Rebuild Your Business with the Right Commercial Van in New Brunswick
Bankruptcy is a financial reset, not a permanent roadblock. For entrepreneurs and tradespeople in New Brunswick, a reliable commercial van is essential for generating income and rebuilding your future. This calculator is designed specifically for your situation: financing a commercial vehicle in NB after a bankruptcy, factoring in the 15% Harmonized Sales Tax (HST) and realistic interest rates for credit scores in the 300-500 range.
We understand that traditional banks often say 'no'. Our network of lenders specializes in your exact scenario, prioritizing your current income and stability over past credit challenges.
How This Calculator Works: A New Brunswick Focus
This tool provides a clear estimate by breaking down the key factors for a post-bankruptcy commercial van loan in New Brunswick.
- Vehicle Price: The sticker price of the commercial van you need for your business.
- New Brunswick HST (15%): We automatically calculate and add the 15% NB HST to the vehicle price. A $35,000 van is actually a $40,250 loan before any down payment. This transparency is crucial for accurate budgeting.
- Down Payment: The amount of cash you can put down. While a down payment can lower your monthly cost, many of our partners offer flexible options. If a large down payment is a challenge, don't worry. For more on this, read our guide: Your Down Payment Just Called In Sick. Get Your Car.
- Interest Rate (APR): For a post-bankruptcy profile, interest rates are higher to offset lender risk. Expect rates between 19.99% and 29.99%. We use a realistic average in our calculations, but your final rate depends on your specific income and vehicle choice.
- Loan Term: The length of the loan in months. Longer terms mean lower monthly payments, but you'll pay more interest over time. We typically see terms from 60 to 84 months for commercial vehicles.
Example Calculation:
Let's say you're looking at a used Ford Transit Connect for your business in Fredericton priced at $25,000.
- Vehicle Price: $25,000
- NB HST (15%): +$3,750
- Total Price: $28,750
- Your Down Payment: -$2,000
- Total Amount to Finance: $26,750
This is the number the calculator will use to determine your estimated monthly payments.
Approval Odds for Post-Bankruptcy Applicants in New Brunswick
Your Approval Odds: High
This might be surprising, but your odds are high when working with the right lenders. After bankruptcy, lenders see you as a clean slate with no old consumer debt to manage. They focus on two key things:
- Income Stability: Can you prove consistent income from your business or employment? For business owners, this means bank statements, contracts, or invoices. Lenders want to see a clear ability to afford the payment. Your income is more important than your credit score. We believe in this philosophy so strongly, we wrote an article about it: No Credit? Great. We're Not Your Bank.
- The Vehicle's Purpose: Financing a commercial van is seen as an investment in your ability to earn. Lenders view this more favourably than a luxury personal vehicle, as the van directly contributes to the income that will be used to repay the loan. If your income stream is from contracts or self-employment, that's often a positive signal. For more on how non-traditional income can work for you, check out Your Irregular Income Just Qualified You for an EV. Seriously, Quebec.
Sample Monthly Payments for a Commercial Van in NB
The table below shows estimated monthly payments for a $30,000 commercial van, including the 15% NB HST. These examples use a representative interest rate of 24.99% over a 72-month term (O.A.C.).
| Vehicle Price | Total with 15% HST | Down Payment | Total Financed | Estimated Monthly Payment |
|---|---|---|---|---|
| $30,000 | $34,500 | $0 | $34,500 | ~$820/mo |
| $30,000 | $34,500 | $2,500 | $32,000 | ~$760/mo |
| $30,000 | $34,500 | $5,000 | $29,500 | ~$701/mo |
Disclaimer: These are estimates only. Your actual payment will depend on the specific vehicle, your approved interest rate, and the loan term.
Frequently Asked Questions
Can I get a commercial van loan in New Brunswick immediately after my bankruptcy discharge?
Yes, it's possible. Many specialized lenders in NB will approve financing as soon as you are officially discharged. They are more interested in your current income and stability than the date of the discharge. Having your discharge papers ready is a key step.
What interest rate should I expect for a commercial van loan with a past bankruptcy?
For a post-bankruptcy profile with a credit score between 300-500, you should realistically expect an interest rate (APR) in the range of 19.99% to 29.99%. The rate is higher due to the perceived risk, but making consistent payments is one of the fastest ways to rebuild your credit.
How does the 15% HST in New Brunswick affect my commercial van loan?
The 15% HST is added to the vehicle's selling price, and this total amount is what gets financed (less your down payment). For a $30,000 van, the HST adds $4,500, bringing the total to $34,500 before financing. This calculator includes this automatically so you can budget for the true cost.
Do I need a large down payment for a commercial van after bankruptcy?
Not necessarily. While a down payment always helps by reducing the amount you need to finance and lowering your monthly payment, many lenders offer $0 down options, even after bankruptcy. Approval for zero down depends heavily on the strength and provability of your income.
As a self-employed person in NB, what documents will I need to prove my income?
To prove your income for a commercial van loan, you will typically need to provide 3 to 6 months of business bank statements showing consistent deposits. Additionally, having copies of current contracts, recent invoices, or a Notice of Assessment from the CRA can significantly strengthen your application.
