What is a good interest rate on a car loan in Canada?
between 4.5% to 10%
The national averages for Canadian auto loan interest rates are between 4.5% to 10% on a car loan. A few factors are involved depending on credit score, whether the car is new or used, the history of the car being financed and whether the interest rate is fixed or variable.
What is the monthly payment on a $30000 auto loan?
With a loan amount of $30,000, an interest rate of 8%, and a loan repayment period of 60-months, your monthly payment is around $700.
How much car can I afford based on salary Canada?
The 10% to 15% rule for how much to spend based on salary
| Annual salary | Budget for car (10% to 15%) | Monthly budget |
|---|---|---|
| $30,000 | $3,000 to $4,500 | $250 to $375 |
| $50,000 | $5,000 to $7,500 | $417 to $625 |
| $80,000 | $8,000 to $12,000 | $667 to $1,000 |
| $100,000 | $10,000 to $15,000 | $833 to $1,250 |
How much is a car payment on 40000?
For $40,000 loans, monthly payments averagely range between $900 and $1,000, depending on the interest rate and loan term. With an interest rate of 6% and a down payment of $2500, your monthly payment for a $450,000 car loan over a term of 72 months will be $7,859 per month.
What is a good interest rate on a 2021 car?
The average new car’s interest rate in 2021 is 4.09% and 8.66% for used, according to Experian. Credit score, whether the car is new or used, and loan term largely determine interest rates….Loans under 60 months have lower interest rates.
| Loan term | Average interest rate |
|---|---|
| 72-month new car loan | 3.96% APR |
How much car can I afford BC?
The 20% rule While the 20/4/10 rule is reliable, many financial experts suggest your car payment and all other automotive expenses should not exceed 20% of your take-home pay. This 20% includes your car payment, gas, oil changes, insurance, maintenance and unexpected repairs.