Input your Vehicle Price, Down Payment/Trade-In, Province & Interest Rate
Select your desired Loan Term & Payment Frequency (Biweekly or Monthly)
Review your payments and then click "Get pre-qualified" to get started
A car loan calculator is an indispensable tool for prospective vehicle buyers, offering a clear picture of loan affordability. It simplifies complex loan terms into digestible figures, outlining monthly payments, total interest, and overall vehicle cost. By inputting the loan amount, current interest rate, and term, buyers can immediately gauge the financial impact of a car purchase. It enables smart budgeting and informed decision-making by illustrating how varying down payments and loan terms affect costs. Essentially, a car loan calculator demystifies financial jargon, empowering buyers to secure terms that align with their economic reality, ensuring a purchase within their means.
This is the total sum of money you borrow to purchase the car. It’s the price of the vehicle minus any down payment or trade-in value of your old car.
The interest rate is the percentage the lender charges on the outstanding balance of your loan. This rate can vary based on credit score, loan term, and lender policies.
This refers to the length of time over which you agree to pay back the loan. It’s typically expressed in months (e.g., 36, 48, 60, 72 months) and can affect both your monthly payment and the total interest paid.
This is the amount you are required to pay each month toward the loan. It’s a function of the loan amount, interest rate, and loan term.
This is the sum of all payments you will make over the life of the loan, including both the principal (the loan amount) and the interest. It provides a comprehensive look at the overall expense of financing the vehicle.
The down payment is the initial amount you pay upfront towards the purchase of the car. It reduces the loan amount needed and can significantly impact your monthly payments and overall interest costs, as a larger down payment typically means less money borrowed.
The APR represents the annual cost of borrowing and includes not only the interest rate but also other lender fees and charges. It’s expressed as a percentage and provides a more comprehensive look at the cost of the loan compared to the interest rate alone.
Pre-Qualify for car financing in under 60 seconds