Compare the full cost of financing a car in Canada
Estimate loan instalments and all-in borrowing interest rather than judging a car deal by the monthly number alone. Enter your local tax and trade-in treatment from a real written dealer quote.
Car purchase details
Illustrative nominal fixed-rate amortization. No Canadian province-specific sales-tax rules, GST/HST/QST auto-calculation, provincial disclosure law, effective borrowing rate, negative equity, daily interest, variable rates or live dealer offers. Enter financing costs based on the actual written quote and check the total cost of borrowing.
Illustration: C$45,000 vehicle with C$8,000 down, C$2,000 net trade equity and C$3,000 independently verified taxes and financed fees over 72 months. All rates are assumed, not current offers.
Total Canadian auto financing estimate
Conventional loan versus residual
Month-by-month balance
| Month | Interest | Principal paid | Remaining loan |
|---|---|---|---|
| 1 | $221.67 | $426.20 | $37,573.80 |
| 2 | $219.18 | $428.68 | $37,145.12 |
| 3 | $216.68 | $431.18 | $36,713.94 |
| 4 | $214.16 | $433.70 | $36,280.24 |
| 5 | $211.63 | $436.23 | $35,844.02 |
| 6 | $209.09 | $438.77 | $35,405.24 |
| 12 | $193.51 | $454.35 | $32,718.33 |
| 24 | $160.66 | $487.20 | $27,054.86 |
| 36 | $125.44 | $522.42 | $20,981.97 |
| 48 | $87.68 | $560.19 | $14,470.07 |
| 60 | $47.18 | $600.68 | $7,487.42 |
| 72 | $3.76 | $644.10 | $0.00 |
How to estimate a Canadian car finance payment
- 01
Use the agreed selling price before any separate taxes and fees, then enter the cash down payment and positive net trade-in equity remaining after any old loan payout.
- 02
Use the dealer's itemised written figure for GST/HST/PST/QST and other financed charges. Provincial tax bases, dealer fees and trade-in treatment vary; the tool makes no province-level tax assumptions.
- 03
Enter the contractual nominal interest rate and term in whole months. Beware that promotional terms, effective borrowing costs and mandatory charges can make a headline rate different from what you pay.
- 04
Review total interest and the optional final balloon, then consider the cost of fuel, maintenance, registration and insurance. The FCAC advises looking beyond monthly repayments when comparing long-term car loans.
Borrowing cost and provincial limits
Illustrative nominal fixed-rate amortization. No Canadian province-specific sales-tax rules, GST/HST/QST auto-calculation, provincial disclosure law, effective borrowing rate, negative equity, daily interest, variable rates or live dealer offers. Enter financing costs based on the actual written quote and check the total cost of borrowing.
Frequently asked questions
Does the calculator know which province's sales tax applies?
No. Vehicle taxes differ by province and transaction type. Enter only charges confirmed in a provincial dealer estimate.
Can I finance a car over 96 months?
You can model up to 120 months, but longer loans may substantially increase interest and the risk of owing more than the car's resale value.
Does the trade-in field include negative equity?
No. Enter positive net trade equity only. Rolling outstanding debt from an old car into a new loan needs a separate, carefully reviewed quote.
Financial Consumer Agency of Canada — Car affordability and loan costs
Taxes and fees must come from a provincial dealer quote · Illustrative nominal fixed-rate amortization. No Canadian province-specific sales-tax rules, GST/HST/QST auto-calculation, provincial disclosure law, effective borrowing rate, negative equity, daily interest, variable rates or live dealer offers. Enter financing costs based on the actual written quote and check the total cost of borrowing.