60-Month SUV Loan Calculator: Ontario & Consumer Proposal Edition
Navigating a car loan after a consumer proposal in Ontario can feel complicated, but it's entirely achievable. You've taken a responsible step to manage your debt; now you need a reliable SUV for your life. This calculator is designed specifically for your situation, factoring in the realities of the Ontario market, including 13% HST and the interest rates associated with post-proposal financing.
Use the tool above to get a realistic estimate of your monthly payments for a 60-month loan on the SUV you need.
How This Calculator Works for Your Specific Scenario
General calculators don't account for the details that matter most. Here's how we tailor the estimate for you:
- Vehicle Price & 13% Ontario HST: In Ontario, you pay 13% Harmonized Sales Tax (HST) on used vehicles. We automatically add this to the vehicle price to calculate the total amount you'll need to finance. For example, a $22,000 SUV actually costs $24,860 after tax.
- Credit Profile (Consumer Proposal): We've preset the interest rate range to reflect what lenders typically offer to individuals who are in, or have recently completed, a consumer proposal (typically 18% - 29.99%). This provides a realistic payment estimate, not an advertised low rate that doesn't apply.
- Vehicle Type (SUV): SUVs often have a higher price point than sedans. Our examples are based on popular used SUV models found in the Ontario market.
- Loan Term (60 Months): A 60-month (5-year) term is a common choice in this situation. It helps keep monthly payments manageable while satisfying lender requirements for subprime loans.
Example SUV Loan Scenarios in Ontario (Post-Proposal)
To give you a clear picture, here are some typical scenarios for a 60-month term. We've used an estimated interest rate of 22.99% for these examples, which is common for this credit profile. (Note: These are estimates for illustrative purposes. Your final rate will depend on your specific financial situation. O.A.C.)
| Vehicle Price | Total with 13% HST | Estimated Monthly Payment (60 mo @ 22.99%) |
|---|---|---|
| $15,000 | $16,950 | ~$460 / month |
| $20,000 | $22,600 | ~$613 / month |
| $25,000 | $28,250 | ~$767 / month |
Your Approval Odds: What Lenders Look For After a Proposal
Getting approved for an SUV loan after a consumer proposal is less about your old credit score and more about demonstrating current stability. Lenders who specialize in this area focus on two key things: your ability to pay and your reliability.
- Proof of Income: A steady, provable income is the single most important factor. Lenders want to see at least 3 months of consistent pay stubs. If you've just started a new job, a formal employment letter can also work. For more details on this, read our guide on Your 2026 Contract: New Job Car Loan Proof, Ontario.
- Debt-to-Income Ratio: Lenders will look at your total monthly debt payments (including the new estimated car payment) versus your gross monthly income. They generally want to see this ratio below 40-45%.
- Down Payment: While not always mandatory, a down payment of $1,000 - $2,500 shows commitment and reduces the lender's risk, which can lead to better terms.
Many traditional banks and credit unions may decline applications associated with a consumer proposal. That's why working with a dealership that has a network of specialized, private lenders is crucial. If you've been turned down elsewhere, don't lose hope. Our partners understand your situation. Discover more in our article: They Said 'No' After Your Proposal? We Just Said 'Drive!.
If you're self-employed, the process is slightly different but still very possible. Lenders will look at bank statements and tax documents instead of pay stubs. Learn how we can help: Self-Employed Ontario: They Want a Pay Stub? We Want You Driving.
Frequently Asked Questions
Can I get an SUV loan while I am still making payments on my consumer proposal in Ontario?
Yes, it is possible. You will likely need a letter from your Licensed Insolvency Trustee granting permission to incur new debt. Lenders will also want to see a perfect payment history on the proposal itself. Approval is often easier once the proposal is fully discharged, but financing during the proposal is a common path to rebuilding credit.
How much of a down payment do I need for an SUV with my credit history?
A down payment is not always required, but it is highly recommended. For a consumer proposal applicant, a down payment of $500 to $2,500 can significantly improve your approval odds and may help you secure a lower interest rate. It reduces the amount the lender has to risk on the loan.
Will the 13% HST in Ontario be included in my auto loan?
Yes. The 13% HST is applied to the sale price of the vehicle, and this total amount becomes the principal of your loan. For example, a $20,000 SUV becomes a $22,600 loan before any interest, fees, or warranties are added.
What is a realistic interest rate for an SUV loan after a consumer proposal?
Be prepared for higher-than-average interest rates. For applicants in or recently out of a consumer proposal, rates typically range from 18% to 29.99%. The exact rate depends on your income stability, the vehicle's age and value, and the size of your down payment.
Can I finance a newer or more expensive SUV in this situation?
Yes, but your income must support the payment. Lenders use a Total Debt Service Ratio (TDSR) to determine how much you can afford. Your total monthly debt payments (including the new SUV) should not exceed 40-45% of your gross monthly income. A larger income and fewer existing debts will allow you to qualify for a more expensive vehicle.
