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Fixed interest auto loan calculation

Car loan calculator

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Car loan payment frequency and total borrowings

Payment type Payment amount ($) Total loan over period ($) Total interest over period ($) Difference from monthly ($)
Weekly payments
Payments every 2 weeks
Monthly payments
Annual payments

The calculation of the car loan

The calculation of car loan payments is done using the following variables

  • Car amount : The purchase amount of the car (automobile, truck or other)
  • Trade-in vehicle value : The amount offered for the trade-in vehicle or using the value of your actual car to buy another one
  • Trade-in vehicle balance : The remaining amount (balance) or the amount you still have to pay for you current vehicle toward the purchase of another one
  • Down payment : The amount of money you invest in the purchase of the car to reduce the amount of the loan
  • Interest rate : This car loan rate is the standard rate offered by your dealership, seller or your bank, credit union or other financial institution. This rate can be fixed, variable, increasing, decreasing, etc.

Car loan formula

The monthly payment = Loan amount x Car loan rate / Number of payments in the year 1 - (1 + Car loan rate / Number of payments in the year) -Number of payments * Number of years of the term


For example, take a car loan of $25,000, an interest rate of 3% (0.03), a term of 48 months (4 years) and monthly payments (12 payments per year).

25 000 x 0.03 / 12 1 - (1 + 0.03 / 12) -12 * 4 = 62.50 1 - (1,0025) -48 = 62.50 1 - 0.887053263 = 62.50 0,112946737 = 553,36$/month

The car loan

Most buyers of new cars or used vehicles, whether personally or for a business, often need a car loan.

Auto loan rates

It is strongly recommended that you shop around for the best loan that fit your needs. The main criterias are your financial situation, solvency, current promotions, and your ability to take risks based on your car loan payment fluctuation.

Fixed rate

This rate gives you the assurance of equal payments throughout your agreement. The rate does not fluctuate, which makes the planification of your budget easier. However, the majority of fixed rate loans are more expensive than variable rates.

More often, the longer the loan is, the lower the rate and more advantageous from an economic point of view.

The calculation proposed above uses the fixed rate.

Variable rate in Canada

This rate, as its name suggests, is variable and depends primarily on the Bank of Canada's Policy Interest rate. The Policy Interest rate increased greatly between July 2017 and October 2018, going from 0.50% to 1.75% in less than 14 months. Then drastically drop to 0.25 in a single month (March 2020) due to COVID-19. Learn more about recent policy interest rate . < / p>

Whatever the variable rate is considered more risky, it may be advantageous to lean towards this loan solution in order to reduce the fees or upfront payments.

The down payment

This amount spent at the purchase of the automobile, allows to decrease the amount of the loan. There is no minimum down payment in this situation.


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