Loan Comparison Tool

A 1% difference in interest rate on a $20,000 loan over 48 months amounts to roughly $400–$500 in savings. On larger loans or longer terms, the difference grows to thousands. Yet many borrowers accept the first offer they receive without shopping around.

Rate vs. term trade-off: A lower rate with a shorter term means higher monthly payments but less total interest. A longer term with a slightly higher rate has lower payments but costs more overall. This tool helps you visualize that trade-off with real numbers.

What to compare beyond the numbers: While this calculator focuses on payment math, also consider: prepayment penalties (can you pay off early without fees?), payment flexibility (can you skip a payment?), lender reputation and customer service, and whether the rate is fixed or variable.

The Canadian advantage: Canada's competitive lending market means most borrowers can get 3–5 offers within a few days. Multiple soft-check pre-approvals within a 14-day window are typically treated as a single credit inquiry, so shopping around has minimal credit score impact.