Car Loan Calculator (Canada, 2026)
Enter the price, your province, your down payment and trade-in, and the rate and term the dealer offers. Get the payment at any frequency, the sales tax on the deal, total interest for each term, and whether a promo rate beats a cash rebate.
Your payment, every month$622.97A $35,000 car costs $39,550 with $4,550 of HST; after $3,000 down you finance $36,550. At 6.99% over 72 months you pay $8,304 of interest and are paid off on September 7, 2032.
Amount financed $36,550Interest over the term $8,304
| Price | $35,000.00 |
| Sales tax (13%) | + $4,550.00 |
| Down payment | − $3,000.00 |
| Amount financed | $36,550.00 |
| Total interest | $8,303.50 |
| Total of payments | $44,853.50 |
| Total cost of the car (payments + down + trade-in) | $47,853.50 |
Shorter or longer term
| Term | Payment | Total interest |
|---|---|---|
| 24 months | $1,636.27 | $2,720 |
| 36 months | $1,128.39 | $4,072 |
| 48 months | $875.07 | $5,453 |
| 60 months | $723.56 | $6,864 |
| 72 months | $622.97 | $8,304 |
| 84 months | $551.46 | $9,773 |
| 96 months | $498.13 | $11,270 |
Long terms (84–96 months) mean you owe more than the car is worth for years ("negative equity"); the 72-month row is the most common in Canada, but 48–60 months keeps the interest reasonable.
Payment schedule
| # | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $622.97 | $212.90 | $410.07 | $36,139.93 |
| 3 | $622.97 | $208.11 | $414.86 | $35,312.62 |
| 5 | $622.97 | $203.27 | $419.70 | $34,475.65 |
| 7 | $622.97 | $198.36 | $424.61 | $33,628.89 |
| 9 | $622.97 | $193.40 | $429.57 | $32,772.24 |
| 11 | $622.97 | $188.38 | $434.59 | $31,905.58 |
| 13 | $622.97 | $183.30 | $439.67 | $31,028.79 |
| 15 | $622.97 | $178.17 | $444.80 | $30,141.76 |
| 17 | $622.97 | $172.97 | $450.00 | $29,244.37 |
| 19 | $622.97 | $167.71 | $455.26 | $28,336.49 |
| 21 | $622.97 | $162.39 | $460.58 | $27,418.00 |
| 23 | $622.97 | $157.01 | $465.96 | $26,488.78 |
| 25 | $622.97 | $151.57 | $471.40 | $25,548.71 |
| 27 | $622.97 | $146.06 | $476.91 | $24,597.65 |
| 29 | $622.97 | $140.49 | $482.48 | $23,635.48 |
| 31 | $622.97 | $134.85 | $488.12 | $22,662.07 |
| 33 | $622.97 | $129.15 | $493.82 | $21,677.29 |
| 35 | $622.97 | $123.38 | $499.59 | $20,681.00 |
| 37 | $622.97 | $117.54 | $505.43 | $19,673.07 |
| 39 | $622.97 | $111.63 | $511.34 | $18,653.36 |
| 41 | $622.97 | $105.66 | $517.31 | $17,621.74 |
| 43 | $622.97 | $99.62 | $523.35 | $16,578.07 |
| 45 | $622.97 | $93.50 | $529.47 | $15,522.20 |
| 47 | $622.97 | $87.31 | $535.66 | $14,453.99 |
| 49 | $622.97 | $81.06 | $541.91 | $13,373.30 |
| 51 | $622.97 | $74.72 | $548.25 | $12,279.98 |
| 53 | $622.97 | $68.32 | $554.65 | $11,173.89 |
| 55 | $622.97 | $61.84 | $561.13 | $10,054.88 |
| 57 | $622.97 | $55.28 | $567.69 | $8,922.79 |
| 59 | $622.97 | $48.65 | $574.32 | $7,777.48 |
| 61 | $622.97 | $41.94 | $581.03 | $6,618.78 |
| 63 | $622.97 | $35.15 | $587.82 | $5,446.54 |
| 65 | $622.97 | $28.28 | $594.69 | $4,260.61 |
| 67 | $622.97 | $21.33 | $601.64 | $3,060.82 |
| 69 | $622.97 | $14.30 | $608.67 | $1,847.01 |
| 71 | $622.97 | $7.19 | $615.78 | $619.02 |
| 72 | $622.63 | $3.61 | $619.02 | $0.00 |
Show the math
Payment = P × i ÷ (1 − (1 + i)^−n) with i = APR ÷ 12 and n = 72 months × 12/12 (consumer loans compound at the payment frequency, unlike mortgages). Sales tax: Ontario HST on the price ; used private sales are taxed differently in several provinces. The rebate comparison totals all payments under each offer. The last payment absorbs rounding. Not modelled: insurance add-ons, balloon or residual payments (leases), and early-payoff penalties.
Common questions
Frequently asked questions
- How much is sales tax on a car in British Columbia?
- 5% GST plus a PST that rises with the price of the vehicle when you buy from a dealer: 7% under $55,000, 8% from $55,000, 9% from $56,000, 10% from $57,000, 15% from $125,000 and 20% from $150,000 (BC Bulletin PST 308). A $60,000 car is taxed at 15% in total, $9,000; a $130,000 car at 20%, $26,000. The rate tier is set by the price before a trade-in is deducted, and the calculator applies these tiers automatically.
- Is sales tax charged on the full price of a car?
- On the price after your trade-in in most provinces, so a trade-in saves you the tax on its value as well as reducing the loan. Cash down payments do not reduce the taxable price. Private sales in Ontario, BC, Quebec and the Prairies are taxed too, at the provincial part when you register the car.
- Should I take the 0% financing or the cash rebate?
- It depends on the rebate size, the regular rate you would pay instead, and the term. A $3,000 rebate financed at 6.99% over 60 months does not beat 0% on a $35,000 car: $32,000 at 6.99% costs about $38,009 in total, $3,009 more than $35,000 at 0%. A rebate wins only when it is large relative to the price or the term is short. A $1,000 rebate almost never does. Enter both in the calculator and it shows the total cost of each.
- What term should I choose?
- The shortest payment you can comfortably afford. An 84-month loan lowers the payment but you pay interest for seven years and are likely to owe more than the car is worth for the first half of it. The calculator lists total interest for 48, 60, 72 and 84 months side by side.
- Are bi-weekly payments cheaper?
- Only if they are accelerated. Regular bi-weekly payments are just the monthly amount split into 26 payments; accelerated bi-weekly is half the monthly amount 26 times, which adds one extra monthly payment a year and shortens the loan.
- What is a good car loan rate in 2026?
- Manufacturer-subsidized rates on new cars run from 0% to about 5%; bank and credit union rates for new cars are typically 6% to 8%, and used-car rates higher. Rates above 10% usually mean a dealer is marking up a lender's rate; ask your own bank first.
- Can I pay a car loan off early?
- Most Canadian car loans are open and can be prepaid without penalty, but check the contract. Some dealer financing charges a fee or is a lease disguised as a loan.
Sources
Sources
Every figure on this page comes from one of these primary sources. Data last verified .
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