84-Month SUV Auto Loan Calculator for Alberta (600-700 Credit Score)
You're in a strong position. A credit score between 600 and 700 in Alberta opens up competitive financing options, especially for a popular vehicle like an SUV. This calculator is designed specifically for your situation, factoring in the 84-month term you're considering and Alberta's unique tax advantage (0% PST). Let's dial in the numbers to see what your monthly payments could look like.
How This Calculator Works for Albertans
This tool uses data from thousands of approvals in Alberta for borrowers with credit scores in the 600-700 range. Here's what makes it so specific:
- Interest Rate Estimation: For a 600-700 credit score on an 84-month term for an SUV, lenders in Alberta typically offer rates between 7.99% and 14.99%. Your exact rate depends on your income stability, down payment, and the age/value of the SUV.
- Alberta Tax Advantage: We account for Alberta's 0% Provincial Sales Tax (PST). This means you only pay the 5% federal GST on the vehicle's purchase price, a significant saving compared to other provinces. The final tax is calculated at the dealership; this calculator focuses on the principal and interest of your loan.
- 84-Month Term: This longer term is popular for reducing monthly payments on more expensive vehicles like SUVs. We'll show you the payment impact, but also explain the trade-offs regarding total interest paid.
Example 84-Month SUV Loan Scenarios (600-700 Credit)
To give you a realistic picture, here are some common scenarios for SUV buyers in Alberta with fair credit. Notice how a larger down payment can help secure a better interest rate.
| Vehicle Example (SUV) | Vehicle Price | Down Payment | Estimated Interest Rate | Estimated Monthly Payment (84 mo) |
|---|---|---|---|---|
| Used Ford Escape | $30,000 | $2,500 | 11.99% | $483 |
| Newer Toyota RAV4 | $45,000 | $5,000 | 9.99% | $663 |
| Newer Hyundai Palisade | $60,000 | $7,500 | 8.99% | $849 |
Your Approval Odds in Alberta with a 600-700 Credit Score
Your approval odds are HIGH.
A score in this range is often considered 'near-prime' by many lenders. They see you as a responsible borrower who may have had a few bumps in the past. To solidify your approval, lenders will also look at:
- Stable Income: A consistent income of over $2,200 per month is a key benchmark. If you're a gig worker or self-employed, traditional banks can be difficult. We specialize in these situations. For more info, see our guide: Banks Need Pay Stubs. We Need Your Drive. Gig Worker Car Loans.
- Down Payment: While not always mandatory, a down payment significantly reduces the lender's risk and shows your commitment. Even past credit issues can be offset by a solid down payment. In fact, we believe that Your Missed Payments? We See a Down Payment.
- Vehicle Choice: Lenders are very comfortable financing SUVs because they retain their value well. Your choice of vehicle type is a positive factor.
An 84-month term can be a great tool, but it's important to understand the full picture. It keeps payments low, but you'll pay more interest over the seven years and could be in a negative equity position for longer. If you're trading in a vehicle you still owe money on, it's crucial to understand your options. Learn how to Ditch Negative Equity Car Loan | Canada Guide before heading to the dealership. For more specific local advice, check out our answers to common Your Car Loan Questions, Edmonton.
Frequently Asked Questions
What interest rate can I really expect in Alberta with a 650 credit score for an SUV?
With a 650 score, you're right in the middle of the 'fair' credit range. For an 84-month loan on a newer SUV, you can realistically expect an interest rate between 8.99% and 12.99%. A strong income and a down payment of 10% or more will help you secure a rate at the lower end of that spectrum.
Is an 84-month car loan a good idea for an SUV?
It can be, if your primary goal is the lowest possible monthly payment. SUVs are more expensive, and this term makes them accessible. However, be aware that you will pay significantly more in total interest compared to a 60 or 72-month loan. It also takes longer to build equity in the vehicle.
Do I absolutely need a down payment with a 600-700 credit score in Alberta?
Not always, but it is highly recommended. A down payment of $2,000 or more drastically increases your approval chances and can lower your interest rate. It shows the lender you have 'skin in the game' and reduces their risk, making them more willing to offer you favorable terms.
How does having no PST in Alberta affect my total SUV cost?
It's a major advantage. On a $40,000 SUV, you only pay 5% GST ($2,000). In a province like Ontario with 13% HST, the tax would be $5,200. That's an immediate saving of $3,200 on the total cost of the vehicle, which means you finance less and pay less interest over the life of the loan.
Can I get approved for an SUV loan if I'm self-employed in Alberta with a 680 credit score?
Yes, absolutely. A 680 score is strong. The key for self-employed individuals is proving income. Instead of pay stubs, lenders we work with will accept documents like bank statements showing consistent deposits, notices of assessment, and business registration. Your strong credit score combined with clear income documentation makes you a great candidate for approval.
