36-Month Truck Loan Calculator for the Northwest Territories (600-700 Credit Score)
Planning to buy a truck in the Northwest Territories? You're in the right place. This calculator is specifically designed for residents like you with a credit score between 600 and 700, looking for a rugged truck on a 36-month loan term. Best of all, we've factored in the NWT's biggest financial advantage: 0% provincial sales tax.
How This Calculator Works
Our calculator uses data from thousands of approved loans across Canada to estimate your payment. We have pre-configured the key details for your specific situation:
- Province: Northwest Territories
- Provincial Sales Tax: 0.00% (only 5% GST applies)
- Credit Profile: Fair (600-700 score)
- Vehicle Type: Truck
- Loan Term: 36 months
Simply input the vehicle's sticker price, your down payment, and any trade-in value to get a realistic monthly payment estimate. The interest rate is an approximation based on what lenders typically offer for this credit tier and loan type.
The NWT Advantage: Financing with 0% PST
One of the most significant benefits of buying a vehicle in the Northwest Territories is the absence of Provincial Sales Tax (PST). You only pay the 5% federal Goods and Services Tax (GST). On a $50,000 truck, this saves you thousands compared to other provinces. For example, in Ontario (13% HST), that same truck would cost an extra $4,000 in provincial tax alone. In the NWT, that money stays in your pocket, can be used as a larger down payment, or goes towards a better truck.
Financing a Truck with a 600-700 Credit Score
A score in the 600-700 range is considered 'fair' or 'near-prime'. Lenders see you as a responsible borrower who may have had some past credit stumbles. Approvals are common, but lenders will look closely at your income stability and your debt-to-income ratio. The interest rate will be higher than for someone with an 800 score, but significantly better than for those in the sub-500 range. A solid down payment and a stable job are your best tools for securing the lowest possible rate in this bracket.
Even if your credit history includes more complex situations like a consumer proposal, don't assume you're out of the running. Many lenders specialize in these scenarios. To learn more, read about The Consumer Proposal Car Loan You Were Told Was Impossible.
Example Scenarios: 36-Month Truck Loans in NWT
Here are some realistic examples for popular trucks. Note that the total price includes the 5% GST.
| Vehicle (Example) | Price + 5% GST | Down Payment | Loan Amount | Estimated Interest Rate | Estimated Monthly Payment |
|---|---|---|---|---|---|
| Used Ford F-150 | $42,000 | $4,000 | $38,000 | 10.99% | $1,244 |
| Used Toyota Tacoma | $47,250 | $5,000 | $42,250 | 10.49% | $1,366 |
| Used Ram 1500 | $52,500 | $6,000 | $46,500 | 9.99% | $1,492 |
Disclaimer: These are estimates for illustrative purposes. Your actual rate and payment will depend on your full credit profile, income, and the specific vehicle and lender.
Your Approval Odds: Good
With a credit score between 600 and 700, your approval odds for a 36-month truck loan are good. Lenders in this space focus heavily on affordability. They want to see that your total monthly debt payments (including the new truck loan) do not exceed 40-45% of your gross monthly income. Providing clear proof of consistent income is the most critical step to securing your approval.
While your score is much better than zero, understanding how lenders view different credit profiles can be helpful. For a baseline comparison, see how we handle applicants with no credit history in our guide: Zero Credit? Perfect. Your Canadian Car Loan Starts Here. Proving income is essential, especially with non-traditional employment. For more on this, check out our article Your 'Impossible' Car Loan Just Got Approved. Self-Employed, Poor Credit.
Frequently Asked Questions
What interest rate can I expect for a truck loan in NWT with a 650 credit score?
With a credit score of 650, you are in the 'fair' or 'near-prime' category. For a truck loan on a 36-month term, you can typically expect interest rates ranging from 8% to 15%. The final rate depends on your income stability, debt-to-income ratio, the age and mileage of the truck, and the size of your down payment.
Does the 0% tax in the Northwest Territories apply to the entire vehicle price?
The Northwest Territories has no Provincial Sales Tax (PST). This means you do not pay any provincial tax on the purchase. However, the federal 5% Goods and Services Tax (GST) still applies to the full purchase price of the vehicle.
How much of a down payment do I need for a truck with a 600-700 credit score?
While a $0 down payment is sometimes possible, it's not recommended in the 600-700 credit range. A down payment of 10-20% of the vehicle's price significantly increases your approval chances, lowers your monthly payment, and can help you secure a better interest rate. It shows the lender you have a financial stake in the loan.
Why choose a shorter 36-month term for a truck loan?
A 36-month (3-year) term has two main benefits. First, you pay off the truck much faster, building equity more quickly. Second, you pay significantly less in total interest over the life of the loan compared to longer terms like 72 or 84 months. The trade-off is a higher monthly payment, so you must ensure it fits comfortably within your budget.
Can I get approved if I have a past bankruptcy but my score is now over 600?
Yes, approval is very possible. Lenders understand that financial difficulties happen. If your bankruptcy has been discharged and you have spent time re-establishing positive credit (like with a credit card or small loan), a score over 600 shows you are on the right track. Lenders will focus on your current income and stability.
