Calculator
Car Loan Payment Calculator
Work out what a vehicle will actually cost per month once the trade-in, down payment and sales tax are included — and what the whole loan costs in total.
Result
Enter your figures above and submit to see the result.
The financed amount is the vehicle price plus taxable fees, minus the trade-in value and the down payment. Sales tax treatment of a trade-in differs by province: in most provinces the trade-in reduces the taxable amount, while in others it does not. That single rule can change the cost by hundreds of dollars, so the calculator lets you set the tax rate rather than assuming one.
Payment, total interest and total cost then follow the standard amortisation formula. Compare two terms side by side: the shorter term usually wins on total cost, while the longer term wins on monthly cash flow and loses on negative equity.
Find out what you qualify for
One short form, passed to a licensed lender or matching partner. Free, with no obligation to accept an offer.
LoanLoon is not a lender. We do not make credit decisions, set rates, or guarantee approval. The lowest rates are only available to the most qualified applicants.
The figure above is arithmetic, not an offer. A lender's real rate, payment and total cost depend on its own underwriting, on your credit profile and on your province. loanloon.ca is a matching and comparison service — not a lender, a broker of record, or a credit counsellor. We do not make loans, set rates or make credit decisions. The lowest rates are only available to the most qualified applicants.
Frequently asked questions
Is sales tax charged on the full vehicle price?
It depends on the province and on whether a trade-in is involved. In many provinces the trade-in reduces the taxable amount; in others tax applies to the full price. Confirm the rule with the dealer or your provincial finance ministry.
Should I put more money down?
A larger down payment reduces the financed amount, the interest and the risk of negative equity. It also reduces your cash reserve, so keep an emergency buffer.
What is negative equity on a car loan?
It is when you owe more than the vehicle is worth. It happens fastest with long terms, small down payments and vehicles that depreciate quickly, and it makes selling or trading the car difficult.
Is this calculator free to use?
Yes. Every calculator on loanloon.ca runs in your browser and is free. Nothing you type is sent to us or stored.
Does the result guarantee what a lender will offer me?
No. The output is an estimate based on the figures you enter. Actual rates, payments and approval are decided by the lender.
The lowest rates are only available to the most qualified applicants — what does that mean?
It means the best advertised pricing is reserved for borrowers with the strongest credit profiles, income and debt-service ratios. Most borrowers are offered something different.
Sources and further reading
- Financial Consumer Agency of Canada — Government of Canada
- Criminal Code s. 347 — criminal rate of interest — Justice Laws Website
- Payday Lending Regulations SOR/2024-114 — Canada Gazette