Car loan calculator
Calculate your car loan payments or find out what you can afford
Car Loan Calculator Tool
Payment frequency
Vehicle price
Down payment
OptionalTrade-in value
OptionalInterest rate
Term length
Your estimated biweekly payment
$147
Vehicle Price:
$20,000
HST (13%):
$2,600
Interest paid:
$8,021
Total loan amount:
$30,621
Personalize your financing terms in minutes, with no impact to your credit score
Shop cars in your budget
Financing fundamentals
How much can I afford?
Finding the right car payment is all about balance. A common rule of thumb is to keep your monthly car payment under 10-15% of your take-home pay, but everyone's situation is different. Depending on your lifestyle, income stability, and financial goals, you may be comfortable spending more or less than this guideline.
If you have low fixed expenses or a higher income, you might afford a higher percentage without stress. On the other hand, if you have other debts—like rent, credit cards, or student loans—you may want to stay below 10% to keep financial flexibility.
Lowering your payment is possible by choosing a longer loan term, increasing your down payment, or selecting a lower-priced car—but longer terms mean paying more in interest over time.
How does down payment affect your biweekly payment?
A larger down payment reduces the amount you need to borrow, which lowers your biweekly payment. While putting more money down can ease your monthly budget, it’s important to consider whether that cash might be better used elsewhere, like investments or savings.
Try adjusting your down payment to see the impact
$147
biweekly$0
down$141
biweekly$1,000
down$134
biweekly$2,000
down$128
biweekly$3,000
downHow does term length affect your biweekly payment?
Choosing a longer loan term lowers your biweekly payment by spreading costs over more months. However, this means paying more in total interest over time. A shorter term increases your biweekly payment but reduces the total cost of financing.
Try adjusting your term length to see the impact
$211
biweekly60
months$183
biweekly72
months$162
biweekly84
months$147
biweekly96
monthsHow does term length affect total loan amount?
Your loan term impacts the total cost of your loan. A longer term lowers your biweekly payment but increases the total interest paid, making the loan more expensive over time. A shorter term reduces the total interest cost and allows you to pay off the loan faster, but it comes with higher biweekly payments.
Try adjusting your term length to see the impact
$27,448
loan60
months$28,482
loan72
months$29,540
loan84
months$30,621
loan96
monthsHow does interest rate affect your biweekly payment?
Your interest rate affects your biweekly payment and total loan cost. Lower rates mean lower payments, while higher rates make borrowing more expensive. Your rate depends on credit score, loan term, and lender policies. To lower it, improve your credit or shop for better rates.
Try adjusting your interest rate to see the impact
$147
biweekly7.99%
rate$153
biweekly8.99%
rate$158
biweekly9.99%
rateFAQ
How does the Clutch car loan calculator work?
How does the Clutch car loan calculator work?
The Clutch car loan calculator helps you estimate your car payments or determine what you can afford — whether you already have a vehicle in mind or just want to see what fits your budget.
“What’s my payment?”
Use this option to estimate your payment for a specific vehicle.
Inputs:
Payment frequency (monthly or biweekly): Choose how often you plan to make payments.
Vehicle price: The total cost of the car before taxes.
Down payment (optional): Cash paid upfront. A higher down payment reduces the loan amount and lowers your payment.
Trade-in value (optional): The value of your current vehicle, subtracted from the price to reduce the loan amount.
Interest rate: The annual percentage charged by your lender to borrow money.
Term length: The duration of your loan (e.g., 24–96 months). Longer terms lower payments but increase total interest.
Outputs:
Your estimated payment (monthly or biweekly)
Vehicle price
HST
Interest paid over the loan term
Total loan amount
“What can I afford?”
Use this option to find a vehicle price that fits your budget based on a target payment.
Inputs:
Payment frequency (monthly or biweekly): Choose how often you want to make payments.
Desired monthly payment: Your target payment amount per month or every two weeks.
Down payment (optional): Cash you plan to put toward the purchase upfront.
Trade-in value (optional): Estimated value of your current vehicle, which lowers the amount to finance.
Interest rate: The estimated annual interest rate on your loan.
Term length: How long you want to finance the car (e.g., 24–96 months).
Outputs:
Your estimated budget (the vehicle price you can afford)
Vehicle price
HST
Interest paid
Total loan amount
How does submitting an application work?
How does submitting an application work?
Applying is easy and completely online. Select ‘Financing’ as your preferred payment method during checkout and you'll be guided through all of the steps to complete your application. Once you complete your financing application, we’ll send it to potential lenders for approval. If potential lenders require more information, we’ll reach out and ask you to provide it.
How do I know what my interest rate will be?
How do I know what my interest rate will be?
How does interest work on my auto loan?
How does interest work on my auto loan?
Interest is calculated on a per payment basis. This means that if you pay the loan off early you will not be charged the remaining interest. Note: If you decide to put extra money down on the loan after you take possession of the car, it will not lower your payment instalments—it will only shorten the length of the term of the loan.
What is the minimum amount I can borrow?
What is the minimum amount I can borrow?
The minimum amount your lender can lend is $7,500 after taxes. If the amount is below this, lenders cannot finance a contract. Once the vehicle is financed, however, you can immediately put money down on the loan to reduce it to your desired loan amount.
I didn’t qualify for a loan. How can I qualify?
I didn’t qualify for a loan. How can I qualify?
If you didn’t qualify, consider adding a co-applicant to strengthen your profile and increase the likelihood of approval. You can also contact us at sales@clutch.ca and we’ll guide you through next steps.
Do all loans require a down payment?
Do all loans require a down payment?
Down payments are usually not required. In some cases, however, lenders may require a down payment to approve financing. If you choose to put a down payment, you may pay as much as you’d like as long as the minimum amount financed is $7,500. If the amount is below this, lenders cannot finance a contract.
Can I refinance my car loan?
Can I refinance my car loan?
Yes. Many lenders allow you to refinance your auto loan to get a better rate or adjust your term — and Clutch can facilitate refinancing through our network of lending partners. Refinancing can lower your rate, reduce your total loan cost, or help you reach a more comfortable payment.
Still have questions?
Finance your car with Clutch
