Car Loan Calculator

Use our advanced car loan calculator to estimate your monthly payments, see the effect of interest rates, and understand exactly how much your auto loan will cost over time.

How to Use This Calculator

Our calculator provides a highly accurate estimate of your potential car payments. Here's what each field means:

Vehicle Price

The negotiated purchase price of the vehicle before taxes and fees.

Down Payment

Cash you are paying upfront. A larger down payment reduces your loan amount and total interest paid.

Trade-in Value

The amount the dealership is offering for your old vehicle. This acts like a down payment.

Interest Rate (APR)

The annual percentage rate charged by the lender. Rates vary based on credit score, vehicle age, and market conditions.

Loan Term

The length of the loan in months. Common terms are 36, 48, 60, 72, or 84 months. Longer terms lower monthly payments but increase total interest.

Understanding Your Results

When you calculate your payment, you'll see a breakdown of the Principal (the actual amount borrowed) versus the Interest (the cost of borrowing). The Total Cost of Loan shows you the complete amount you will have paid by the end of the term.

Why a High Credit Score Matters

Your credit score is the single biggest factor in determining your interest rate. A lower score (below 660) generally means a higher rate, which can add thousands of dollars to the cost of your car over 5 years. Checking your credit report before applying can help you understand what rates to expect.

The Impact of Loan Terms

It's tempting to choose the longest term (e.g., 84 months) to get the lowest monthly payment. However, this often means you'll pay significantly more in interest and may end up "upside-down" on your loan (owing more than the car is worth) for a longer period.

Pro Tip: Try to keep your loan term to 60 months or less if your budget allows.

Looking for financing? Skip Car Dealer can help you get pre-approved for a car loan regardless of your credit history. Apply Now.

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155-2 King Street West, Unit #107, Hamilton, ON, L8P 4S0 888-270-SKIP (7547)

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