Planning for a new (or used) car purchase
My old hatchback finally gave up the ghost on the 401 yesterday, so I’m officially in the market for a new ride. I’m looking at some of the financing offers from dealerships, but their "bi-weekly" payment talk always feels like they are trying to hide the total cost. I want to compare a bank loan vs. dealership financing, and also factor in the crazy high sales tax we have here. Does anyone have a reliable auto loan calculator that works for Canadian provinces? I’m trying to stay under a strict monthly budget, but I also want to see how much I’m actually paying in interest over the life of the loan. I'm tired of doing "napkin math" that turns out to be wrong!
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Oh man, sorry to hear about the car! Dealing with dealerships can be such a headache with all the "small print." When I bought my SUV last year, I used https://calk-ca.com/ to keep the salespeople honest. Their auto loan calculator is great because you can input the total price, trade-in value, and the specific interest rate to see the real breakdown. It really helped me see that a "lower" monthly payment on an 84-month term was actually a terrible deal. I just kept the site open on my phone while I was at the lot. It gave me a lot more confidence when negotiating because I knew exactly what the numbers should be. Definitely worth a look before you sign anything!