§ Calculator · Vehicle
Auto loan
What this is
Monthly payment + total interest on a auto loan in Canada.
Includes HST/PST on the sale (less trade-in value if you trade in a vehicle of the same type — provincial rules vary). Trade-in reduces both the taxable amount AND the financed amount.
- ·Down payment cuts the financed principal directly.
- ·Trade-in reduces the taxable base (in Ontario), then reduces principal.
- ·Longer terms = lower monthly but more total interest.
Out-the-door price
$47,460
Financed amount
$42,714
Monthly payment
$846
Total interest
$8,021
Cash at signing
$4,746
Total paid
$55,481
Most Canadian auto loans are simple-interest with monthly compounding. Boat + RV + truck loans sometimes have weekly compounding — check the contract.
Disclaimer
Educational, not financial advice. Output is generated by an AI assistant using simplified assumptions. Tax rates, contribution limits, and benefit amounts change annually; confirm with a CFP, CPA, or the relevant Canadian regulator (CRA, FSRA, OSC, IIROC) before acting.