Estimate Your 96-Month SUV Loan Payments in Quebec (600-700 Credit Score)
You're in the right place. This calculator is specifically designed for Quebec residents with a credit score between 600 and 700 who are looking to finance an SUV over a 96-month term. We'll break down the numbers, explain what lenders are looking for, and give you a clear, data-driven estimate of your potential monthly payments.
How This Calculator Works
This tool provides a realistic estimate based on the specific factors you've selected. Here's a breakdown of the key variables:
- Vehicle Price: The total cost of the SUV you're considering.
- Down Payment: The cash you put down upfront. A larger down payment reduces your loan amount and can often secure a better interest rate.
- Trade-in Value: The value of your current vehicle, which acts like a down payment.
- Credit Score (600-700): This range is often considered 'fair' or 'near-prime'. Our calculator uses an estimated interest rate typical for this bracket in Quebec, which is higher than prime rates but more competitive than rates for scores under 600.
- Term (96 Months): A longer term lowers your monthly payment but means you'll pay more interest over the life of the loan.
- Taxes (0%): Please note, this calculator shows a pre-tax estimate to help you understand the base payment. In Quebec, dealerships will add GST (5%) and QST (9.975%) to the vehicle price, which will be included in your final financed amount.
Approval Odds with a 600-700 Credit Score
With a score in the 600-700 range, your approval odds for an SUV loan are quite good. You've moved beyond the deep subprime category, and more lenders are willing to compete for your business. However, they will still look closely at your full financial profile:
- Income Stability: Lenders want to see a consistent and provable source of income.
- Debt-to-Income (DTI) Ratio: Your total monthly debt payments (including the new estimated car payment) should ideally be less than 40-45% of your gross monthly income.
- Credit History: They will look for recent positive payment history. If you're actively rebuilding your credit, this works in your favour. For those navigating this space, it's crucial to know what to look for. To learn more, read our guide on Unmasking 'Bad Credit' Car Lenders: Red Flags You Miss, Quebec.
Example SUV Loan Scenarios (96-Month Term)
Here are some realistic pre-tax estimates for financing an SUV in Quebec with a fair credit score. We've used an estimated interest rate of 10.99% for this credit profile. (Note: These are for illustration purposes only. Your actual rate may vary. OAC.)
| SUV Price | Down Payment | Amount Financed | Estimated Monthly Payment |
|---|---|---|---|
| $25,000 | $2,000 | $23,000 | ~$362 |
| $35,000 | $3,500 | $31,500 | ~$495 |
| $45,000 | $5,000 | $40,000 | ~$628 |
Is a 96-Month Loan Right For You?
An 8-year loan term can make a more expensive SUV affordable on a monthly basis. However, it's a significant commitment. The main drawback is the total interest paid over eight years. You also risk being 'upside-down' (owing more than the car is worth) for a longer period, which can be problematic if you need to sell or trade the vehicle. For many in the process of rebuilding credit after a major event, managing cash flow is key. If you're in this situation, our resources can help you understand the path forward, such as our article on Bankruptcy Discharge: Your Car Loan's Starting Line.
Ultimately, the right term depends on balancing a comfortable monthly payment with the long-term cost. We work with you to find a structure that fits your budget and goals. If other lenders have been hesitant, don't worry. We specialize in finding solutions. As we always say, even if They Said 'No' After Your Proposal? We Just Said 'Drive!
Frequently Asked Questions
What interest rate can I expect in Quebec with a 650 credit score for an SUV?
With a credit score of 650, you fall into the 'fair' or 'near-prime' category. In Quebec, you can typically expect interest rates ranging from 8% to 15%, depending on the lender, your income stability, down payment, and the age of the SUV. A larger down payment can help secure a rate at the lower end of this range.
Is a 96-month car loan a good idea in Quebec?
A 96-month (8-year) loan can be a useful tool to lower your monthly payments and afford a more reliable or larger vehicle. However, the downside is paying significantly more interest over the loan's life and a higher risk of negative equity. It's best for those who plan to keep their vehicle for many years and have a stable budget.
How much does my 600-700 credit score affect my SUV financing options?
A score in this range gives you significantly more options than a score below 600. While you won't qualify for the 0% financing offers reserved for prime credit, you will have access to loans from A-lenders, B-lenders, and specialized financing companies. You can get approved for a quality new or used SUV with reasonable terms.
Does this calculator include Quebec's sales tax (QST)?
No, this calculator is configured to show pre-tax payment estimates. This helps you understand the base cost of financing the vehicle itself. When you purchase from a dealership in Quebec, they will add the Goods and Services Tax (GST) of 5% and the Quebec Sales Tax (QST) of 9.975% to the final price, which will then be factored into your loan.
Can I get approved for an SUV loan with a 620 score if I have a low income?
Approval depends on your overall financial picture, not just your credit score. Lenders will calculate your Debt-to-Income (DTI) ratio. If your existing debts plus the new SUV payment are a manageable percentage of your income (typically under 45%), you have a good chance of approval. A down payment can also significantly strengthen your application.
