Now more than ever people’s budgets are tight, but a vehicle is still a necessity for most. Math is important, but it can be hard to figure out, especially when it comes to the various terms, payments, prices and more that come with buying or financing a vehicle. Our payment (or loan) calculator is here to do the tough work for you, allowing you to input your information and calculate an estimate on how much you may be paying per payment on the vehicle you’re looking at. This is an easy way to figure out how your dream vehicle fits into your budget, and how you can make it work through differing plans. Learn more about how the calculator works and its terms, or fill in your information above now!
How the Payment Calculator Works
When you’re buying or financing a vehicle, a lot of terms and numbers may fly your way, and our payment calculator helps boil down all of them to determine what you actually may be paying. Our loan calculator here takes all of that information and converts it into weekly, bi-weekly or monthly payments, helping make the vehicle buying and financing process that much easier, knowing how it fits within your budget, allowing you to properly manage your money now and into the future across the ownership of the vehicle.
Glossary of Loan Calculator Terms
- Price of Vehicle: How much will the vehicle cost, including all fees, excluding taxes.
- Term: How many months to pay off the loan.
- Taxes: This takes into account the PST and GST.
- Interest: The annual interest rate for the loan, dependent on approval through a credit check.
- Down Payment: This is the money you’ll pay for the vehicle upfront.
- Trade Value: The amount from the vehicle trade-in.
If you have any questions about the payment calculator, please contact our finance centre. While this calculator provides a rough estimation for help when shopping, dealing with our financial specialist directly in regards to a specific vehicle you have your eyes on will allow us to provide more concrete numbers.
Our Payment Calculator at Roadway Auto and Sport
Loan Calculator
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Importance of a Down Payment
Making a down payment on your vehicle is important because it can set you up with many benefits down the line. First off, it can help you get approved, showing that you’re serious and that you’re ready to put money down immediately. Doing so will also result in you paying less on interest, since you’re borrowing less money for the car on a smaller loan. As well with a lesser interest rate, it can also lower your monthly payments. In the long term, too, a down payment will help to offset depreciation by shrinking the space between how much the vehicle is worth and what you have to pay for the loan. We recommend thinking about the long-term gain, and not the short-time cost, by making a down payment.