At the end of the term, you will own the car outright. Length of Loan: Also called the term, this is the number of months you will take to pay back the car loan in full. (You can get free online estimates on trade-in values from Canadian Black Book.) Our car payment calculator will deduct the trade-in value from the price before calculating the taxes.ĭown Payment: The down payment is the amount of money you have on hand that you are willing to pay immediately on the purchase. The discount amount depends on the make, model, age, mileage and condition of your old car. Trade-In Value: Your dealer may offer you a discount on the purchase of your new car if you trade in your old vehicle. Rules for sales taxes on used cars vary from province to province. For new car purchases, you generally pay either 5% for the federal goods and services tax (GST) plus your provincial sales tax rate or, in provinces that have the harmonized sales tax, you pay the applicable HST rate. Sales Tax Rate: The rate of sales tax you pay on your car depends on the province where you make the purchase, and whether the vehicle is new or used. For example, registration fees for a car in Ontario will run somewhere between $150 and $200, including the vehicle permit ($32), license plate and permit ($59) and license plate sticker ($60 for Northern Ontario $120 for Southern Ontario). These fees vary depending on your location and type of vehicle. (If you buy a used vehicle, you will need to register it yourself.) If you are buying from a dealership, the vehicle registration paperwork will usually be completed by the dealer, with the fees going through the dealer to the appropriate provincial agency. This includes fees for the vehicle permit, license plate and sticker. Registration Fees: When you purchase a car in Canada, you must pay to register with the provincial government as the vehicle’s owner before you can legally take ownership. This is the vehicle’s total list price with all fees included, other than registration and sales taxes. Price of New Car: Also referred to as the selling price. Before you start filling in the fields on the car payment calculator, take a moment to be sure you’re clear on what each term refers to, as follows.
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