Canadian Auto Loan Calculator

Calculate your car loan repayments with Canadian-specific features

How to Use How It Works

Canada Car Loan Calculator

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Loan Type

How to choose: Secured loans use your vehicle as collateral and have lower rates. Unsecured loans don't require collateral but have higher rates. Leases are long-term rentals with no ownership.

Vehicle Information

What this is: The total price you're paying for the vehicle (including base price, options, freight charges, and any dealer adjustments).

How much to put down: Typically 10-20% of vehicle price. More down payment = lower monthly payments and less interest. Consider your savings and emergency fund.

Why it matters: Determines your tax rates (GST/HST/PST) and registration costs. Choose where you'll register the vehicle.

How to choose: Passenger = cars, SUVs, light trucks. Commercial = work vehicles. Motorcycle = bikes/scooters. Recreational = RVs/campers.

Fees

What it covers: Dealer's cost for processing paperwork, title transfer, and registration. Usually $300-$800. Ask the dealer for the exact amount.

What it is: Ongoing monthly fee for account maintenance and payment processing. Usually $5-$15/month. Ask your lender for the exact amount.

What it is: Ongoing monthly fee for account maintenance and payment processing. Usually $5-$15/month. Ask your lender for the exact amount.

When it's charged: One-time fee when the loan is established. Covers loan processing and setup costs. Usually $100-$300. Check with your lender.

Loan Terms

How to get your rate: Check with your bank, credit union, or online lenders. Rates vary by credit score, loan amount, and term. Shop around for the best rate.

How to choose: Shorter terms = higher payments but less total interest. Longer terms = lower payments but more total interest. Consider your budget and goals.

Extra Payments (Optional)

How to choose: Select how often you want to make extra payments. More frequent payments reduce total interest paid.

How it helps: Additional amount you plan to pay each month. Reduces loan term and total interest. Example: $50 extra/month can save thousands in interest.

When to use: Single additional payment (bonus, tax refund, etc.) applied to first payment. Immediately reduces principal balance and total interest.

Canada Car Loan Features

  • Consumer Protection: Provincial consumer protection laws
  • OSFI Regulated: Office of the Superintendent of Financial Institutions
  • Provincial Taxes: PST, GST, HST calculations
  • Interest Rate Disclosure: Clear APR disclosure
  • Multiple Loan Types: Secured, unsecured, lease
  • Early Repayment: Calculate settlement figures
  • Province-Specific: Registration and licensing costs

Canadian Loan Types

  • Secured Car Loan: Vehicle as security
  • Unsecured Personal Loan: No security required
  • Car Lease: Monthly lease payments

Important Canadian Regulations

  • Interest rate disclosure required
  • Consumer protection laws vary by province
  • Cooling-off period may apply
  • Early repayment fees may apply
  • Province-specific tax rates
  • OSFI oversight of financial institutions

Canada Car Loan Calculator: Your Guide to Auto Financing

Understanding Car Loans in Canada

Financing a vehicle in Canada involves several factors, including provincial taxes, dealer fees, and loan terms. Our Canada Car Loan Calculator helps you estimate your monthly payments, total interest, and the impact of down payments and trade-ins on your loan.

Key Features of Canadian Car Loans

  • Provincial Sales Tax: Varies by province and affects your total loan amount.
  • Secured vs. Unsecured Loans: Secured loans use your car as collateral and offer lower rates. Unsecured loans are more flexible but have higher rates.
  • Dealer Fees: Includes documentation, registration, and processing fees.
  • Trade-in Value: Reduces your loan amount and monthly payments.
  • Extra Payments: See how additional payments can shorten your loan term and reduce interest.

How to Use This Calculator

Enter your vehicle price, down payment, province, and loan details to get an accurate estimate of your repayments. The calculator factors in local taxes, fees, and your trade-in value for a complete financial picture.

Tips for Canadian Car Buyers

  • Compare interest rates from banks, credit unions, and dealerships.
  • Consider the total cost of ownership, including insurance and maintenance.
  • Check for prepayment privileges and penalties.
  • Use extra payments to pay off your loan faster and save on interest.
  • Review your credit score before applying for a loan.

Why Use Our Calculator?

  • Accurate, up-to-date formulas for Canada
  • Includes all major fees and taxes
  • Helps you compare loan types and terms
  • Free, no registration required

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Car Loan Resources

Important Information: Disclaimer: This calculator is provided for general information only and does not consider your personal circumstances, credit history, or financial situation. It is not financial or credit advice. You should review the relevant credit documents and seek independent professional advice before making any decisions.
* We are not a credit provider, lender, or financial advisor, and hold no Canadian credit broker licence. Rates and fees are subject to change without notice. HST/GST and provincial taxes vary by province—check with your lender for current rates.

Important: All figures are estimates based on information you provide. Actual loan terms, rates, and fees will vary by lender and individual credit profile.

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