60-Month Commercial Van Financing in New Brunswick with Excellent Credit
Welcome to your specialized calculator for financing a commercial van in New Brunswick. Your 700+ credit score puts you in the driver's seat, giving you access to the best interest rates and terms available. This tool is designed to provide a clear, data-driven estimate for a 60-month loan, factoring in New Brunswick's 15% Harmonized Sales Tax (HST).
With a strong credit profile, the conversation isn't about getting approved-it's about securing the most competitive deal for your business. Let's break down the numbers so you can plan your next commercial vehicle purchase with confidence.
How This Calculator Works for Your Scenario
This calculator is calibrated for your specific situation: a prime borrower in New Brunswick financing a commercial vehicle. Here's how we process your numbers:
- Vehicle Price: The sticker price of the commercial van you're considering.
- Down Payment/Trade-In: Any cash you're putting down or the value of your trade-in. This amount is subtracted after tax is calculated.
- New Brunswick HST (15%): We automatically add 15% HST to the vehicle price. This is a critical step many forget. For example, a $40,000 van has a pre-financing cost of $46,000 in New Brunswick ($40,000 x 1.15).
- Estimated Interest Rate: For a 700+ credit score, we use a prime interest rate range (e.g., 5.99% - 8.99% OAC). Commercial loans can sometimes have slightly different rates than personal loans, but your excellent credit is the key factor.
- Loan Term: Fixed at 60 months (5 years), a popular term that balances manageable monthly payments with paying off the vehicle efficiently.
Approval Odds: Very High
With a credit score of 700 or higher, your approval odds are excellent. Lenders view you as a low-risk borrower. Your focus should be on comparing offers from different lenders to find the lowest interest rate. A strong credit history also gives you leverage for better terms, such as zero-down financing options. For business owners, especially those with non-traditional income streams, it's important to have your financial documents in order. If your income fluctuates, our guide on Variable Income Auto Loan 2026: Your Yes Starts Here can provide valuable insights.
Example Commercial Van Loan Scenarios in New Brunswick (60 Months)
To illustrate the real-world costs, here's a table showing estimated monthly payments for different commercial vans. Note how the 15% NB HST impacts the total amount financed.
| Vehicle Price | Down Payment | Total Financed (incl. 15% NB HST) | Estimated Prime Rate (OAC) | Estimated Monthly Payment |
|---|---|---|---|---|
| $35,000 | $5,000 | $35,250 | 6.99% | $697 |
| $50,000 | $7,500 | $50,000 | 6.49% | $978 |
| $65,000 | $10,000 | $64,750 | 5.99% | $1,240 |
Financing a work vehicle often comes with unique considerations, such as whether a down payment is truly necessary. To explore this further, see our guide on how to Finance a Delivery Van, No Down Payment | 2026 ON Guide, which contains principles applicable across Canada.
Even if your business is just getting started, strong personal credit can open doors. Lenders may be more willing to finance a new venture when the owner has a proven track record of financial responsibility. Learn more in our article: Your Business is 3 Weeks Old. Your Car Loan? Ready. Vancouver.
Frequently Asked Questions
What interest rate can I expect for a commercial van loan in NB with a 700+ credit score?
With a 700+ credit score, you qualify for prime interest rates. For a commercial van, you can typically expect rates in the range of 5.99% to 8.99% (OAC). The final rate depends on the lender, the age and mileage of the van, and the overall strength of your business's financial profile if applying under a company name.
How is the 15% HST calculated on a commercial vehicle purchase in New Brunswick?
The 15% HST in New Brunswick is calculated on the full selling price of the vehicle *before* your down payment or trade-in value is applied. For a $50,000 van, the tax is $7,500 ($50,000 x 0.15), making the total price $57,500. Your down payment is then subtracted from this new total to determine the amount to be financed.
Can I write off the loan payments for my commercial van?
You generally cannot write off the entire loan payment. However, you can typically claim the interest portion of the loan payment as a business expense. Additionally, you can claim depreciation on the vehicle (Capital Cost Allowance - CCA). It is highly recommended to consult with a New Brunswick-based accountant to understand the specific tax advantages for your business.
Is a 60-month (5-year) loan term a good choice for a commercial van?
A 60-month term is a very common and often wise choice for a commercial van. It provides a good balance between keeping monthly payments manageable for your business's cash flow and paying off the asset before it incurs major maintenance costs. It avoids the higher total interest costs of longer terms (72-96 months).
Does financing a commercial vehicle differ from a personal one?
Yes, it can. While your personal credit score is crucial, if you're financing under your business name, lenders will also want to see your business's financial health. They may ask for documents like articles of incorporation, financial statements, or business bank statements to assess cash flow and stability. The intended use of the vehicle is also a key factor in a commercial loan application.
