Your Premier 96-Month SUV Auto Loan Calculator for Ontario (700+ Credit)
Welcome. You're in a strong financial position. A credit score of 700 or higher in Ontario unlocks the most competitive interest rates and flexible terms available, especially for a popular vehicle choice like an SUV. This calculator is specifically calibrated for your scenario: a 96-month (8-year) loan term in Ontario, factoring in the 13% Harmonized Sales Tax (HST) and the prime lending rates you deserve.
Use the tool below to get a precise, data-driven estimate of your monthly payments and total financing costs. Let's see what you can comfortably afford.
How This Calculator Works: An Ontario-Specific Breakdown
Our calculator isn't generic. It's fine-tuned for your exact situation, providing a transparent look at the numbers lenders use.
- Vehicle Price: The sticker price of the SUV you're considering.
- Down Payment & Trade-In: Any cash you're putting down or the value of your trade-in. This amount is subtracted from the vehicle price before taxes are calculated. A significant down payment or a valuable trade-in can dramatically lower your monthly payments. In fact, a strong trade-in can be as powerful as a high credit score. For more on this, see our guide: Your Trade-In Is Your Credit Score. Seriously. Ontario.
- Ontario Sales Tax (13% HST): In Ontario, HST is applied to the vehicle's price after the trade-in value is deducted. For example, a $45,000 SUV with a $5,000 trade-in has tax calculated on $40,000. That's $5,200 in HST ($40,000 x 0.13), making your total amount to finance $45,200 before interest.
- Interest Rate (APR): With a 700+ credit score, you qualify for prime rates. Depending on the vehicle's age (new vs. used) and current market conditions, expect rates from approximately 5.99% to 8.99% (OAC). Newer vehicles typically secure lower rates.
- Loan Term: You've selected 96 months. This term results in the lowest possible monthly payment but means you will pay more interest over the life of the loan compared to shorter terms.
Approval Odds for a 700+ Credit Score
Your approval odds are excellent. With a score above 700, lenders see you as a low-risk borrower. Approval is virtually guaranteed, provided two key factors are met:
- Stable, Verifiable Income: Lenders need to see that you have a consistent income source sufficient to cover the new payment.
- Debt-to-Income Ratio (DTI): This is critical. Lenders in Ontario typically want your total monthly debt payments (including the new car loan, mortgage/rent, credit cards, etc.) to be less than 40-44% of your gross monthly income. This calculator helps you find a payment that keeps you within that healthy range.
Example 96-Month SUV Loan Scenarios in Ontario
To give you a clear picture, here are some estimated monthly payments for different SUV price points. This table assumes a 7.99% APR, a $2,000 down payment/trade-in, and includes the 13% Ontario HST.
| SUV Price | Amount After Down Payment | 13% HST | Total Financed | Estimated Monthly Payment (96 mo @ 7.99%) |
|---|---|---|---|---|
| $30,000 | $28,000 | $3,640 | $31,640 | $439 |
| $45,000 | $43,000 | $5,590 | $48,590 | $674 |
| $60,000 | $58,000 | $7,540 | $65,540 | $909 |
Disclaimer: These are estimates for illustrative purposes only. Your actual rate and payment may vary based on the specific vehicle, lender, and final approval (OAC).
If you're trading in a vehicle with an outstanding loan, the situation can be more complex. However, even if you owe more than the car is worth, options are available. Learn more about how we handle this common issue: Negative Equity in Ontario? Your 'No' Just Became 'Yes'. For those exploring all financing avenues, it's also wise to understand alternatives to traditional bank loans. You can read about them in our article on Skip Bank Financing: Private Vehicle Purchase Alternatives.
Frequently Asked Questions
What interest rate can I expect for an SUV loan in Ontario with a 700+ credit score?
With a credit score over 700, you are considered a prime borrower. You can expect to be offered competitive interest rates, typically ranging from 5.99% to 8.99% (OAC). The final rate depends on factors like the age of the SUV (new cars get better rates), the specific lender, and current Bank of Canada rates.
Is a 96-month car loan a good idea for an SUV?
A 96-month (8-year) loan can be a strategic choice if your primary goal is the lowest possible monthly payment. This can help you afford a safer, more reliable, or better-equipped SUV. The main drawback is that you'll pay more in total interest over the loan's life. It's best for new or very recent used vehicles that are expected to have a long service life.
How is the 13% HST calculated on an SUV purchase in Ontario?
The 13% HST in Ontario is calculated on the net price of the vehicle. This means the tax is applied *after* your down payment or trade-in value has been subtracted from the sticker price. For example, on a $50,000 SUV with a $10,000 trade-in, HST is calculated on the remaining $40,000, which amounts to $5,200 in tax.
Can I get approved for a 96-month loan with no money down, even with good credit?
Yes, it's very likely. With a 700+ credit score, many lenders will approve a $0 down payment loan, even on a 96-month term. However, putting money down is always recommended as it reduces the amount you finance, lowers your monthly payment, and helps you build equity in the vehicle faster, protecting you from negative equity.
Does financing a more expensive SUV affect my interest rate with good credit?
Generally, no. The interest rate offered is tied to your creditworthiness, not the price of the vehicle. A $30,000 SUV and a $70,000 SUV would likely be offered the same prime interest rate. The factor that changes is your ability to get approved based on your income and overall debt load (your DTI ratio).
