Reviewed by: David Chen, CFA
David Chen is a Certified Financial Analyst with over 10 years of experience in auto loans and financial management.
David Chen is a Certified Financial Analyst with over 10 years of experience in auto loans and financial management.
Use this auto loan calculator to calculate your monthly payments or determine the loan amount or interest rate based on the data you provide.
Auto Loan Calculator Payment Calculator Canada
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Formula
Loan Payment Formula:
PMT = [P × r × (1 + r)^n] / [(1 + r)^n – 1]
Where:
- P: Loan Amount
- r: Monthly Interest Rate (Annual Rate / 12)
- n: Number of Payments (Loan Term × 12)
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What is an Auto Loan?
An auto loan is a financial product that helps you purchase a car by borrowing money from a lender. You repay the loan with monthly payments, which include both principal and interest.
How to Calculate Auto Loan Payment (Example)
- Enter the loan amount, interest rate, and loan term in the fields.
- Click “Calculate” to get your monthly payment.
Frequently Asked Questions (FAQ)
How do I calculate my monthly auto loan payment? The formula uses the loan amount, interest rate, and loan term to calculate your monthly payment.
Can I adjust the loan term? Yes, extending or shortening the loan term will change the monthly payment.
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