Truck Loan Calculator

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

When you are ready to purchase a new or used truck, financing is the most common way to do it. Paying the full price of the truck right away can be expensive and you will likely need to apply for and obtain truck financing. However, finding the right truck loan for your individual situation is important. One of the most important aspects of taking on debt of any kind is understanding the total cost of the loan and repayment structure, so that you comfortably pay back the loan with no surprises.

Our truck loan calculator was created to help you do that in a matter of a few seconds. Of course, you need to carefully review the terms and conditions of any loan offer you are considering, but you can use our calculator as a starting point, and explore different scenarios. 

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It only takes a minute, so go ahead and calculate how much a truck loan can cost you, using our truck loan calculator. 

Truck Loan Calcualtor

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 truck loan payment calculations

Most lenders will look at the overall financial health of the business or person looking to borrow. Less risky businesses translate into lower rates and less stringent terms. Your debt-to-income ratio will often be considered when applying for a truck loan, as well as the type of vehicle you are buying. Using our truck loan calculator, you can play with various terms, rates and amounts to see how your payments would be over that term. 


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 truck 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 truck 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 truck loan?

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

How does a truck loan work?

Truck financing is a secured type of loan, which means that the truck you are purchasing is the collateral. You will risk losing the truck if you are not going to repay your loan on time. Typically truck financing loans come with a term of 3 to 8 years, but this can vary on case by case basis.

When should you consider a truck loan?

Truck financing is used when purchasing any type of truck, such as a dump, highway, box, or flatbed. Most people utilize truck financing when purchasing a truck to help preserve cash flow.

How are truck payments calculated?

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

What are the current average truck loan rates?

Truck loan rates can vary greatly depending on your personal or business financial history, the lender you are getting the financing from, the type of truck you are buying and more. In general, truck loan annual interest rates can be anywhere from 2% and go up to 20%+.

What are the best places to get a truck loan?

The best truck 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 truck loan providers at Smarter Loans as a starting point.

How do I qualify for a truck loan?

To qualify for a truck loan, you will typically need: Proof of residency in Canada, credit history, steady income from employment, government issued ID and paperwork on the truck you are looking to buy.

Can I get a truck loan online?

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