.