Free tool
Car Loan Calculator Canada
Use this car loan calculator for Canada to estimate your monthly payment or see how much car you can afford, with your province's sales tax included.
Know the price before you finance: get a free dealer invoice report.
Vehicle Price
Total price before taxes. Taxes are calculated below based on your province.
Province / Territory
Tax rate applied to vehicle price. Taxes are included in the financed amount. B.C. PST is higher on vehicles over $55,000.
Down Payment
Higher down payment = lower monthly payment and less interest paid.
Loan Term
Longer term = lower payment but more total interest over time.
Interest Rate (APR)
Example rates only. Your actual rate depends on your credit, the lender and the loan term.
Monthly Payment
$625.02
60 payments × $625.02
Total Cost Summary
* Estimates only. Does not include dealer fees, licensing, or insurance. Consult your lender for exact terms.
This calculator is for estimation purposes only. Results may vary based on lender terms, your credit profile, and applicable fees. Tax rates reflect general HST/GST/PST rates and may not reflect all surcharges.
How the car loan calculator works
The car loan calculator adds your province's sales tax to the vehicle price, subtracts your down payment, and finances the rest.
It then uses the standard loan formula: each payment covers that month's interest plus part of the balance, so early payments are mostly interest and later ones are mostly principal.
Weekly and bi-weekly payments are the monthly payment spread over 52 or 26 payments a year. The total cost summary shows the interest you pay over the full term.
Sales tax on a car in Canada by province
These are the rates the car loan calculator applies to a new vehicle in each province and territory.
| Province or territory | Total rate | Tax |
|---|---|---|
| Ontario | 13% | 13% HST |
| Quebec | 14.975% | 5% GST + 9.975% QST |
| British Columbia | 12% | 5% GST + 7% PST (PST rises above $55,000) |
| Alberta | 5% | 5% GST, no provincial sales tax |
| Manitoba | 12% | 5% GST + 7% RST |
| Saskatchewan | 11% | 5% GST + 6% PST |
| Nova Scotia | 14% | 14% HST |
| New Brunswick | 15% | 15% HST |
| Newfoundland | 15% | 15% HST |
| Prince Edward Island | 15% | 15% HST |
| Northwest Territories | 5% | 5% GST |
| Yukon | 5% | 5% GST |
| Nunavut | 5% | 5% GST |
New vehicles priced over $100,000 also pay the federal luxury tax. Used vehicles bought privately can be taxed differently, so check your province's rules.
How to lower your car loan payment
- Negotiate the price before you talk financing. A free dealer invoice price report shows what the dealer paid, so you know your target number.
- Let someone else negotiate. A car broker has dealers compete for your deal, or a free dealer referral gets you a pre-negotiated price.
- Put more down. Every dollar of down payment is a dollar you don't pay interest on.
- Choose the shortest term you can afford. The payment is higher, but the total interest is lower.
- Leave add-ons out of the loan. Extended warranties and protection packages financed into the loan also collect interest.
Read our guide on how to negotiate a new car price in Canada.
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