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Estimate your car payment, sales tax, total interest, and loan balance schedule before signing a Canadian vehicle loan.
Direct answer
At $32,000 in ON (13% tax) with $5,000 down, financing $28,390 over 60 months at 7.49% costs $569/mo and $5,735 total interest.
Jump to the calculator ↓1-Click Vehicle Financing Presets
Enter vehicle price, tax, fees, down payment, trade-in, and interest rate.
Monthly payment
$569
$262 bi-weekly · $131 weekly (60 mos @ 7.49%).
Amount financed
$28,390
Vehicle, tax, fees and trade-in balance after down payment.
Total interest
$5,735
Interest paid if the loan runs to the full term.
Total payments
$34,125
Monthly payment multiplied by the loan term.
Should you take the dealer's promotional low interest rate or take the cash rebate and finance through an outside bank or credit union?
Option A: Dealer Rate (7.49%)
$34,124.00 total cost
$569.00/mo for 60 months
Option B: $3,000.00 Rebate @ 5.99%
Winner$29,445.00 total cost
Saves you $4,680.00 over loan term
Protect yourself against hidden dealer finance costs and depreciation cliffs.
Compare 48-month total cash out of pocket between leasing and purchasing.
Factor in insurance, fuel, maintenance, and vehicle depreciation curves.
Verify NHTSA & Transport Canada recall history before signing purchase contract.
Evaluates loan duration, financing drag, dealer fees, and down payment against Canadian FCAC guidelines.
Financing $28,390.00 at 7.49% over 60 months.
How to evaluate dealership financing incentives, trade-in equity, and loan durations to minimize real lifetime vehicle costs:
| Financing Decision | Dealership Proposition | True Financial Cost | Smart Consumer Action |
|---|---|---|---|
| 0%–2.99% APR vs Cash Rebate | "Get 0% financing for 60 months!" | Requires forfeiting $3,000–$5,500 manufacturer cash rebate | Take the cash rebate and finance through a credit union or line of credit if interest paid is less than the rebate amount. |
| 84 or 96-Month Extended Term | "Low $299 bi-weekly payments make this SUV affordable!" | Adds $6,000–$12,000 extra interest; negative equity for 4–5 years | Cap loan term at 60 months maximum. If 60 months is unaffordable, select a lower-trim or pre-owned vehicle. |
| Dealer Trade-In vs Private Sale | "Trade it in today with zero hassle!" | Saves provincial sales tax on trade value (e.g., $10k trade saves $1,300 HST in ON) | Calculate net difference: Private sale must net at least 13% more in Ontario (or 12% in BC) to beat dealership tax credit. |
| Rolling Negative Equity into New Loan | "We will pay off your existing loan balance!" | Unpaid debt is added to new loan, compounding debt on a depreciating asset | Never roll underwater loans forward. Keep existing vehicle until equity turns positive or pay off shortfall in cash. |
10-point consumer protection checklist before signing any vehicle sales contract or financing agreement.
Always agree on the total vehicle drive-away cash price before discussing monthly payments, financing terms, or trade-in value.
Provincial regulators mandate "All-In Pricing" in advertising. Dealers cannot add unexpected freight, PDI, or admin fees above advertised price.
Low 0%–2.99% APR rates often require forfeiting $3,000–$6,000 manufacturer cash rebates. Test which deal yields lower total cost.
Avoid 84-month or 96-month loans to prevent long-term negative equity (owing more than the depreciated car is worth).
Dealer GAP insurance and rust protection packages often carry 300%+ markups. Check your regular auto insurance provider for GAP coverage first.
Never rely solely on a safety certificate. Spend $150–$250 on a trusted mechanic inspection before releasing deposit funds.
A $32,000 vehicle in ON with a $5,000 down payment, $4,000 trade-in, $1,500 still owing on that trade, 13% estimated tax, $750 in fees, a $500 rebate and a 7.49% 60-month loan finances about $28,390. The payment is about $569 per month, with about $5,735 of interest if the loan runs to maturity.
Amount financed = price + estimated tax + fees + amount owing on trade - trade-in value - rebate - down payment. Payment uses standard monthly amortization.
Compare the same vehicle price at different rates and terms. A longer term can lower the payment while increasing total interest and negative-equity risk.
This is a planning calculator. It excludes credit approval, lender fees not entered, warranties, insurance, fuel, maintenance, depreciation and exact provincial vehicle-tax rules.
Use dealer or lender disclosures before signing; this page estimates the math from the inputs you enter. Check current sales-tax rules with the CRA or your provincial government.
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