§ 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.