Your 60-Month Ontario SUV Loan Estimate (600-700 Credit Score)
You're in a strong position. A credit score in the 600-700 range puts you in the "fair" to "good" category, opening up more competitive financing options for that SUV you need. This calculator is specifically calibrated for your situation in Ontario: a 60-month (5-year) loan term, the standard 13% HST, and interest rates typical for your credit profile.
Use the tool below to get a clear, data-driven estimate of your monthly payments and total costs. This isn't just a generic calculation; it's a realistic budget planner for your next vehicle purchase in Ontario.
How This Calculator Works for You
We've pre-set the key variables based on your selection to give you the most accurate picture possible:
- Province & Tax: Set to Ontario with the mandatory 13% Harmonized Sales Tax (HST). This tax is applied to the vehicle's selling price and is included in your total loan amount.
- Credit Profile (600-700): We estimate an interest rate between 8% and 15%. This is a typical range for near-prime borrowers in Ontario. Your final rate will depend on the lender, vehicle age, and your overall financial profile.
- Loan Term: Fixed at 60 months, a popular term that balances manageable monthly payments with a reasonable interest-paying period.
- Vehicle Type: Focused on SUVs, which helps lenders assess the vehicle's value and longevity.
The Ontario HST Impact: Don't Forget the 13%
In Ontario, a vehicle's sticker price isn't the final price. The 13% HST is a significant factor that must be included in your financing. Forgetting it can lead to a budget shortfall.
- A $25,000 SUV actually costs $28,250 ($25,000 + $3,250 tax).
- A $40,000 SUV actually costs $45,200 ($40,000 + $5,200 tax).
Our calculator automatically adds this tax to give you a true financing amount.
Example SUV Loan Scenarios (60-Month Term in Ontario)
To give you a clearer idea, here are some common scenarios for an SUV purchase in Ontario with a 600-700 credit score. We've used an estimated interest rate of 11.99% for these examples.
| Vehicle Price | Down Payment | Total Financed (incl. 13% HST) | Estimated Monthly Payment |
|---|---|---|---|
| $20,000 | $0 | $22,600 | ~$505 |
| $20,000 | $2,000 | $20,600 | ~$460 |
| $35,000 | $0 | $39,550 | ~$884 |
| $35,000 | $3,500 | $36,050 | ~$805 |
*Payments are estimates only (OAC) based on an 11.99% APR over 60 months.
Your Approval Odds with a 600-700 Credit Score
Your approval odds are very high. Lenders in Ontario view this credit range as responsible but perhaps still building a strong history. They will focus on two key factors:
- Income Stability: Lenders want to see consistent, provable income that can comfortably cover the new payment. If you're self-employed, providing clear documentation is key. For more on this, check out our guide on Self-Employed? Your Bank Statement is Our 'Income Proof'.
- Debt-to-Income Ratio: Your total monthly debt payments (including the new car loan) should ideally be less than 40-45% of your gross monthly income. A lower ratio significantly increases your chances of securing the best possible rate. Even if your credit has past blemishes, a strong income can make all the difference. To understand how lenders view this, see our article on Toronto Essential: Collections? Drive *Anyway*.
A down payment or a trade-in can further strengthen your application. A trade-in not only reduces the amount you need to borrow but also shows the lender you have equity. Learn more about how this works here: Your Trade-In Is Your Credit Score. Seriously. Ontario.
Frequently Asked Questions
What interest rate can I expect in Ontario with a 650 credit score for an SUV?
With a 650 credit score, you are in the near-prime category. For an SUV loan in Ontario, you can generally expect interest rates ranging from 8% to 15%. The final rate depends on the lender, the age and mileage of the SUV, your income stability, and your overall debt load.
How does the 13% HST affect my total loan amount in Ontario?
The 13% HST is calculated on the selling price of the vehicle and is added to the total amount you finance. For example, a $30,000 SUV will have $3,900 in HST, making the pre-financing cost $33,900. This entire amount is then financed, minus any down payment or trade-in value.
Is a 60-month (5-year) term a good idea for an SUV loan?
A 60-month term is a very common and often wise choice. It provides a good balance between keeping your monthly payments affordable and paying off the vehicle before it depreciates significantly. It's generally shorter than the 72 or 84-month terms that can lead to negative equity (owing more than the car is worth).
Can I get approved for an SUV loan with a 600-700 score if I'm self-employed?
Yes, absolutely. With a 600-700 credit score, lenders are very open to working with self-employed individuals. The key is providing clear proof of income. This is typically done through recent bank statements showing consistent deposits, and/or your recent Notice of Assessment (NOA) from the CRA.
Do I need a down payment for an SUV loan in this credit range?
While not always mandatory, a down payment is highly recommended. For a borrower in the 600-700 score range, putting down 10-20% can help you secure a lower interest rate, reduce your monthly payment, and show the lender you are financially committed, which improves your approval chances.
