Car Loan Calculator & Finance Tool

Easily Calculate a Car Loan

Plug in the numbers to work different payment scenarios for yourself.

What’s a Down Payment?

This is the optional amount of money you can purchase a new vehicle with to help reduce your monthly payment. Down payments are generally a good idea for a car loan if you have the available money because they make it easier to get approved by the business office at a good rate, even if your credit isn’t the strongest. Most leases advertise a downpayment, which help ensure the client get’s approved at the advertised rate. Some payment calculators or dealerships may have this value prefilled at 1000, however it is generally not mandatory. A down payment will decrease your finance loan, especially on a lease vs finance.

What’s the HST in a car purchase?

This is the sales tax that is mandatory on the purchase of every vehicle. In Ontario, HST is 13%. Interest is paid on sales tax.
Tip: On a lease, you only pay the HST on the portion of the total amount of the vehicle’s value over the lease term.

How Do I calculate my trade in value?

Most dealerships provide trade in tools which give you an approximate value for your vehicle. The data is based off of vehicles for sale in the current market, as well as auction transaction data. Generally these values are understated, however they give you the starting point for negotiations.
Tip: When you trade in your vehicle, you reduce the total price on the new car, which subtracts from the total amount of HST required.  If your vehicle may be worth over $20,000, you are better trading it into a dealership to get the tax benefit on your new car. Learn more about your car’s value here so you have an accurate number to plug into the car payment calculator to determine the best payment.

Why is the biweekly payment cheaper than a monthly payment?

A monthly payment is : (the vehicle total / year’s financed) / 12
A biweekly payment is : (the vehicle total / year’s financed) / 26  
This is because there are a total of 52 weeks in a year, and not every month is a perfect 4 week period. Sometimes they are 3.5 weeks, and sometimes they are 4.5 weeks.
Let’s say a vehicle cost after taxes and fees is $12,000, and you are looking to finance it over 5 years at 0% interest.
The monthly payment : (10,000 / 5 years) / 12
(2000)/12   = $167
The biweekly payment : (10,000 / 5 years) /26
(2000)/26   = $77
Try plugging in these scenarios for yourself with the car payment calculator above.

Can I calculate a lease payment in Ontario on my own?

Leases are trickier to calculate because they are based on the vehicle’s approximate value after a given period of time and kilometers. The lease is based on a certain % of the vehicle’s estimated value, and the leftover amount is known as the residual. The lease value is determined by a body known as ALG (Automotive Lease Guide) to help predict a vehicle’s future value, and its value must be determined before plugging in a value to a car loan calculator. In a lease by a major manufacturer, the end value is guaranteed. This value changes on a monthly basis which makes it difficult to calculate a lease on your own, unless you have the (ALG) residual values. If you want to learn more about leasing as an option, complete our form and match with a Conquest Consultant who will help you find the perfect vehicle