Car Loan Calculator in Maple, Ontario

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Price and Down Payment

When you use our Auto Loan Payment Calculator, the first numbers you'll need are your prospective vehicle's price and the down payment you intend to use. The down payment amount essentially lowers the principle cost of the car you're looking to finance.

Determine Your Term & APR

The next step is to choose a loan term. For example, you can choose 24 months, 36 months or 48 months. Your APR will largely be determined by your credit rating, which can be poor, average, good or great. The better your credit, the lower your APR rate will be.

Factor Trade-In Value

The value of your trade-in will also lower the price of the car you're buying. For example, if your trade-in is worth $6,000, and you have a $1,000 down payment, the financed amount of your $20,000 new car will go down to $13,000.

Monthly Payments

After you enter all the information into the calculator, it will give you an estimated monthly payment. For example, if you enter a term of 36 months, a car price tag of $20,000, a down payment of $1,000 and a trade-in value of $6,000 combined with an excellent credit rating, you may get a monthly payment of $371. This calculation is only an example, and your actual monthly amount might be more or less.

Finance Centre Auto Loan FAQ

What is a good interest rate on a car loan?

Reasonable auto loan interest rates vary by credit score. An average loan APR for a new car for someone with a Super Prime credit score is 3.24%. For a used car, it's 4.08%. Rates lower than 2.5% are considered acceptable for a car loan.

Which bank has the best car loan rates?

Contact our team of experts in the finance centre to match your specific needs with the ideal bank for your current situation.

Is it a bad idea to finance a car through a dealership?

No, you can often get the best selection of auto loan rates by going through a dealership's finance centre.

Can I negotiate the interest rate on a car loan?

You can negotiate the interest rate on a car loan.

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