Commercial Van Financing in New Brunswick: Your 84-Month Term with a 700+ Credit Score
You're in a strong position. As a business owner or operator in New Brunswick with a 700+ credit score, you have access to the most competitive financing options for a commercial van. This calculator is tailored specifically for your situation, factoring in New Brunswick's 15% HST and the longer 84-month term you're considering for your work vehicle.
Use the tool below to get a clear, data-driven estimate of your monthly payments and total costs. This will help you budget effectively and understand the financial impact of adding a new or used commercial van to your fleet.
How This Calculator Works for Your Scenario
We've pre-configured this calculator with the key details for your search:
- Province Tax: We automatically apply New Brunswick's 15% Harmonized Sales Tax (HST) to the vehicle's purchase price. This is a significant cost that must be included in your total loan amount.
- Credit Profile: A 700+ credit score puts you in the 'prime' lending category. This means you qualify for lower interest rates from major banks and specialized lenders. While rates fluctuate, we base our estimates on the competitive rates available to applicants like you (typically 6.99% to 9.99% OAC for commercial vehicles).
- Loan Term: The 84-month (7-year) term is selected to show you the lowest possible monthly payment, which can be beneficial for managing business cash flow.
- Vehicle Type: Lenders view commercial vans as business assets. This can sometimes involve slightly different underwriting criteria than a personal vehicle, but your strong credit simplifies the process immensely.
Example Commercial Van Loan Scenarios in New Brunswick
To give you a realistic idea of costs, here are a few examples based on typical commercial van prices. These estimates assume a 7.99% interest rate over 84 months with no down payment.
| Vehicle Price | NB HST (15%) | Total Loan Amount | Estimated Monthly Payment |
|---|---|---|---|
| $35,000 | $5,250 | $40,250 | $630 / month |
| $50,000 | $7,500 | $57,500 | $900 / month |
| $65,000 | $9,750 | $74,750 | $1,171 / month |
Disclaimer: These are estimates only. Your final interest rate and payment will depend on the specific vehicle, lender approval, and market conditions (O.A.C. - On Approved Credit).
Your Approval Odds & What Lenders Look For
With a 700+ credit score, your approval odds are excellent. You've demonstrated responsible credit management, which lenders reward with their best offers. However, for a self-employed individual or business owner, lenders will also want to verify income stability.
Unlike traditional employees with pay stubs, you may need to provide different documentation. Fortunately, modern lenders have flexible requirements. Many now accept bank statements as sufficient proof of income, simplifying the process for entrepreneurs. For a deeper dive, read our guide: Self-Employed? Your Bank Statement is Our 'Income Proof'. This approach recognizes that your business's cash flow is the true measure of your ability to pay.
Lenders understand that for many businesses, the vehicle *is* the source of income. This is especially true for trades, delivery services, and other mobile professions. If you've been hesitant because traditional banks have rigid income proof rules, you'll be glad to know there are better options. Learn more about how we help gig workers and entrepreneurs in Banks Need Pay Stubs. We Need Your Drive. Gig Worker Car Loans.
Finally, understanding how to use your business's financial documents, like tax returns, can also be a powerful tool in securing financing. For more information on this, see our article on Tax Return Car Loan: Self-Employed Approval Canada.
Frequently Asked Questions
What interest rate can I expect for a commercial van with a 700+ score in New Brunswick?
With a credit score over 700, you are considered a prime borrower. For a commercial van, you can typically expect interest rates from major lenders to be in the range of 6.99% to 9.99%. The final rate depends on the age of the vehicle (new vs. used), your business's revenue history, and current Bank of Canada rates.
Can I write off the loan payments and HST for my commercial van?
You should consult with a tax professional in New Brunswick, but generally, yes. If the van is used for business purposes, you can typically claim the interest portion of your loan payments as a business expense. You may also be able to claim Capital Cost Allowance (CCA) to depreciate the vehicle's value. The 15% HST paid can often be claimed back as an Input Tax Credit (ITC) if you are a GST/HST registrant.
Is an 84-month loan a good idea for a commercial vehicle?
An 84-month (7-year) term can be a strategic choice. It results in the lowest possible monthly payment, which improves your business's monthly cash flow. The main drawback is paying more interest over the life of the loan. For a durable, high-use vehicle that is central to your business operations, securing a low monthly payment is often the top priority.
Do I need a large down payment for a commercial van with good credit?
While not always required with a 700+ credit score, a down payment is highly recommended. It reduces the total amount you need to finance, lowers your monthly payment, and decreases the total interest paid. For business financing, showing you have capital to invest (even 10-20%) can also strengthen your application and unlock even better rates.
How does registering the van to my business vs. personally affect the loan?
If you have an incorporated business, you can finance the vehicle directly in the business's name. This helps separate business and personal liabilities. Lenders will assess the business's credit and revenue. If you are a sole proprietor, the loan will typically be in your personal name, but lenders will still consider your business income for approval. Your strong personal credit score of 700+ is a major asset in either scenario.
