Car Loan Calculator (Canada, 2026)
Enter the car's price, your province, and the rate and term the dealer offers. You get the payment at any frequency and the sales tax on the deal. It also compares total interest by term, and shows whether a promo rate beats a cash rebate.
| 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 to 96 months) leave you owing more than the car is worth for years ("negative equity"). Most Canadians pick 72 months. A 48 to 60 month term keeps the interest down.
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.
How this calculator works
Start with the price minus your trade-in. Add sales tax on that reduced price. Subtract your cash down payment. Add any balance still owed on the trade-in and any fees rolled in. That is the amount financed. The payment is the level amount that repays it with interest over the term, the same formula banks use.
Worked example
A $35,000 car in Ontario with a $5,000 trade-in, $3,000 down, at 6.99% over 72 months.
| Step | Amount |
|---|---|
| Price after trade-in | $30,000 |
| HST at 13% | $3,900.00 |
| Less cash down | −$3,000 |
| Amount financed | $30,900.00 |
| Monthly payment | $526.67 |
| Total interest over 72 months | $7,019.90 |
Over 48 months the payment would be $739.80 and the interest $4,610.40.
Assumptions
- Sales tax is your province’s combined rate on the price after trade-in. Quebec applies QST on the price before GST. British Columbia’s tiered PST on dealer-sold vehicles (Bulletin PST 308) is set by the price before the trade-in, using the 2026 data file.
- Interest is calculated on the declining balance, with payments at the end of each period.
- Fees, extended warranties and insurance products added by the dealer are financed and taxed unless you enter them separately.
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 when you buy from a dealer. The PST is 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, or $9,000. A $130,000 car at 20%, or $26,000. The tier is set by the price before a trade-in.
- Is sales tax charged on the full price of a car?
- In most provinces, on the price after your trade-in. So a trade-in saves the tax on its value as well as shrinking 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 next to the price, or the term is short. A $1,000 rebate almost never does.
- What term should I choose?
- The shortest one you can comfortably afford. An 84-month loan lowers the payment, but you pay interest for seven years and will likely owe more than the car is worth for the first half. The term table shows total interest for 48, 60, 72 and 84 months.
- Are bi-weekly payments cheaper?
- Only if they are accelerated. Regular bi-weekly is the monthly amount split into 26 payments. Accelerated bi-weekly is half the monthly amount, 26 times. That 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 usually 6% to 8%, and used-car rates are higher. Above 10% usually means the 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, so you can prepay without penalty. 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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