Car loan calculator
Enter the vehicle price, your down payment and any trade-in to see the amount financed, the monthly payment and the total interest over the term.
Estimated monthly payment
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How this calculator works
- Subtract your down payment and trade-in value from the vehicle price to find the amount financed.
- Convert the annual rate to a monthly rate and set the number of payments.
- Apply the amortisation formula to calculate the fixed monthly payment.
- Multiply the payment by the number of payments to find the total interest.
Formula: Amount financed = price − down payment − trade-in; payment uses the standard amortisation formula
Frequently asked questions
Does this include taxes and dealer fees?
No. Add taxes, licensing and dealer fees to the vehicle price before calculating, or add them to the amount financed, to see your true payment.
Is a longer car loan term better?
A longer term lowers the payment but increases total interest and the risk of owing more than the vehicle is worth. Compare the total cost of credit.
Should I get pre-approved first?
Yes. Pre-approval tells you the rate you qualify for before you negotiate, which gives you more leverage at the dealership.
Sources
- Financial Consumer Agency of Canada — Financial Consumer Agency of Canada
Important legal information
Promissory.ca is not a lender, bank, mortgage broker or credit counsellor. We do not make lending decisions and we do not charge you a fee to use this service.
Submitting an application does not guarantee approval. All applications, rates and terms are set and approved solely by the individual lender or licensed professional.
Rates, fees and loan amounts vary by lender, province, loan type and your credit profile. Advertised rates are the lender's lowest offered rate and may not be available to you.
Lenders may perform a credit check with one or more credit bureaus, including Equifax and TransUnion. A hard credit inquiry may affect your credit score.
There is no obligation to accept any offer presented to you. Review every agreement carefully before signing.
Borrow only what you can reasonably afford to repay. Late or missed payments may result in additional fees, collection activity and negative credit reporting.
We handle personal information in accordance with the Personal Information Protection and Electronic Documents Act (PIPEDA). See our Privacy Policy for how we collect, use and protect your information.
If you are struggling with debt, consider contacting a non-profit credit counselling service or a Licensed Insolvency Trustee before borrowing more.
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Check what you qualify for with our Canadian lending partners. No obligation to accept any offer.
Compare loan optionsAffiliate disclosure: Promissory.ca is a free comparison and referral service. We may receive compensation from lending partners when you click a partner link or submit an application. This compensation does not affect the information or comparisons we publish.