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Car loan calculator
Car loan calculator Canada
Enter a price, a rate and a term to see your payment and what the loan costs in total, with sales tax and any trade-in included. Estimates only: nothing here is an offer of credit.
Your numbers
Vehicle price
Down payment
Interest rateAn example rate, not a quote. Your rate is set by the lender after they read your file.
5% sales tax. GST only.
Trade-inNone
Trade-in value
Still owing on the tradeMore than the trade is worth? The difference rolls into the loan.
Fees and sales tax5% tax
Fees rolled inAdmin, registration, anything not paid up front.
Sales tax rateSet from your province. Change it if you know your figure; the dealer's bill of sale governs.
Your estimate
bi-weekly
About $485 a month
- Amount financed
- $26,250.00
- Total cost of borrowing
- $8,697.30
- Total of payments
- $34,947.30
- Number of payments
- 156
- Sales tax included
- $1,250.00
Estimate only, not an offer of credit. APRs in the Canadian market currently range from 4.99% to 31.99%. Example: $25,000 over 72 months at 8.99% APR is 156 bi-weekly payments of $207.61, a total of $32,387.90 and a cost of borrowing of $7,387.90. Read the full disclosure
The arithmetic
How this is worked out
Stated rather than hidden, because it is the first thing anyone who knows the subject checks.
Canadian auto loans are simple interest compounded per payment period — not the semi-annual compounding a Canadian mortgage uses. The periodic rate is the nominal annual rate divided by the number of payments in a year, and each payment is P · i ÷ (1 − (1 + i)⁻ⁿ), where P is the amount financed, i the periodic rate and n the number of payments.
The amount financed is the price, plus sales tax on the price less the trade-in, plus any fees rolled in, less the down payment and the trade-in, plus anything still owing on the trade. Interest is charged on the balance remaining, which is why a shorter term costs less overall even though each payment is larger — the schedule shows that happening row by row.
Sales tax is the one part that cannot be exact. The rate used is the common combined rate a buyer pays at a dealer in each province; British Columbia charges PST in tiers above $55,000, Saskatchewan applies PST to private sales, and Quebec has its own order of operations. Change the rate under Fees and sales tax if you know your figure, and treat the result as an estimate either way.
Ready to see what you qualify for? What happens when you apply online.
Common questions
How is a Canadian car loan payment calculated?
Canadian auto loans are simple interest compounded per payment period — not the semi-annual compounding a Canadian mortgage uses. The periodic rate is the annual rate divided by the number of payments in a year, and the payment is P · i ÷ (1 − (1 + i)^−n).
Does a shorter term really cost less?
Almost always, and by more than people expect. The payment goes up and the total cost of borrowing goes down, because interest is charged on the balance remaining and a shorter term leaves less balance for less time. Change the term and watch the total cost of borrowing, not the payment.
What happens if I owe more than my trade-in is worth?
The difference rolls into the new loan. The calculator has a field for it under Trade-in, because pretending it does not happen is how a payment estimate ends up thousands of dollars out.
Is the sales tax figure exact?
No, and the page says so. It is the common combined rate a buyer pays at a dealer in each province. British Columbia charges PST in tiers above $55,000, Saskatchewan applies PST to private sales, and Quebec has its own order of operations. You can change the rate under Fees and sales tax, and the dealer’s paperwork governs.
Is this an approval or a quote?
Neither. It is arithmetic on numbers you chose. Nothing on this page is an offer of credit, and your rate is set by a lender after a person has read your application.
What rate should I put in?
Rates available in the Canadian market currently run from about 4.99% to 31.99%, and where you land depends on credit, income, the vehicle and the term. If you are unsure, try both ends and see what the difference actually costs.
Related reading
The cost of a longer car loan term, and who it is actually for
Why a longer car loan term lowers the payment and raises almost everything else: total interest, time spent in negative equity, and how trapped you are.
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What a lender requires for insurance on a financed car, why premiums jumped in 2026, and how to fit the bill beside the payment before you sign anything.
Ready to get started?
The calculator is arithmetic. The application is where a specialist reads your file and tells you what is actually available.
Programs may vary by province. Approval is subject to lender review and application details.
Legal disclosure
- Estimates only. This calculator is provided for general information. Its results are estimates based only on the figures you enter and the assumptions below. They are not an offer of credit, a quote, an approval, a pre-approval or a commitment to lend, and they are not financial, legal or tax advice.
- Who sets your terms. Yes Auto Canada Inc. connects applicants with dealer partners, who arrange financing through their own lenders. Your interest rate, annual percentage rate (APR), term, payment and approval are set by the lender after it reviews your application, and are stated in the credit agreement you sign. That agreement governs.
- Rates and ranges. Annual percentage rates available in the Canadian auto finance market currently range from 4.99% to 31.99%. The rate you are offered depends on your credit history, income, the vehicle, the amount financed, the down payment and the term. This calculator accepts rates from 0% to 31.99%, terms of 12 to 96 months and vehicle prices from $1,000 to $150,000.
- Representative example. $25,000 financed over 72 months at 8.99% APR, repaid in 156 bi-weekly payments of $207.61, has a total repayment of $32,387.90 and a total cost of borrowing of $7,387.90. The example assumes no down payment, trade-in, fees or sales tax, so its APR is the same as its interest rate.
- How the figures are worked out. The rate you enter is treated as an annual interest rate, compounded with each payment: the periodic rate is the annual rate divided by the number of payments in a year. Payments are equal, rounded to the cent, and start one payment period after the loan begins; the last payment is adjusted so the balance ends at zero. A lender’s figures also depend on the date the loan is funded, the date of the first payment and its own method of calculation.
- Fees and the APR. Fees you enter are added to the amount financed and charged interest. On a credit agreement, some charges, such as administration fees, can form part of the cost of borrowing, which makes the APR higher than the interest rate. The calculator works from the interest rate you enter, not from an APR.
- Sales tax. Tax rates are approximate combined rates for a vehicle bought from a dealer in each province or territory, and the taxable amount is the price less the trade-in. The estimate does not model British Columbia’s higher PST on vehicles priced above $55,000, tax on private sales, the federal luxury tax, rebates or provincial levies. The dealer’s bill of sale sets the tax you pay.
- What is not included. Unless you enter them as fees, the estimate leaves out licensing and registration, dealer fees, extended warranties, credit or GAP insurance and other optional products, each of which adds to the amount financed and the payment. Anything still owing on a trade-in beyond its value is added to the amount financed.
- Your information. The figures you enter stay in your browser. They are not saved, and they are not sent to Yes Auto Canada, a dealer or a lender.
- The opening example. The calculator opens on $25,000 with no down payment, 9.99% over 72 months, paid bi-weekly, with Alberta’s 5% sales tax: $224.02 bi-weekly, a total of $34,947.30, of which $8,697.30 is the cost of borrowing. It is an illustration, not an offer.