Knowing what you can afford
Based on monthly earnings, use our "Affordability Calculator" to narrow down your options
* Current Prime Rate is 11.25%
Calculate your estimated monthly repayment
Before you buy a new car, it’s a good idea to calculate your monthly repayment (installment)
Balloon Payments Explained
A balloon payment is a once-off lump sum payment that you must pay to the bank at the end of the loan term (months).
Financing a car with a Balloon reduces the amount of your monthly repayments, since you are effectively borrowing less money from the bank during the loan term.
Credit lenders will consider balloon payments on new cars.
At the end of the term you'll owe the balloon payment plus interest.
Benefits of balloon payments
- You may pay lower monthly installments;
- No deposit is required;
- You can sell your car at the end of the loan term and use the money to pay off the lump sum.