Your 84-Month SUV Loan in Quebec with a 600-700 Credit Score
You're in the right place. This calculator is specifically designed for your situation: financing an SUV in Quebec with a fair credit score (600-700) over a 7-year (84-month) term. We'll break down what these numbers mean for your monthly payment, interest rate, and overall approval chances.
With a score in the 600-700 range, you're in a strong position to get approved, but lenders will look closely at your income and stability. An 84-month term is a popular strategy to make monthly payments on a reliable SUV more manageable, which is essential for Quebec's varied seasons.
How This Calculator Works
This tool gives you a precise estimate based on the variables you've selected. Here's the data it uses:
- Vehicle Price: The total cost of the SUV you're considering.
- Down Payment: The cash you're putting down upfront. A larger down payment reduces your loan amount and can help secure a better interest rate.
- Credit Profile (600-700 Score): We've pre-selected an estimated interest rate range typical for this credit tier in Quebec. Rates for this profile often fall between 8% and 15% APR, depending on the lender and your specific financial history.
- Loan Term (84 Months): This spreads the cost over seven years, resulting in a lower monthly payment compared to shorter terms.
- Taxes (0.00%): This calculator is set to 0% tax, which is specific to private vehicle sales between individuals in Quebec, where QST is not charged. Please note: If you are buying from a dealership, your purchase will be subject to GST (5%) and QST (9.975%). Adjust the tax rate in a full calculator if buying from a dealer.
Approval Odds & What Lenders Look For
With a credit score between 600 and 700, your approval odds are generally high. Lenders consider this a 'near-prime' or 'fair' credit category. They've moved past the simple 'yes/no' based on score and are now focused on two key factors:
- Income Stability: Do you have a consistent, provable source of income? Lenders want to see that you can comfortably handle the monthly payment.
- Debt-to-Income (DTI) Ratio: Your total monthly debt payments (including the new car loan) should ideally be less than 40-45% of your gross monthly income. This shows you're not over-extended.
Even if you've recently gone through a consumer proposal, securing a loan is very possible as your score starts to recover. For more on this, read our guide: Post-Proposal Car Loan: Your Credit Score Just Got a Mulligan.
Example SUV Loan Scenarios (84 Months)
Let's look at some real numbers. Assuming an average interest rate of 11.99% APR for a 600-700 credit score, here are some potential monthly payments for popular SUVs in Quebec. (Note: These are estimates for illustrative purposes only, O.A.C.)
| SUV Price | Down Payment | Amount Financed | Estimated Monthly Payment |
|---|---|---|---|
| $25,000 | $2,000 | $23,000 | ~$415/mo |
| $30,000 | $2,500 | $27,500 | ~$496/mo |
| $35,000 | $3,000 | $32,000 | ~$577/mo |
| $40,000 | $4,000 | $36,000 | ~$649/mo |
Understanding your options after a major financial event is key. If you've dealt with debt settlement, financing a vehicle is a major step forward. Learn more about your options in our article, Vehicle Financing After Debt Settlement: Non-Dealer Car 2026.
Frequently Asked Questions
What is a realistic interest rate for an SUV loan in Quebec with a 650 credit score?
With a credit score of 650, you fall squarely in the 'fair' or 'near-prime' category. In the current market, you can expect interest rates to range from approximately 8% to 15% APR. The final rate depends on the lender, the age of the SUV, your income stability, and your down payment amount.
Is an 84-month car loan a good idea for an SUV?
An 84-month (7-year) term can be a strategic choice. The primary benefit is a lower, more manageable monthly payment, which helps with budgeting. However, the downside is that you will pay more in total interest over the life of the loan. It's also important to consider that you may have negative equity (owing more than the car is worth) for a longer period.
Why is the tax rate 0% in this calculator? I thought Quebec had sales tax.
You are correct. When purchasing from a dealership in Quebec, you must pay GST (5%) and QST (9.975%). This calculator's 0% tax setting is specifically for calculating loan payments on a private sale-when you buy a used vehicle directly from another individual. Private sales are exempt from QST in Quebec.
I'm new to Quebec and my credit file is thin. Can I still get an SUV loan?
Yes, absolutely. Many lenders in Quebec specialize in helping newcomers establish their credit. While you might not have a long history, lenders will focus on other factors like your employment status, income, and down payment. Having a job offer letter or proof of stable income is very powerful. For more tailored information, see our guide on Quebec Newcomers: Your Credit History? We're Writing It With Your Car.
How much down payment do I need for an SUV with fair credit?
While some lenders offer zero-down loans, providing a down payment is highly recommended when you have a fair credit score. A down payment of 10-20% of the vehicle's price significantly increases your approval chances, can lower your interest rate, and reduces your monthly payment. It shows the lender you are financially committed to the purchase.
