Canadian Auto Loan Calculator

Use our free Auto Loan Calculator to budget for your next car without impacting your credit score. This tool estimates monthly payments based on the price of the vehicle and duration of your loan term. Personalizing this to suit your financial needs is a great first step to finding your perfect vehicle.

What is your credit score?
What is your loan term?
What is the cost of your car?
$
What is your down payment?
$
What is your trade in value?
$

$214

We can help you find the car you want, no matter your credit situation.

*Please note that this is a rough estimate of what your payment option may be and can differ based on your exact credit score. Once you apply with The Auto Providers, please allow up to 48 hours for an automotive specialist to get in touch with your customized vehicle options.

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Each result is personalized for you

The calculation is based on information that you provide and will help you with the following:

Determine your payment

Find out what you really owe with your loan term factored in.

Determine payment frequency

Budget for Weekly, Bi-Weekly or Monthly payments to fit your lifestyle.

Consider your credit score

Estimate your price based on your credit history. Don't worry, no matter your credit, we can still get you approved!

Factor trade-in value

Determine the lowest payment available by trading-in your current vehicle.

Consider a down payment

Budget for a final payment that you can afford by knowing how much you need to save.

Budget for your vehicle

Be prepared prior to walking into the dealership.

The Easiest Way to
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is an auto loan right for me?

Paying for a vehicle in cash is a stretch for most people’s bank accounts. That’s why auto loans are considered a necessity for most Canadians, allowing them to pay off their vehicle in affordable monthly (or bi-weekly) installments.

Since vehicle payments are a recurring expense and a long-time commitment, budgeting accordingly is important. Determining how much you can afford to spend should be your top priority. This can be done by asking yourself how much you can spend on a monthly basis. Remember, a vehicle should not cost more than 35% of your annual income. If you ’re looking to spend more, it may be good to reevaluate your options.

One of the most frequent questions we get is how much you’re going to pay for your vehicle once loan term, your credit and trade-in value are factored in.

We know. It can get pretty confusing.

That’s why we’ve created our Canadian Auto Loan Calculator. Now all you have to do is choose the vehicle and we’ll do all the hard work for you.

what affects my interest rate?

There are three main factors contributing to the rate of your auto loan. These include, your loan term, your credit and inflation. If you aren’t sure what this means, or why it’s important, keep reading.

Essentially, if you choose to opt in for a short-term loan (under a year), your interest rate may get lowered. This is because the lender recoupes the money in a shorter period of time, making the investment relatively “low risk”. Alternatively, prolonging your loan term for over a year often means a higher interest rate as the investment becomes a “higher risk” scenario.

Your credit history also affects the interest rate a lender is willing to charge. For those with bad credit, we’ve created Canada’s first ever second-chance program, offering affordable options to Canadians regardless of their credit situations.

Finally, inflation refers to the general increases of pricing over the time, or simply the percentage your vehicles will increase or decrease over a specific period of time. For instance, if you purchased a vehicle for $17,000 from a lender and over the next couple of month the price increased by 3%, the lender is losing out on potential revenue. Ultimately, this inflation rate is added to the interest rate accumulated.

Why use an auto loan calculator?

Finding a vehicle to fit your lifestyle and budget is an exciting but overwhelming task. Using our Canadian Auto Loan Calculator is a great first step to budgeting and planning out your new vehicle purchase.

In most cases, the overall price of the vehicle shouldn’t be your number one concern. That’s because the most important number to pay attention to is the payment. Budgeting with the help of our auto loan calculator will help you structure a deal that you’re comfortable with on a weekly, bi-weekly or monthly basis. Remember, the longer your loan term, the lower your payments will appear. This is because you’re paying off your vehicle price over a longer period of time. However, since you are charged interest on every bill payment, the vehicle price ends up being higher then when choosing a shorter loan term.

Other factors that will cause a change to your monthly payment is a down payment or a vehicle trade-in. For example, let's say you’re looking to purchase a $20,000 Honda CR-V and your current vehicle is worth $7,000. By trading it in, you’re saving yourself $7,000 and taking out a $13,000 car loan, therefore lowering your monthly payments (the same goes for down payments).

However, if you still owe money on the vehicle you’re trading it, you may end up spending more than you realize. For instance, if your vehicle is worth $7,000, but you still owe $10,000 on it from your previous loan, your will need to budget $3,000 more for the new vehicle you’re looking to purchase. Due to this, your monthly payments may be a little higher than normally expected.

The fact of the matter is, there are a number of factors that contribute to your final payment. If you want to learn more, our next section breaks down each item on our Canadian Auto Loan Calculator.

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Canadian Auto Loan Calculator glossary

Not fluent in Car Loans? Allow us to explain.

payment frequency

If you’re choosing to lease or finance your vehicle, the payment frequency refers to how often you’d be making a payment (every week, every two weeks or every month). Choosing a weekly payment plan means you’ll be paying a smaller amount of what you’d be paying monthly, however, the payment will be taken out for times as often.

Trade-in value

If you plan on trading in your vehicle, the trade-in value refers to the amount of money a dealership is willing to pay for your current vehicle. This is a great choice if you’re looking to lower your monthly or overall payment. If you’re unsure what your current vehicle is worth, consult a website such as Canadian Black Book for an estimated evaluation.

Down payment

Simply put, this is the initial payment made when purchasing a vehicle on credit. Think of it as a portion of the purchase price that comes out of your own savings. For instance, if you’re looking to purchase a $17,000 vehicle and put $7,000 as a downpayment, you’ll only have to take out a $10,000 loan, plus interest. This is a great way to lower your monthly spend!

*When you see “zero down” offers, this means that there is no minimum down payment required during the purchase.

sales tax

Sales tax on your vehicle will vary depending on the province where your vehicle is purchased. Sales tax in Alberta, Northwest Territories, Nunavut and Yukon are on the low end of 5%; Saskatchewan sits at 11%, while British Columbia is at 12%; Ontario and Manitoba are both at 13%, which leaves us with 14.975% in Quebec and a whopping 15% in New Brunswick, Nova Scotia, Newfoundland & Labrador and Prince Edward Island.

loan term

Your loan term refers to the amount of time it will take to pay off your vehicle. Loan terms average between 12 months (short-term loan) and 84 months (long-term loan). Choosing a short-term loan means higher monthly payments but lower interest rates. A long-term loan means lower monthly payments but higher interest charged on your purchase.

Vehicle price

This refers to the advertised price of the vehicle, not the “original” or MSRP price. Ultimately, this is the final price after savings and rebates have been deducted.

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