Choose the currency first. Then enter the vehicle price, down payment, trade-in, tax rate, fees, annual rate and term. Add a final payment if your offer includes one. The currency selector changes only labels and formatting; it does not convert amounts with exchange rates.
How the financed amount is formed
The calculator adds simplified tax on the full vehicle price and the entered fees. It then subtracts the down payment and trade-in value. A monthly amortizing payment is calculated on the remaining financed amount. The tax treatment of a trade-in varies by location and is not applied automatically.
Example
A vehicle costs 30,000. You pay 5,000 down and trade in a vehicle worth 3,000. With 1,000 in tax and fees, 23,000 is financed. The annual rate, term and any final payment then determine the monthly payment and total interest.
Standard loan or balloon financing
A standard instalment loan repays the full financed amount through monthly payments. Balloon financing moves part of the balance into a final payment. This lowers the monthly payment but leaves a larger amount due at the end and may increase total interest.
What is not included
Insurance, fuel, maintenance, repairs, registration and other running costs are excluded unless you enter them as fees. Extra repayments and different payment schedules are not simulated. Compare the estimate with the payment schedule and annual percentage rate in the actual offer.
Frequently Asked Questions
How large should my down payment be?
A larger down payment reduces the financed amount, monthly payment and usually total interest. Keep enough savings available for running costs and unexpected expenses.
What is a balloon or final payment?
A balloon is a larger amount due at the end in addition to the monthly payments. It lowers the regular payment but postpones part of the repayment until the end of the term.
How does a longer term affect total cost?
A longer term usually reduces the monthly payment. Because the balance accrues interest for longer, total interest generally increases.
Are fees and vehicle running costs included?
Entered one-time fees are included in the financing. Insurance, fuel, maintenance and repairs are excluded.
Can I compare an offer with extra repayments?
The calculator does not simulate extra repayments. You can compare different rates, terms and balloon payments, but should use the lender payment schedule for extra-payment clauses.
Why is a low monthly payment not always cheaper?
A low payment may result from a longer term or a large balloon. Total interest, total loan payments and total cost provide a more complete comparison.
How is tax calculated?
The entered percentage is applied to the full vehicle price as a simplified estimate. Whether a trade-in reduces the taxable amount depends on the location.
