§ Calculator · Vehicle

Boat loan

What this is

Monthly payment + total interest on a boat 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.

Boat price (CAD)Down payment

Trade-in valueRate (%)Term (months)Sales tax (HST/PST)

Out-the-door price

$62,150

Financed amount

$55,935

Monthly payment

$708

Total interest

$29,056

Cash at signing

$6,215

Total paid

$91,206

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.