Car loan calculator

Find out what a new or used vehicle will cost each month in Canada, with sales tax, your down payment and any trade-in included.

How car loan payments are calculated

Sales tax is added to the vehicle price, minus any trade-in. Your down payment and trade-in value are then taken off, and the rest is the amount you finance. Interest is charged monthly on what you still owe.

Example

A $35,000 vehicle in Ontario has $4,550 of HST. With $5,000 down, you finance $34,550. At 6.99% over 60 months the payment is $683.97 a month, the interest comes to $6,488.10, and the vehicle costs $46,038.10 in total.

Sales tax on vehicles

You pay GST or HST plus any provincial sales tax on a vehicle bought from a dealer. In most provinces, a trade-in reduces the amount you are taxed on. Private used-car sales are taxed differently in some provinces, and British Columbia charges a higher PST rate on more expensive vehicles. Use our GST/HST calculator to see the rate in your province.

Frequently asked questions

Is a longer car loan a good idea?

Terms of 72 or 84 months lower the monthly payment but add a lot of interest, and you may owe more than the vehicle is worth for several years. Pick the shortest term you can afford.

Should I finance or lease?

Financing means you own the vehicle once the loan is paid off. Leasing usually has lower payments but you return the vehicle at the end, with limits on kilometres and wear.

Estimates for guidance only. Dealer fees, licensing and registration costs are not included.