Your 72-Month SUV Loan Estimate for Manitoba with a 600-700 Credit Score
You're in a specific situation: you're looking for an SUV in Manitoba, have a credit score between 600 and 700, and prefer a 72-month loan term to keep payments manageable. This calculator is designed precisely for you. A score in this range is considered "fair" or "near-prime," meaning you have good approval chances, but the interest rate will be a key factor in your total cost.
This tool will help you instantly estimate your monthly payments and understand what you can afford before you start shopping.
How This Calculator Works
This calculator is pre-set with the variables you selected. Here's a breakdown of the data driving your estimate:
- Province: Manitoba
- Credit Score: 600-700 (Fair/Near-Prime)
- Vehicle Type: SUV
- Loan Term: 72 months (6 years)
- Interest Rate: An estimated rate between 8.99% and 15.99% is used for calculations. This is a typical range for this credit tier in Manitoba. Your final rate will depend on the lender, your income, and the vehicle's age.
- Taxes: This calculator is set to 0% tax. Please note that Manitoba typically has a 7% Retail Sales Tax (RST) on used vehicles purchased from a dealer and on most private sales. This 0% setting is for specific scenarios, such as purchases by individuals with tax-exempt status. Always budget for taxes separately when planning your purchase.
Your Approval Odds with a 600-700 Credit Score
With a score in the 600s, lenders see you as a client who is rebuilding or has a mixed credit history. Your approval odds are generally good, but lenders will focus heavily on two things: your income stability and your Debt-to-Income (DTI) ratio. They want to see that you can comfortably afford the payment.
- Down Payment is Key: A down payment of 10-20% dramatically increases your approval odds. It reduces the lender's risk and shows you have skin in the game.
- Income Verification: Have proof of income ready (pay stubs, bank statements). Lenders need to confirm you have a stable source of funds to cover the new loan.
- Post-Credit Event Financing: Many people in this credit range have recently overcome financial hurdles. Lenders understand this and are often willing to finance individuals who are rebuilding. If you've recently finished a credit program, getting a car loan is a major step. For a detailed walkthrough, read our guide on how to Get Car Loan After Debt Program Completion. Similarly, if you're dealing with a trade-in that has negative equity, there are specific strategies to manage it. Learn more in our article about what to do with an Upside-Down Car Loan.
Example Scenarios: 72-Month SUV Payments in Manitoba
To give you a realistic idea of costs, here are some common scenarios for SUVs in Manitoba. We've used an average interest rate of 11.99% for these estimates. (Note: These are for illustrative purposes only. OAC.)
| Vehicle Scenario | Vehicle Price | Down Payment | Loan Amount | Estimated Monthly Payment |
|---|---|---|---|---|
| Used Compact SUV (e.g., Ford Escape) | $20,000 | $2,000 | $18,000 | ~$351/mo |
| Newer Mid-Size SUV (e.g., Hyundai Santa Fe) | $30,000 | $3,000 | $27,000 | ~$527/mo |
| Used Full-Size SUV (e.g., Chevrolet Tahoe) | $38,000 | $5,000 | $33,000 | ~$644/mo |
Frequently Asked Questions
What interest rate can I expect in Manitoba with a 600-700 credit score?
For a credit score in the 600-700 range, you should anticipate an interest rate between 8% and 16%. The exact rate depends on factors like your specific score, income stability, down payment size, and the age and mileage of the SUV you choose. Newer vehicles often secure slightly lower rates.
Is a 72-month loan a good idea for an SUV?
A 72-month (6-year) term is popular because it significantly lowers your monthly payment, making a more expensive SUV affordable. However, the trade-off is that you will pay more in total interest over the life of the loan. It can also increase the risk of owing more than the vehicle is worth (negative equity) for a longer period.
Do I have to pay sales tax on a used SUV in Manitoba?
Yes, in most cases. Manitoba charges a 7% Retail Sales Tax (RST) on the purchase price of used vehicles, whether from a dealer or a private seller. This calculator is set to 0% for unique situations like purchases made by those with tax-exempt status. Remember to factor in 7% of the vehicle's price for your budget.
How much of a down payment do I need with a 650 credit score?
While a down payment isn't always mandatory, it is highly recommended for a 650 credit score. Aiming for at least 10% of the vehicle's price (e.g., $2,500 on a $25,000 SUV) will substantially improve your approval chances, potentially lower your interest rate, and reduce your monthly payment.
Can I get approved for an SUV loan if I've just finished a consumer proposal?
Yes, obtaining an auto loan after a consumer proposal is very possible and a great way to rebuild your credit. Lenders will want to see that the proposal is fully discharged and that you have some re-established credit (like a credit card) with a positive payment history. To understand the process better, see our guide: Your Consumer Proposal? We're Handing You Keys.
