84-Month Truck Loan Calculator for New Brunswick (600-700 Credit Score)
You're in the right place. You need a truck that works as hard as you do, you're in New Brunswick, and you have a credit score between 600 and 700. This calculator is built specifically for your situation, factoring in the 15% New Brunswick Harmonized Sales Tax (HST) and the typical interest rates available for your credit profile on a long-term, 84-month loan.
Use the tool above to get a precise estimate for your budget. Below, we'll break down the numbers, explain your approval odds, and show you what lenders in New Brunswick are looking for.
How This Calculator Works for New Brunswick Truck Buyers
This isn't a generic calculator. It's fine-tuned for your exact scenario. Here's how it crunches the numbers:
- Vehicle Price: The sticker price of the truck you're considering.
- Down Payment/Trade-In: Any cash you're putting down or the value of your trade-in. This amount is subtracted from the vehicle price before tax is calculated.
- New Brunswick HST (15%): We automatically calculate the 15% HST on the remaining balance. For example, a $30,000 truck with a $5,000 trade-in has tax calculated on $25,000. The tax would be $3,750, making your total loan amount $28,750.
- Interest Rate (APR): For a 600-700 credit score, rates are typically higher than prime but are often very competitive. We use a realistic average for our estimates, but your final rate will depend on your full application. It could range from 8.99% to 15.99% OAC.
- Loan Term (84 Months): A 7-year term is chosen to make the monthly payments on a more expensive truck affordable. While this lowers your monthly cost, it's important to remember you'll pay more in total interest over the life of the loan compared to a shorter term.
Example Truck Loan Scenarios (84 Months, 600-700 Credit)
Let's look at some real-world examples for popular used trucks in New Brunswick. These estimates assume a 10.99% APR, a common rate for this credit bracket, with $0 down payment.
| Vehicle Price | Total Loan Amount (After 15% NB Tax) | Estimated Monthly Payment | Total Interest Paid |
|---|---|---|---|
| $25,000 | $28,750 | ~$485 | ~$11,990 |
| $35,000 | $40,250 | ~$679 | ~$16,786 |
| $45,000 | $51,750 | ~$873 | ~$21,582 |
Your Approval Odds with a 600-700 Credit Score in NB
A credit score in the 600-700 range puts you in a good position. You're not considered high-risk, but lenders will still look closely at two key factors beyond your score: income and debt load.
- Income Stability & Proof: Lenders need to see that you can comfortably afford the payment. They'll want to see consistent income, whether from traditional employment or other sources. If you're self-employed, proving your income can sometimes be tricky, but it's entirely possible. As we explain in our guide, for the self-employed, Your Bank Account *Is* Your Proof. Get Approved.
- Debt-to-Income (DTI) Ratio: This is crucial. Lenders typically want your total monthly debt payments (including the new truck loan) to be less than 40% of your gross monthly income. For the truck payment alone, they prefer it to be under 15-20%. Using our $35,000 truck example ($679/month), you'd ideally need a gross monthly income of at least $3,400 - $4,500.
- The Power of a Down Payment: While not always required, a down payment or trade-in significantly strengthens your application. It reduces the lender's risk, which can lead to a lower interest rate and a higher chance of approval. The principle is simple: the more skin you have in the game, the more confident the lender is. For more on this, check out our article on how Your Trade-In Is Your Credit Score. Seriously. (The concept applies everywhere, not just Ontario!).
For this credit range, exploring options beyond the major banks can be highly beneficial. Specialized lenders often have more flexible criteria. If you're tired of the traditional process, it's worth looking into Skip Bank Financing: Private Vehicle Purchase Alternatives.
Frequently Asked Questions
Can I get an 84-month truck loan in New Brunswick with a 650 credit score?
Yes, absolutely. A 650 credit score is right in the 600-700 'fair' credit range and is generally sufficient to qualify for an 84-month auto loan with many lenders, provided your income and debt-to-income ratio meet their guidelines. A longer term is common for more expensive vehicles like trucks to keep payments manageable.
How much does the 15% HST add to a truck loan in NB?
The 15% HST is calculated on the selling price of the truck after any trade-in value has been deducted. For a $40,000 truck with no trade-in, the HST would be $6,000, bringing the total financed amount to $46,000 before interest. This tax has a significant impact on your total loan amount and monthly payment.
What interest rate can I expect for a truck loan with a 600-700 score?
While rates vary, you can typically expect an interest rate (APR) between 8.99% and 15.99% OAC. Factors that influence your final rate include the exact score, your income stability, the size of your down payment, and the age and mileage of the truck you are financing.
Is a down payment required for a truck loan in this credit range?
A down payment is not always mandatory, and many lenders offer zero-down financing for applicants in the 600-700 credit range. However, providing a down payment of 10% or more can significantly improve your approval odds and may help you secure a lower interest rate because it reduces the lender's risk.
Will a longer, 84-month term hurt my chances of approval?
Not necessarily. In fact, an 84-month term can sometimes help your approval chances. By extending the loan, the monthly payment is lower, which improves your debt-to-income (DTI) ratio. Lenders see a lower, more manageable payment as less risky. The main trade-off is that you will pay more in total interest over the life of the loan.
