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Car Loan & Lease Calculator
Compare financing versus leasing, then see what your current car is worth.
What's your current car worth?
A quick estimate based on age, mileage, and condition. Want a firm number? Local dealers will compete to buy it. For vehicles sold in Canada & the USA in the last 15 years.
About this calculator
Financing and leasing answer two different questions: what will it cost me per month, and what will the whole deal cost me? The Finance tab amortizes the price (after your down payment and trade-in, plus tax and fees) into a monthly payment and shows total interest and total cost of ownership. The Lease tab uses the standard cap-cost / residual / money-factor method dealers use, so you can sanity-check a quote line by line before you sign.
Car loan & lease FAQ
Is financing or leasing cheaper?
It depends on how long you keep cars. Leasing usually has a lower monthly payment because you only pay for the depreciation during the term, but you own nothing at the end. Financing costs more per month, then the payments stop and you keep the vehicle's remaining value. Compare the "Total cost" figures for both modes with your real numbers.
What is a money factor?
It's how leases express the finance charge. Multiply the money factor by 2400 to get the approximate annual interest rate. For example, a 0.00200 money factor is roughly a 4.8% APR.
What happens if I owe more than my trade-in is worth?
That's negative equity. The shortfall is typically rolled into the new loan, which increases the amount financed and your payment. Enter what you still owe in the "Still owed on trade-in" field to see the real effect.
Why does the trade-in reduce my sales tax?
In most US states and Canadian provinces, sales tax is charged on the price minus your trade-in allowance, so a trade-in lowers the tax bill. A few jurisdictions tax the full price, so check your local rules, and set the tax rate to match.