How is Car Loan Interest Calculated in Canada? Your Monthly Payment is not just the car price.

Start with the Amount Borrowd Car Price - Down Payment = Loan Amount

Add the Interests Rate Example : 6% APR

Choose Your Loan Term Example : 3 Years, 5 Years, & 7 Years

Your Payment Covers Both Principal + Interest

Interest is not the Same Every Month As the balance falls, Interest generally falls too.

Example :- $30,000*6%* 5 year =$580/month

What Determines Your Rate? Credit l Lender l Vehcile l Term

Want to Less Interest ? Compare rates Consider a larger down payments

Know your Numbers before you Buy Calculate your car payment & Total Internet