For instance, your dealer might offer a discount if you trade in your old car to them. If you already have a car, the value of your old vehicle can help offset some of the cost of your new one. A large down payment can even help you get a lower interest rate by showing your lender that you’re financially responsible. That’s because the larger your down payment, the less you’ll have to borrow and the lower your car loan payments will be. Many car dealers have a minimum down payment that you must meet, but it’s smart to pay more if you can. You typically pay this directly to the dealer, and it comes from your own savings. Your car down payment is the amount you pay upfront for your new vehicle. The lower you can get the price, whether through negotiations or a larger down payment, the lower your loan will be and the more you’ll save on interest. This number is especially important because it’s the starting point that will help determine how big your car loan will be. Keep in mind that this might be different from the original advertised price or the manufacturer’s suggested retail price (MSRP). This is the total price you’ll pay for your new car, with any extra fees included. Here’s everything you need to know to calculate your car loan payments: The price of your new car Ready to get started? First, you’ll need to know a few common car loan terms and definitions so you can plug them into our car loan payment calculator. The terms of your loan, like your down payment, interest, and payment schedule, will have a big impact on how much your regular car payments will be. And many car buyers don’t have that much cash on hand, which makes a car loan a great financing option.īut before you sign on the dotted line, you’ll want to figure out the cost of your car loan payments. According to the CBC, the average cost of a new car is just over $33,000 - not exactly pocket change. But the most important question of all is how you’re going to pay for your new car.īuying a car is a major purchase. Thinking about buying a new car? It’s an exciting process, but it also comes with important decisions, like whether to buy a new or used vehicle, what make and model to get and whether you should splurge on that sunroof. TFSA Calculator Watch your savings grow, tax-free.GIC Calculator Discover the effect of compounding.RIF Payment Calculator Turn savings into steady income.Investment Payout Calculator Learn more about your investments.Net Worth Worksheet Compare your assets and liabilities.Retirement Calculator Make the most of your retirement.Mutual Funds Diversified and managed investing.Margin Accounts Leverage your investments.FHSA (Coming soon) Save for the purchase of your first home.InvestorLine adviceDirect Trading online with expert advice.InvestorLine Self-Directed Trade Online.All online investing solutions Explore your options.Private Wealth Bespoke advice from a proven team.Financial Planners Ongoing support from experts.Investment Professionals Investment advice for your goals.Buying your next property Tips for your next move or investment.Impact of rising interest rates How it may impact your mortgage.First-time home-buyer programs Incentives, tax credits and more.Buying a home Tips for your home-buying journey.Mortgage Pre-Payment Calculator Estimate your pre-payment charge. Variable or Fixed Rate Calculator Start comparing your mortgage payments.Mortgage Affordability Calculator Start setting your budget.Mortgage Payment Calculator Estimate your regular payments.Mortgage insurance Protect your investment.Switch your mortgage to BMO Explore how you can switch.BMO Smart Fixed Mortgage Lock in a 130-day rate.Homeowner ReadiLine Combine a mortgage with a line of credit.Refinance your mortgage Fund your goals and big plans.Mortgage pre-approval Learn more about pre-approvals.Renew your mortgage Explore your renewal options.Mortgage pre-qualification Estimate how much you can afford.
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