Your 60-Month Ontario Pickup Truck Loan Estimate
You're in the right place. This calculator is specifically designed for Ontario residents with a credit score between 600 and 700, looking to finance a pickup truck over a 60-month (5-year) term. We'll break down the numbers, including the 13% HST, and give you a realistic picture of what to expect.
How This Calculator Works for Your Scenario
Getting an accurate payment estimate requires understanding the key factors, especially with a fair credit profile in Ontario.
- Vehicle Price: This is the sticker price of the truck before any taxes or fees. Pickup trucks often have a higher price point, so this is your most significant variable.
- Down Payment / Trade-In: With a 600-700 credit score, a down payment is your most powerful tool. It reduces the lender's risk, which can lead to better interest rates and a lower monthly payment.
- Ontario HST (13%): We automatically factor in Ontario's Harmonized Sales Tax. A $40,000 truck isn't $40,000 to finance; it's $45,200 ($40,000 + $5,200 in HST). This is a crucial detail many buyers overlook.
- Interest Rate (APR): This is an estimate. For a 600-700 score, you're in the 'near-prime' or 'fair credit' category. Rates can range from approximately 9.99% to 21.99% OAC (On Approved Credit), depending on your specific credit history, income stability, and the vehicle's age. Our calculator uses a competitive average for this credit tier.
- Loan Term (60 Months): This term offers a balance between a manageable monthly payment and paying less interest over the life of the loan compared to longer 72 or 84-month terms.
Your Approval Odds with a 600-700 Credit Score
A score in this range means you have good approval odds, but not with every lender. Major banks may be hesitant, but specialized auto lenders in Ontario are well-equipped to handle your application. They will focus on two key areas:
- Income Stability & Affordability: Lenders need to see that you have a consistent, provable income that can comfortably cover the new truck payment plus your existing debts. A common rule is that your total monthly debt payments (including the new truck) should not exceed 40% of your gross monthly income.
- Recent Credit History: Have you made consistent payments on other debts recently? A past issue like a debt settlement is less concerning than current missed payments. For more on this, check out our guide on Zero Down Car Loan After Debt Settlement 2026.
Putting money down significantly increases your chances and shows the lender you have 'skin in the game.' Even if you don't have a large sum, any amount helps. If a down payment is a concern, options still exist. For more information, our article Down Payment? We Prefer 'Empty Wallet' Car Loans for Gig Workers, Ontario. provides useful insights, especially for those with non-traditional income.
Example Scenarios: 60-Month Pickup Truck Loans in Ontario
Here are some data-driven examples to see how the numbers play out. We've used an estimated APR of 13.99% for this credit profile.
| Vehicle Price | Down Payment | Total After HST (13%) | Amount Financed | Estimated Monthly Payment |
|---|---|---|---|---|
| $25,000 | $2,500 | $28,250 | $25,750 | ~$585 |
| $35,000 | $3,500 | $39,550 | $36,050 | ~$819 |
| $45,000 | $5,000 | $50,850 | $45,850 | ~$1,041 |
| $55,000 | $6,000 | $62,150 | $56,150 | ~$1,275 |
Disclaimer: These are estimates for illustration purposes only. Your actual payment will depend on the specific vehicle, your credit history, and the lender's final approval (OAC).
Frequently Asked Questions
What interest rate can I expect in Ontario with a 650 credit score for a truck?
With a 650 credit score, you're in the fair credit range. For a pickup truck in Ontario, you can typically expect an interest rate between 9.99% and 21.99%. The final rate depends on factors beyond the score, such as your income stability, debt-to-income ratio, the size of your down payment, and the age and mileage of the truck.
Does the 13% HST apply to used pickup trucks in Ontario?
Yes. When you purchase a used vehicle from a registered dealership in Ontario, you must pay the 13% HST on the sale price. This amount is added to the vehicle cost and is typically included in the total amount you finance.
Is a 60-month term a good idea for a pickup truck loan?
A 60-month (5-year) term is often a great choice. The main advantage is that you'll pay less in total interest compared to a longer 72 or 84-month loan. The trade-off is a higher monthly payment. It's a good balance for paying off your truck efficiently without overextending your budget.
How much of a down payment do I need for a truck with a 600-700 score?
There is no mandatory minimum, but a down payment of 10-20% of the vehicle's price is highly recommended. For a $35,000 truck, this would be $3,500 - $7,000. A larger down payment reduces the loan amount, lowers your monthly payment, and significantly improves your approval chances and potential interest rate by lowering the lender's risk.
Besides my credit score, what do Ontario lenders look for with a truck loan application?
Lenders in Ontario look at your entire financial profile. Key factors include your income stability and source (employment, self-employment, etc.), your debt-to-income (DTI) ratio, your recent payment history on other accounts, and the details of the vehicle you want to finance. Ensuring the lender is reputable is also key; learning How to Check Car Loan Legitimacy 2026: Canada Guide can protect you during the process.
