Loan Calculator - Description
Loan Amount $ - This amount represents the total cost of the car.
Loan Amount $ + HST - This amount is automaticcally calculated to include the HST into the total cost of the car.
Down Payment $ - This amount represents the initial down payment that is payed at the purchase of the vehicle.
Annual Rate % - The initial Annual Rate is what we offer through our financing system. If you choose to find out what would be the cost given different Annual Rates, this value can be changed.
Term (years) - This represents the number of years over which you would like to pay back the loan.
Payments - This represents the number of monthly payments that will have to be made to pay back the loaned amount.
Monthly Payment including HST - This represents the total sum of money that will have to be payed back every month.
Compounding - The Monthly Payment is calculated using monthly compounding over the number of years mentioned in the Term input field. The amount borrowed used within the calculation is the difference between the Loan Amount $ + HST and the Down Payment.