Car Loan Calculator
Planning your next vehicle purchase in Canada? Our advanced car loan calculator helps you break down monthly, bi-weekly, or weekly payments with precision. Unlike basic calculators, we factor in provincial sales tax (HST/GST/PST) and the significant tax savings you get when trading in your current vehicle. Whether you're in Ontario, BC, or Alberta, understanding your total cost of ownership—including interest and principal—is the first step toward a smart financial decision. Use this tool to compare different terms and rates to find the perfect budget for your next car.
Loan Details
Estimated monthly Payment
$684
Total of 60 payments
Total Interest
$6,488
Total Tax
$4,550
Amount Financed
$34,550
Total Cost
$46,038
Expert Insight
Did you know? Trading in a vehicle can save you thousands in sales tax. For example, a $10,000 trade-in in Ontario saves you $1,300 in HST.
Use the Trade-In field to see exactly how much you could save on your next purchase by leveraging the tax credit.
Frequently Asked Questions
How do trade-in tax savings work in Canada?
In most Canadian provinces (like Ontario, BC, and Quebec), when you trade in a vehicle at a dealership, the value of your trade-in is subtracted from the price of the new vehicle before sales tax (HST/GST/PST) is applied. This means you only pay tax on the net difference, effectively giving you a tax-free credit equal to your province's tax rate on the trade-in amount.
What is the difference between monthly and bi-weekly payments?
Monthly payments occur 12 times a year. Bi-weekly payments occur every two weeks (26 times a year). Because there are slightly more than two bi-weekly periods in a month, paying bi-weekly can help you pay off your loan faster and reduce the total interest paid over the life of the loan, as you are effectively making one extra monthly payment per year.