Auto Loan Calculator
Calculate your monthly car payments and see how much you can afford
Loan Parameters
Payment Distribution
(5 Years amortization)
Frequently Asked Questions
Guidelines on auto loan interest rates, down payments, dealer financing vs. bank loans, and term lengths in Canada.
What factors affect my auto loan rate?
Several factors influence your auto loan rate, including your credit score, down payment amount, loan term length, new vs. used vehicle, and current market rates.
Should I choose a longer or shorter loan term?
Shorter loan terms typically offer lower interest rates and less total interest paid, but higher monthly payments. Longer terms have lower monthly payments but cost more in total interest.
How much should my down payment be?
A larger down payment reduces your loan amount and monthly payments. Most lenders recommend at least 20% down for new cars and 10% for used cars to avoid being 'underwater' on your loan.
What's the difference between new and used car loans?
New car loans typically offer lower interest rates but higher loan amounts. Used car loans may have slightly higher rates but lower total costs due to the lower vehicle price.