§ Calculator · Vehicle

Boat loan

What this is

Monthly payment + total interest on a boat loan in Canada.

Includes HST/PST on the sale (less trade-in value if you trade in a vehicle of the same type — provincial rules vary). Trade-in reduces both the taxable amount AND the financed amount.

·Down payment cuts the financed principal directly.
·Trade-in reduces the taxable base (in Ontario), then reduces principal.
·Longer terms = lower monthly but more total interest.

Boat price (CAD)Down payment

Trade-in valueRate (%)Term (months)Sales tax (HST/PST)

Out-the-door price

$62,150

Financed amount

$55,935

Monthly payment

$708

Total interest

$29,056

Cash at signing

$6,215

Total paid

$91,206

Most Canadian auto loans are simple-interest with monthly compounding. Boat + RV + truck loans sometimes have weekly compounding — check the contract.

Disclaimer

Educational, not financial advice. Output is generated by an AI assistant using simplified assumptions. Tax rates, contribution limits, and benefit amounts change annually; confirm with a CFP, CPA, or the relevant Canadian regulator (CRA, FSRA, OSC, IIROC) before acting.