Your 24-Month SUV Loan in Quebec with a 600-700 Credit Score
You've made some specific choices, and this calculator is built just for you. Securing financing for an SUV in Quebec with a credit score in the 600-700 range is very achievable. By choosing a short 24-month term, you're signaling to lenders that you're serious about repayment, which can work in your favour. This approach means higher monthly payments, but you'll pay significantly less in total interest and own your vehicle free and clear in just two years.
How This Calculator Works
This tool simplifies the process by pre-configuring key details based on your situation:
- Province: Quebec
- Credit Profile: 600-700 (Fair to Good)
- Vehicle Type: SUV
- Loan Term: 24 Months
Based on this data, we estimate an approximate interest rate of 11.99%. This is a typical rate for this credit bracket in Quebec for a shorter-term auto loan. Your actual rate may be lower or higher depending on your full financial profile, income stability, and the size of your down payment. Lenders in Quebec want to see proof of stable income, and often, bank statements are all you need. While this resource is for Alberta, the principle is the same: Bank Statements: The Only Resume Your Car Loan Needs. Drive, Alberta!
Important Note on Taxes: This calculator is set to 0% tax as per the tool's configuration. However, in reality, all vehicle purchases in Quebec are subject to GST (5%) and QST (9.975%). Your final loan from a dealership will include these taxes calculated on the vehicle's selling price.
Example SUV Loan Scenarios (24-Month Term)
See how different SUV prices affect your monthly payment over a 24-month term, assuming a sample 11.99% APR. Notice how the short term leads to higher payments but rapid equity.
| Vehicle Price | Down Payment | Loan Amount | Estimated Monthly Payment | Total Interest Paid |
|---|---|---|---|---|
| $25,000 | $2,500 | $22,500 | $1,051 | $2,724 |
| $35,000 | $3,500 | $31,500 | $1,471 | $3,814 |
| $45,000 | $5,000 | $40,000 | $1,868 | $4,832 |
Your Approval Odds with a 600-700 Credit Score
With a score in the 600-700 range, you are in a good position. Lenders see you as a responsible borrower who may have had some past credit challenges but is on the right track. This is not considered deep subprime; it's a 'near-prime' category where approvals are common.
To maximize your approval chances and secure the best rate:
- Stable Income: Lenders prioritize consistent, provable income over a perfect credit score.
- Down Payment: A down payment of 10% or more significantly reduces the lender's risk, which can directly lower your interest rate. If a large down payment is a challenge, it's still possible to get approved. For more on this, check out our guide on Zero Down Car Loan After Debt Settlement 2026.
- Low Debt-to-Service Ratio (DSR): Ensure your total monthly debt payments (including your estimated car payment) do not exceed 40-45% of your gross monthly income.
While lenders have minimum score requirements, the context of your entire file matters more. Though it's about Ontario, the core ideas apply in Quebec too. You can learn more here: The Truth About the Minimum Credit Score for Ontario Car Loans.
Frequently Asked Questions
What interest rate can I expect in Quebec with a 650 credit score for a 24-month SUV loan?
With a 650 credit score, you're right in the middle of the 'fair' credit range. For a shorter 24-month term on a secure asset like an SUV, you can typically expect interest rates from 8% to 15%. A larger down payment, stable employment history, and a low debt-to-income ratio can help you secure a rate at the lower end of that spectrum.
Why are my calculated monthly payments so high on a 24-month term?
A 24-month term means you are paying off the entire loan principal and interest in just two years. Spreading the cost over a shorter period naturally results in higher monthly payments compared to longer terms like 60 or 72 months. The significant advantage is that you pay far less in total interest over the life of the loan and achieve full ownership much faster.
Does a 600-700 credit score count as 'bad credit' in Quebec?
No, a score in the 600-700 range is generally classified as 'fair' or 'near-prime,' not bad credit. While it's below the prime threshold (typically 720+), it demonstrates a history of managing credit. Lenders are very willing to work with applicants in this range, seeing them as a reasonable risk, especially for a secured loan on a popular vehicle like an SUV.
How much of a down payment should I make for an SUV loan with my credit score?
While a zero-down loan might be possible, providing a down payment is highly recommended. Aiming for 10-20% of the vehicle's purchase price is a great goal. A substantial down payment lowers your monthly payment, reduces the total interest you'll pay, and shows financial stability to lenders, which can help you get a better interest rate.
The calculator shows 0% tax for Quebec. Is that correct?
No, this is for calculation purposes only. Any vehicle purchased in Quebec is subject to both the Goods and Services Tax (GST) at 5% and the Quebec Sales Tax (QST) at 9.975%. The final financed amount from the dealership will include the vehicle price plus these mandatory taxes, minus your down payment or trade-in value.
