Built by a Canadian, for Canadians — because the calculator didn't exist yet.
We are living in difficult economic times. The expiry date on my lease was coming up and I needed to make a decision if I would sign up with another lease. I called a few dealerships and for the same vehicle, my payment was going to go up $150 a month.
I'm tired of every company in the world with their hand in my wallet, so I started to look at alternatives. One of the alternatives was a used vehicle. I started to look around and found a few vehicles that I liked, but then there was no information on what the monthly payment would be.
I looked around for an online calculator to help me determine what my general payment would be, but there wasn't one...so I built it myself.
The goal is simple: give every Canadian the tools they need to make good, sound decisions when purchasing or leasing a vehicle. The calculator cannot give you an exact dollar amount, but it will help you determine if you can afford the vehicle before you make a call to the dealership. You should have a good idea of what your monthly or bi-weekly payment should be.
Understanding the difference between a 60-month and an 84-month loan, seeing what your provincial tax adds to the total financed amount, and knowing which local credit union beats your bank's rate helps you to make a good, sound decision.
I'm a big fan of credit unions so I made sure to include them. (I ended up leasing my vehicle through a credit union.) Credit unions are a not-for-profit business that ensures that their members are put first. This may sound odd, but when you join a credit union, you become a member, so the focus is on you. Any profits that the business does make are typically reinvested back into the business, members, or community.
At the end of the day, we need to be able to afford our monthly vehicle payment, so I sorted everything by lowest APR so the best available rate is always at the top. You should know all the options so you can keep as many dollars as you can in your wallet.
NOTE: I'm not a financial guru or loan expert. I'm a cranky old geek that wanted to save a few bucks. I'm not affiliated with any financial institution, dealership, or government body. Double-check the numbers and send me a message if something is really, really wrong.
There are costs to having this site, so I've put a few ads on the site and there are some lender listings with affiliate links to help me earn a small commission so I can keep the site free for all Canadians. This never affects the rates displayed or the order lenders are listed. I would rather you find a good deal than make a buck.
I hope the site helps you save money on your next vehicle purchase!
Lender rates are researched from publicly available information and verified periodically. Rates change frequently and vary based on your credit score, vehicle age, loan term, and province. The rates shown are indicative starting points, not guaranteed offers.
Always confirm the current rate directly with the lender before signing anything. If you spot a rate that looks out of date, please let me know.
Have a question, a rate correction, or a suggestion? Drop me a message.