Ontario SUV Loan Calculator: 24-Month Term with a 600-700 Credit Score
You've specified your situation: you're in Ontario, looking for an SUV, have a credit score between 600 and 700, and want a short 24-month loan term. This is a specific scenario, and understanding the numbers is key. This calculator is designed to give you a realistic estimate based on these factors, factoring in Ontario's 13% Harmonized Sales Tax (HST).
How This Calculator Works for Your Ontario SUV Loan
Our calculator isn't just a generic tool. It's calibrated for your unique circumstances:
- Vehicle Price: The sticker price of the SUV you're considering.
- Ontario's 13% HST: We automatically add the 13% HST to the vehicle price to calculate the total amount you need to finance. This is a crucial step many people forget. A $30,000 SUV is actually a $33,900 loan before any other fees.
- Credit Profile (600-700 Score): This range is often considered 'fair' or 'near-prime'. Lenders will approve you, but interest rates will be higher than for those with 750+ scores. We use an estimated interest rate appropriate for this bracket (typically 8% - 18% APR, OAC).
- Loan Term (24 Months): A short term like this means you pay less interest over the life of the loan, but your monthly payments will be significantly higher.
Example: Calculating Your All-In Cost in Ontario
Let's see how the math works on a typical used SUV:
- Vehicle Price: $25,000
- Ontario HST (13%): $3,250
- Total Amount to Finance: $28,250
This $28,250 is the starting point for your loan calculation, even before lender fees or any extended warranties are considered.
Sample Monthly Payments for an SUV (24-Month Term)
The table below shows estimated monthly payments for different SUV prices in Ontario, assuming a 12.99% APR, which is a representative rate for a 650 credit score. Note how high the payments are due to the short 24-month term.
| Vehicle Price | Price with 13% HST | Estimated Monthly Payment (24 Months @ 12.99% APR) |
|---|---|---|
| $20,000 | $22,600 | ~$1,076/month |
| $25,000 | $28,250 | ~$1,345/month |
| $30,000 | $33,900 | ~$1,614/month |
| $35,000 | $39,550 | ~$1,883/month |
Disclaimer: These are estimates only. Your actual rate and payment will depend on the specific lender, your full credit history, and income. OAC = On Approved Credit.
Your Approval Odds in the 600-700 Credit Range
Good news: A score in the 600s puts you in a position to get approved. You're past the 'deep subprime' category and into a space where more lenders, including some traditional banks and credit unions, are willing to compete for your business. However, they will still look closely at two things:
- Income Stability: Lenders need to see consistent, provable income. If you have non-traditional income, it's still possible to get approved. For more on this, check out our guide on Variable Income Auto Loan 2026: Your Yes Starts Here.
- Debt-to-Income (DTI) Ratio: This is critical. Lenders don't want your total monthly debt payments (including the new car loan) to exceed 40-45% of your gross monthly income. Given the high payments of a 24-month term, this is the biggest hurdle you will face. A $1,345 payment requires a gross monthly income of at least $3,000-$3,400 with no other debt.
If you have past credit issues like a consumer proposal, you can still secure financing as you rebuild. Many Ontarians find success in this situation. Read about your options in our article: Post-Proposal Car Loan: Your Credit Score Just Got a Mulligan.
Strategies to Lower Your Monthly Payment
If the payments above seem too high, you have options:
- Extend the Term: Moving from 24 to 48 or 60 months will drastically reduce your monthly payment, making it more affordable. You'll pay more interest over time, but it may be the key to approval.
- Make a Down Payment: A down payment reduces the total amount financed, directly lowering your monthly payment and potentially securing you a better interest rate.
- Choose a More Affordable SUV: The most direct way to lower the payment is to lower the principal. Consider a slightly older model or one with fewer options.
Even with challenges like active collections, there are pathways to getting a vehicle in Ontario. Don't assume it's impossible. Learn more in our guide, Toronto Essential: Collections? Drive *Anyway*.
Frequently Asked Questions
What interest rate can I expect in Ontario with a 650 credit score for an SUV?
With a credit score of around 650 in Ontario, you're typically in the 'fair' or 'near-prime' credit category. For a used SUV, you can generally expect interest rates (APR) ranging from 8% to 18%. The final rate depends on the lender, the age of the vehicle, your income stability, and your overall debt load.
How does the 13% HST affect my total SUV loan amount?
The 13% HST in Ontario is calculated on the selling price of the vehicle and is added to the total amount you finance. This means a $30,000 SUV instantly becomes a $33,900 loan before any other fees. This increases your monthly payment and the total interest you pay over the life of the loan.
Is a 24-month term a good idea for an SUV loan with fair credit?
While a 24-month term allows you to pay off the loan quickly and save on total interest, it results in very high monthly payments. For most people with fair credit, this can make it difficult to get approved, as the payment might push their debt-to-income ratio too high for lender guidelines. A longer term (e.g., 48-72 months) is often more realistic and manageable.
Can I get approved for an SUV loan with a 600-700 score if I have collections on my report?
Yes, it is often possible. Lenders who specialize in this credit tier understand that a 600-700 score can come with some past blemishes like collections. They will focus more on your current income stability and your ability to afford the payment. Having a down payment can also significantly strengthen your application in this scenario.
Do I need a down payment for an SUV loan in this credit range in Ontario?
A down payment is not always mandatory, but it is highly recommended. For a 600-700 credit score, providing a down payment of 10% or more shows the lender you have 'skin in the game.' It reduces their risk, lowers your loan-to-value ratio, decreases your monthly payment, and increases your chances of securing a better interest rate.
