Bus Loan Calculator

Our free bus loan calculator will help you estimate interest rates and monthly payments for your bus loan easily.

When you are ready to purchase a new or used bus, financing it is the preferred way to do it. Getting financing allows you to stretch your payment for a bus purchase over time. However, finding the right bus financing company with an easy approval can be tough. When financing a bus you need to understand the total cost of the loan and repayment structure, so that you comfortably pay back as your investment into the bus starts to bring results.

Our bus loan calculator below was created to help you do that quickly. You should always carefully review the terms and conditions of any loan offer you are considering, but you can use our bus loan calculator as a starting point, and explore different scenarios. Possibly a secured loan or business loan might be a better fit for your needs.

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Go ahead and calculate how much a bus loan can cost you by using our bus loan calculator.

Total price of the bus or buses

1 year2 year term5 years

Your Payment Details

Your Payment Details

"Below you will find a detailed breakdown of your payments in each month and each year. Find out how much interest, principal and total you'll be paying with the information you entered. Change your term length, interest rate and loan amount to see how it impacts your payment breakdown."

Understanding your bus loan payment calculations

Most lenders will take your credit score into account when calculating the interest rate. Higher scores typically translate into lower rates and less stringent terms. The overall health of your business and year over year revenue will be evaluated. Your debt-to-income ratio will often be considered when applying for a bus loan, as well as the type of bus you are buying.

Monthly Payments

This is the expected total amount you would have to pay each month.  This value will be based on the terms of the bus loan. Your monthly payments will typically be lower if you choose a loan with a longer term.

Total Cost of Loan

This is the expected total cost of your loan. It includes all the other associated costs of taking out the loan, including interest and any applicable fees.

Payment Details

The Payment Details table breaks down all your payments over the term of your loan, and illustrates the total principal and interest amounts that will be paid back each year over the course of your loan term. Please speak to your lender if you are unclear about any of the loan terms. 


This is your Annual Percentage Rate. (also knows as ‘interest rate’)  Think of the APR as the total annual cost of your bus loan. For example. if you take out a $100,000 loan for 1 year, at 10% interest, you will have to pay back $110,000 after the one year passes. 

Frequently Asked Questions

What is a bus loan?

A bus loan means that you are using financing in order to purchase a new or used bus, and pay for it over time. The financing comes with a lender fee (interest rate) that must be repaid on top of the total cost of the bus.

How does a bus loan work?

Bus financing is a secured type of loan, which means that the bus that you are buying is the collateral. You will risk losing the bus if you are not able to repay the loan on time. Typically bus financing loans come with a term of 3 to 10 years, but this can vary on case by case basis.

When should you consider a bus loan?

Bus financing is used when buying different bus types, such as a coach, a transport, or school bus. This type of bus can be costly to pay for right away and therefore a person or business will take out a to loan to pay for it. Getting the bus will allow you to generate more income and pay back the loan.

How are bus payments calculated?

The bus payments will be determined based on the total cost of the bus, the downpayment that you contribute, the interest rate, and term length of the loan. Make sure that you carefully review and understand the terms of your bus loan agreement and how the payments are calculated.

What are the current average bus loan rates?

Bus loan rates can vary greatly depending on your personal and business financial history, the lender you are getting the financing from, the type of bus you are buying and more. In general, bus loan annual interest rates can be anywhere from 2% and go up to 15%+.

What are the best places to get a bus loan?

The best bus loans are hard to find all by yourself. Especially because different loan types and different lending companies are better suited for different people. Check out the list of top bus loan providers at Smarter Loans as a start.

How do I qualify for a bus loan?

To qualify for a bus loan, you will typically need: Proof of residency in Canada, credit history, steady income from employment, or a profitable business and government issued ID.

Can I get a bus loan online?

There are many companies that offer bus loans in Canada entirely online. At Smarter Loans you can find such companies, apply for a bus loan from the comfort of your home, and receive a pre-approval in 24 hours.