Estimate Your 72-Month SUV Payment in Quebec with a Consumer Proposal
Navigating a car loan during or after a consumer proposal can feel complicated, but it's entirely possible. This calculator is specifically designed for your situation in Quebec: financing an SUV over a 72-month term with a credit score impacted by a consumer proposal. Use it to get a realistic estimate of your monthly payments and total costs.
How This Calculator Works for Your Scenario
This tool provides more than just a generic estimate. It's calibrated for the realities of auto financing in Quebec for individuals with a consumer proposal on their credit file.
- Vehicle Price: This is the sticker price of the SUV you're considering.
- Quebec Sales Tax (GST/QST): A critical factor. While you entered '0%', please note that Quebec has a combined Goods and Services Tax (GST) and Quebec Sales Tax (QST) of 14.975%. Our calculator automatically adds this to your vehicle price to determine the total amount financed, as this is how lenders structure the loan.
- Interest Rate (APR): For a consumer proposal profile (credit scores 300-500), lenders assign higher rates to offset risk. We use a realistic starting range of 19.99% to 29.99%. Your final rate will depend on factors like income stability and down payment.
- Loan Term: You've selected 72 months. This term lowers the monthly payment, making it more manageable, but it's important to know you'll pay more interest over the life of the loan compared to a shorter term.
Example SUV Payment Scenarios in Quebec (72-Month Term)
To give you a clear picture, let's look at some data-driven examples. These calculations assume a representative interest rate of 24.99% APR, which is common for this credit profile, and include the 14.975% Quebec sales tax.
| SUV Sticker Price | Price with QC Tax (14.975%) | Estimated Monthly Payment (72 mo @ 24.99%) | Total Interest Paid |
|---|---|---|---|
| $20,000 | $22,995 | $558 | $17,181 |
| $25,000 | $28,744 | $698 | $21,478 |
| $30,000 | $34,493 | $838 | $25,776 |
Your Approval Odds with a Consumer Proposal in Quebec
Getting approved for an SUV loan with an active or recently discharged consumer proposal is achievable. Lenders who specialize in this area focus more on your current financial stability than your past challenges. They will prioritize:
- Stable, Provable Income: Lenders typically want to see at least 3 months of consistent pay stubs. A minimum monthly income of $2,000 is often a baseline requirement.
- Debt-to-Income Ratio: Your total monthly debt payments (including the new car loan) should ideally not exceed 40-45% of your gross monthly income.
- Status of Your Proposal: While you can get a loan during an active proposal (with trustee permission), your options and rates improve significantly once it's discharged. For more details, explore our guide on how to get a car loan after completing a debt program.
- Vehicle Choice: Lenders prefer to finance newer, reliable vehicles like a modern SUV, as they hold their value better.
Many people are told that financing is out of reach during this period, but that's often incorrect. Specialized lenders understand this situation well. In fact, we've written extensively about the consumer proposal car loan you were told was impossible.
The key is working with a network that partners directly with these lenders. We believe in your comeback story. With a solid plan, your consumer proposal doesn't have to be a roadblock; we're here to help hand you the keys.
Frequently Asked Questions
Can I get a car loan in Quebec if my consumer proposal is not yet finished?
Yes, it is possible to get a car loan with an active consumer proposal in Quebec. You will need written permission from your Licensed Insolvency Trustee. Lenders will also require you to have a strong, stable income and a clear need for the vehicle (e.g., for work). Interest rates will be at the higher end of the subprime market.
Does the 72-month term hurt my chances of approval?
Not necessarily. For lenders, the most important factor is the affordability of the monthly payment relative to your income. A 72-month term lowers the payment, which can actually help your approval chances by making the loan fit more easily within your budget and debt-to-income ratio. The trade-off is paying more in total interest.
How is the tax calculated on a used SUV in Quebec?
For a used vehicle purchased from a dealer in Quebec, you pay both the 5% GST and the 9.975% QST on the sale price, for a total of 14.975%. If you buy privately, you only pay the 9.975% QST on the higher of the sale price or the vehicle's estimated book value. Our calculator assumes a dealer purchase and includes the full tax amount in the financing.
Will I need a down payment for an SUV loan with a consumer proposal?
A down payment is not always mandatory, but it is highly recommended. Providing a down payment of $500, $1,000, or more reduces the lender's risk, lowers your total loan amount (and thus your monthly payment), and shows financial discipline. It significantly increases your approval odds and may help you secure a slightly better interest rate.
How soon after my proposal is discharged can I get a better interest rate?
Once your proposal is discharged, you can begin rebuilding your credit immediately. By making all payments on your new car loan on time and potentially getting a secured credit card, you can see significant score improvement within 12-24 months. After this period of consistent positive payment history, you may be able to refinance your auto loan for a much lower interest rate.
