Your 72-Month SUV Loan Estimate for Ontario (600-700 Credit Score)
Welcome to your specialized auto finance calculator, tailored for Ontario residents looking for a 72-month loan on an SUV with a credit score in the 600-700 range. This credit bracket, often called 'fair' or 'near-prime', puts you in a strong position to secure financing. You have options beyond typical subprime lenders, and this calculator will help you understand the real-world numbers, including Ontario's 13% HST.
Use the tool above to input your desired SUV price, down payment, and trade-in value to get a clear, data-driven estimate of your monthly payments and total costs.
How This Calculator Works for Your Ontario Scenario
This isn't a generic calculator. It's calibrated for your specific situation. Here's a breakdown of the key factors it uses:
- Vehicle Price & Down Payment: The starting point of your loan. A larger down payment can significantly lower your monthly payment and improve your interest rate.
- Ontario's Harmonized Sales Tax (HST): We automatically add the 13% HST to the vehicle's price. For example, a $35,000 SUV in Ontario has a pre-finance cost of $39,550 ($35,000 x 1.13). This is a crucial step many buyers forget to factor in.
- Estimated Interest Rate (600-700 Credit): For a 600-700 credit score, interest rates typically range from 8.99% to 15.99% APR (Annual Percentage Rate) OAC. Your exact rate depends on your income stability, debt-to-income ratio, and the vehicle's age and mileage. Our calculator uses a competitive average within this range for its estimate.
- Loan Term (72 Months): A 6-year term helps keep monthly payments manageable, especially for more expensive SUVs. While this lowers the monthly cost, it's important to remember that you will pay more in total interest over the life of the loan compared to a shorter term.
Approval Odds with a 600-700 Credit Score: HIGH
Your chances of approval are very high. Lenders see a 600-700 score as representing a responsible borrower who may have had some past credit challenges but is on the right track. They will primarily focus on two things: your ability to pay (income vs. expenses) and the stability of that income.
Even if you have unique circumstances, financing is often straightforward. For those who are self-employed, providing traditional pay stubs can be a challenge, but it's not a deal-breaker. Our guide, Self-Employed Ontario: They Want a Pay Stub? We Want You Driving, details how we work with different forms of income verification. Similarly, past credit issues don't have to hold you back. Many Ontarians find that clearing old debts can open up new opportunities. To learn more, see our article on What If Your Consumer Proposal *Unlocks* Your Car Loan, Ontario?. Even more severe credit events, like a past R9 rating, may not be an obstacle if your recent payment history is strong. For more on this, check out our guide on how Toronto's Active R9 doesn't have to stop your car loan.
Example SUV Loan Scenarios in Ontario (72-Month Term)
To give you a clearer picture, here are some common scenarios for an SUV loan in Ontario with a fair credit profile. These examples assume an estimated interest rate of 11.99% APR over 72 months.
Disclaimer: These are estimates for illustrative purposes only. Your actual payment may vary. OAC.
| SUV Price | Down Payment | Total Financed (with 13% HST) | Estimated Monthly Payment |
|---|---|---|---|
| $25,000 | $2,500 | $25,750 | ~$495 |
| $35,000 | $3,500 | $36,050 | ~$693 |
| $45,000 | $5,000 | $45,850 | ~$881 |
Frequently Asked Questions
What interest rate can I expect for an SUV loan in Ontario with a 650 credit score?
With a 650 credit score in Ontario, you are in the 'fair' credit range. You can typically expect an interest rate between 8.99% and 15.99% APR. The final rate will depend on factors like your income stability, your down payment amount, the age of the SUV, and your overall debt-to-income ratio. A larger down payment often helps secure a rate at the lower end of this range.
How much does the 13% HST add to a car loan in Ontario?
The 13% HST is calculated on the selling price of the vehicle before financing. It can add a significant amount to your total loan. For example, on a $30,000 SUV, the HST is $3,900 ($30,000 x 0.13), making the total price $33,900 before you even factor in interest or fees. Our calculator includes this automatically to give you a true cost estimate.
Is a 72-month loan a good idea for an SUV?
A 72-month (6-year) loan is a popular choice for SUVs because it helps make the monthly payments more affordable, especially given their higher average price. The main drawback is that you'll pay more in total interest over the life of the loan. It can also increase the risk of being in a 'negative equity' position, where you owe more than the vehicle is worth, for a longer period.
Can I get approved for an SUV loan with a 600-700 score if I am self-employed in Ontario?
Yes, absolutely. While traditional lenders may focus heavily on pay stubs, many lenders we work with specialize in financing for self-employed individuals. They will typically look at your bank statements, notice of assessments from the CRA, or business registration documents to verify your income. A stable income history, even if it's not a T4, is key.
How much of a down payment do I need for an SUV with fair credit?
While a $0 down payment is sometimes possible, a down payment is highly recommended for those in the 600-700 credit range. Aiming for at least 10% of the vehicle's price is a great goal. A down payment reduces the lender's risk, which can lead to a better interest rate, a lower monthly payment, and a higher chance of approval for the exact SUV you want.
