Car Loan Calculator (Canada)
Calculate your monthly car loan payment, including deposit, trade-in, taxes and fees, and see the total interest and true cost of the car.
Updated for the 2026 tax year · Rates checked 14 October 2026
| Monthly payment | $805.53 |
|---|---|
| Amount financed | $40,200 |
| Tax | $5,200 |
| Total interest | $8,132 |
| Total of payments | $48,332 |
| Total cost of the car | $53,332 |
- You’d borrow $40,200 and pay $805.53 a month for 60 months.
- Interest adds $8,132, so the car costs $53,332 in total.
- A 48-month loan would be $971.99 a month and save $1,676 in interest.
Your result, explained
You would finance $40,200 and pay $805.53 a month. Interest adds $8,132, so the car really costs $53,332 in total.
Before signing, get a pre-approved quote from a bank or credit union to compare with the dealer’s finance, negotiate the car’s price separately from the loan, and avoid stretching to 72–84 months unless you have to: longer terms mean more interest and a higher risk of owing more than the car is worth.
Popular amounts
What affects your payment
The amount you borrow (price plus tax and fees, minus deposit and trade-in), the interest rate and the term. Longer terms lower the monthly payment but increase total interest, and can leave you owing more than the car is worth.
Tips for a cheaper car loan
- Get pre-approved by a bank or credit union before visiting the dealer, so you can compare finance offers.
- Negotiate the price first, then the finance.
- Keep the term to 60 months or less if you can.
- Watch for add-ons rolled into the loan, such as gap insurance and extended warranties.
Frequently asked questions
Is 0% finance a good deal?
It can be, but dealers sometimes offer 0% instead of a cash discount. Compare the total cost both ways.
What credit score do I need for a car loan?
You can get car finance with most scores, but the best rates go to borrowers with good to excellent credit.