Smarter Loans
Car Loan Calculator

Car Loan Calculator

Q: How is a car loan payment calculated?

Car payments are calculated using the amortization formula based on the amount financed, APR, and number of payments. This calculator supports monthly, bi-weekly, and weekly schedules.

Q: Can I finance a used car?

Yes, subject to lender age and mileage limits, inspections, and down payment requirements. Terms and APRs may differ from new vehicles.

Buying a new or used vehicle in Canada often means taking out an auto loan. Before signing any financing agreement, it’s crucial to know exactly what your monthly car payments, total loan cost, and interest charges will be. That’s where our Car Loan Calculator (also called an Auto Loan Calculator) comes in.

In just seconds, you can adjust the vehicle price, down payment, interest rate, and term length to see how different scenarios affect your budget. This helps you make smarter choices, compare lenders, and avoid surprises later on.

Car Loan Calculator Canada

Use our free Car Loan Calculator to estimate monthly, bi-weekly, or weekly payments for new and used vehicles in Canada. Tap a preset to pre-fill realistic price, term, and APR ranges, add down payment, trade-in, rebates, taxes, and fees, and see your payment breakdown instantly. For education only. Confirm final terms with your lender or dealer.

Free Canadian Auto Loan Calculator

Choose your vehicle type

Tap a tile to pre-fill typical price, term, and APR assumptions. You can edit any field below.

Your vehicle & financing details

Vehicle price

Down payment percent

Down payment amount

Percent and amount sync automatically.

APR annual percent

Loan term months

Payment frequency

Trade-in value

What your current vehicle is worth.

Amount owing on trade-in

Outstanding loan. Negative equity is rolled into the new loan.

Manufacturer/dealer rebate

Sales tax percent

Enter your province’s combined tax rate (e.g., 13% HST in ON).

Fees total doc/admin

Optional warranty/add-ons financed

Start auto loan application

Car Payment Breakdown

Estimated payment

Per period

Per month equivalent

Amount financed

$0 Principal + interest

$0 Taxes impact

$0 Fees/warranty

Monthly equivalent includes principal and interest only. Taxes/fees affect amount financed based on your inputs.

Loan Summary & Total Cost

Summary

Price

Down payment

Trade equity applied

Taxes & fees financed

Amount financed

Total interest over term

Amortization Schedule (Auto Loans)

Show amortization schedule

Showing the first 12 periods by default. Expand to 60 or full schedule.

Period	Payment	Interest	Principal	Balance

Compare auto loan offers across Canada

Get pre-qualified in minutes and see financing you can actually get.

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How to Use the Car Loan Calculator

Step-by-step

Select a vehicle type to pre-fill common price, APR, and term assumptions.
Add your details: price, down payment % or amount (they sync), rebates, trade-in value/amount owing.
Set APR and term then choose monthly, bi-weekly, or weekly payments.
Include taxes/fees/warranty to see the true amount financed.
Review breakdown and expand the amortization schedule for a period-by-period view.

This tool provides realistic estimates for planning. Actual offers depend on credit, income, vehicle age/mileage, and lender policies.

Car Loan & Auto Financing Basics in Canada

What drives your car payment

Amount financed: price minus down payment and rebates, plus taxes, fees, warranty, and any negative equity.
APR: your annual interest rate.
Term: longer terms lower the payment but increase total interest.
Frequency: monthly, bi-weekly, or weekly affects the per-payment amount.

Ways to lower your payment

Increase down payment or apply trade-in equity.
Choose a slightly longer term within lender limits.
Shop multiple lenders and look for manufacturer promos.
Consider a less expensive trim or model year.

Lease vs Finance vs Cash Purchase

Feature	Finance (Loan)	Lease	Cash Purchase
Ownership	Yours after payoff	Return or buy at end	Immediate
Monthly cost	Moderate	Lower with residual	None
Best for	Long-term keeping	Frequent upgrades	Those with cash on hand
Total interest/cost	Interest + fees	Money factor + fees	Opportunity cost
KM limits	No	Yes (overage fees)	No

See your best auto financing options

Smarter Loans connects you with trusted lenders across Canada.

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Car Loan FAQs (Canada)

How is a car loan payment calculated?

The payment uses the amortization formula based on amount financed, APR, and number of payments. This calculator supports monthly, bi-weekly, and weekly schedules.

What counts toward the amount financed?

Vehicle price minus down payment and rebates, plus applicable sales tax, dealer/admin fees, optional warranty/add-ons, and any negative equity from a trade-in.

Do bi-weekly payments save interest?

They can modestly reduce interest depending on lender setup and compounding, and they align with many pay cycles.

Can I finance a used car?

Yes, subject to lender age/mileage limits, inspections, and down payment requirements. Terms and APRs may differ from new vehicles.

Is it better to increase down payment or shorten the term?

Both reduce interest cost. A larger down payment lowers the amount financed immediately; a shorter term reduces total interest but increases each payment.

Are taxes financed or paid upfront?

Both are possible. Many borrowers roll sales tax into the loan. Confirm with your dealer and lender.

How accurate is this calculator?

It provides realistic estimates based on your inputs. Actual offers vary by lender, credit, income, vehicle details, and market conditions.