36-Month SUV Auto Loan Estimates in Quebec for 600-700 Credit Scores
You're in a specific situation: you want the versatility of an SUV, you're in Quebec, you have a fair credit score (600-700), and you're aiming for a shorter 36-month loan term. This is a smart approach. A shorter term means you pay less interest overall and build equity in your vehicle faster. This calculator is designed to give you a clear, data-driven estimate of what your monthly payments could look like.
With a score in the 600-700 range, you have good options. You're past the major hurdles of subprime lending, but lenders will still look closely at your application. A stable income and a reasonable down payment will be your strongest assets in securing the best possible interest rate.
How This Calculator Works
This tool provides an estimate based on the data you provide and market averages for your credit profile in Quebec. Here's a breakdown:
- Vehicle Price: Enter the total 'out-the-door' price of the SUV. This should include the price of the vehicle, freight, PDI, and Quebec's sales taxes (GST and QST). Lenders finance the total amount, so this gives you the most accurate payment estimate.
- Down Payment: The amount of cash you're putting down. For a 600-700 credit score, a down payment of 10-20% can significantly lower your interest rate and monthly payment.
- Trade-in Value: The value of your current vehicle, if any. This amount is subtracted from the total price, reducing the amount you need to finance.
The calculator then uses an estimated interest rate for the 600-700 credit tier in Quebec to project your monthly payment over your chosen 36-month term.
Approval Odds & What Lenders Look For
With a 600-700 credit score, your approval odds are generally high, provided you have verifiable income. Lenders in Quebec will view your file as 'near-prime'. They are not just looking at the score, but the story behind it. Have you been steadily rebuilding? Do you have a stable job? These factors matter immensely.
A 36-month term is highly favorable to lenders as it reduces their risk. By pairing this with an SUV-a vehicle type that holds its value well-you present a strong case for approval. Many of our clients are actively rebuilding their credit, and a car loan can be a powerful tool for that. If you've dealt with credit challenges in the past, understanding your options is key. For more on this, see our guide on The Consumer Proposal Car Loan You Were Told Was Impossible.
Example SUV Loan Scenarios in Quebec (36-Month Term)
To give you a realistic picture, here are some common scenarios for SUV buyers in your credit range. We've used an estimated interest rate of 10.99% for these calculations, which is a typical rate for this profile (O.A.C.).
| Vehicle Example (Total Financed Price) | Down Payment | Loan Amount | Estimated Monthly Payment |
|---|---|---|---|
| Used Compact SUV (e.g., Hyundai Kona, Kia Seltos) - $25,000 | $2,500 | $22,500 | ~$735 / month |
| Newer Mid-Size SUV (e.g., Toyota RAV4, Honda CR-V) - $35,000 | $3,500 | $31,500 | ~$1,029 / month |
| Full-Size or Premium SUV (e.g., Ford Explorer, Mazda CX-90) - $45,000 | $5,000 | $40,000 | ~$1,307 / month |
Disclaimer: These are estimates only. Your actual interest rate and payment will depend on the specific vehicle, your full credit history, and the lender's final approval (O.A.C.).
Strategies to Improve Your Loan Terms
Even with a fair credit score, you can take steps to get a better deal:
- Increase Your Down Payment: A larger down payment reduces the lender's risk, which can directly lead to a lower interest rate. It shows you have 'skin in the game'. Even if you think you have no options for a down payment, there are ways. Explore our article on specialized situations like Bankruptcy? Your Down Payment Just Got Fired to see how we tackle this.
- Consider a Co-signer: If you have a trusted family member or friend with a strong credit profile, adding them to the loan can help you secure a prime interest rate.
- Fix Trade-in Issues: If you have negative equity in your current vehicle, it can complicate the new loan. It's important to understand how to handle this. Learn more in our guide on what to do with an Upside-Down Car Loan? How to Refinance Without a Trade.
Frequently Asked Questions
What interest rate can I expect in Quebec with a 600-700 credit score?
For a 600-700 credit score in Quebec, you can typically expect an interest rate ranging from 8% to 15% on a used or new SUV. The final rate depends on your income stability, down payment size, and the specific vehicle's age and mileage. A 36-month term is often viewed favorably and can help you secure a rate on the lower end of that spectrum.
Why choose a 36-month term for an SUV loan?
A 36-month (3-year) term is an excellent financial choice. While the monthly payment is higher than a longer term, you pay significantly less interest over the life of the loan. You also build equity much faster, meaning you owe less than the car is worth sooner, which protects you from being 'upside-down' on your loan.
How does a down payment affect my SUV loan with fair credit?
A down payment is critical when you have fair credit. It reduces the total amount financed (Loan-to-Value ratio), which lowers the lender's risk. For lenders, a significant down payment (10% or more) demonstrates financial discipline and stability, often resulting in a lower interest rate and a higher chance of approval for the SUV you want.
Does this calculator include Quebec's sales taxes (GST/QST)?
This calculator is designed for you to input the total 'out-the-door' price of the vehicle into the 'Vehicle Price' field. This final price from the dealership already includes the 5% GST and 9.975% QST. Using the total financed amount ensures the most accurate monthly payment estimate.
Can I get approved for an SUV loan in Quebec if I've had a consumer proposal?
Yes, absolutely. Many lenders in Quebec specialize in financing for individuals who are in or have completed a consumer proposal. With a 600-700 credit score, you are likely in a strong position, especially if the proposal is discharged. Lenders will focus on your current income and financial stability post-proposal.
