The Clutch car loan calculator is designed to help you estimate your monthly and biweekly car payments based on several key inputs. Here's how it works:

Vehicle price: Enter the price of the vehicle you are interested in purchasing.

Down payment (Optional): Input the amount you plan to pay upfront. A higher down payment reduces the total amount you need to finance.

Trade-in value (Optional): If you have a vehicle to trade in, enter its estimated trade-in value. This amount will be subtracted from the vehicle price to reduce the loan amount.

Term length: Select the duration of the loan, ranging from 24 to 96 months. A longer loan term results in lower monthly payments but may increase the total interest paid over the life of the loan.

Credit score: Choose your credit score from the available options. Lower credit ratings typically result in higher interest rates, while higher credit ratings can qualify you for lower interest rates.

Using these inputs, the car loan calculator estimates your monthly and biweekly car payments, taking into account the interest rate applicable to your credit rating. This helps you understand what to expect and plan your budget accordingly for your auto financing needs.

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.

Gross income is your total monthly or yearly income before any taxes are deducted. This amount is higher than your “net pay” or “take-home pay.”

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.

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.

If you didn’t qualify for financing, we suggest adding a co-applicant! That will help strengthen your profile to increase the probability of approval. Email us at offers@clutch.ca and we can help guide you through the process.

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.