Estimate Your 36-Month Truck Loan Payments in Quebec with Fair Credit
Navigating truck financing in Quebec with a credit score between 600 and 700 can feel complex, but you have solid options. This calculator is specifically designed for your situation: financing a truck on a 36-month term with a fair credit profile. A shorter 36-month term means you'll pay off your truck faster and save on interest over the life of the loan, a smart move that lenders often view favourably.
Use the tool below to get a data-driven estimate of your monthly payments and understand what you can realistically afford.
How This Calculator Works
This tool provides a clear estimate based on key financial inputs. Here's a breakdown of what each field means for you:
- Vehicle Price: The sticker price of the truck you're considering.
- Down Payment: The cash you put towards the purchase. For a 600-700 credit score, a larger down payment (10% or more) significantly increases your approval chances and can lower your interest rate.
- Trade-in Value: The value of your current vehicle. A positive trade-in value acts like a down payment. If you owe more than the car is worth, you may have negative equity. For more on this, see our guide on how to Ditch Negative Equity Car Loan | 2026 Canada Guide.
- Interest Rate (APR): This is the most critical factor. With a score in the 600-700 range, you're typically considered a 'near-prime' borrower. Expect rates to be higher than those advertised for excellent credit, generally ranging from 8% to 15%, depending on the lender and your overall financial profile (income, job stability).
- Taxes: Please note, this calculator is set to 0% tax to show you the base payment on the principal and interest. In reality, all vehicle sales in Quebec are subject to GST (5%) and QST (9.975%), which will be added to your total purchase price by the dealer.
Your Approval Odds with a 600-700 Credit Score
Your chances of getting approved for a truck loan in Quebec are quite good. Lenders see a 600-700 score as a sign that you are actively managing your credit, even if you've had challenges in the past. To them, you represent a manageable risk, especially when opting for a shorter 36-month term which reduces their exposure.
Lenders will also assess:
- Income Stability: Verifiable and consistent income is key.
- Debt-to-Income Ratio: Your existing debt payments (rent, credit cards, etc.) plus the new truck payment should ideally not exceed 40% of your gross monthly income.
- Loan History: Successfully paying off a previous loan is a strong positive signal. If you're rebuilding after a major financial event, our article on Bankruptcy Discharge: Your Car Loan's Starting Line can provide valuable insights.
Example Truck Loan Scenarios (36-Month Term)
To give you a realistic picture, here are some estimated monthly payments for different truck prices. These examples assume a sample interest rate of 11.99% APR, which is a common rate for the 600-700 credit range. (Note: Payments are estimates, OAC. Excludes taxes and fees).
| Truck Price | Down Payment (10%) | Loan Amount | Estimated Monthly Payment (36 mo @ 11.99%) |
|---|---|---|---|
| $25,000 | $2,500 | $22,500 | ~$747 |
| $35,000 | $3,500 | $31,500 | ~$1,046 |
| $45,000 | $4,500 | $40,500 | ~$1,345 |
| $55,000 | $5,500 | $49,500 | ~$1,644 |
Frequently Asked Questions
What interest rate can I expect for a truck loan in Quebec with a 650 credit score?
With a 650 credit score, you fall squarely in the 'fair' or 'near-prime' category. For a truck loan, you can generally expect interest rates (APR) to range from 8% to 15%. The final rate will depend on the specific lender, the age of the truck, your down payment, and your income stability. A 36-month term may help you secure a rate on the lower end of that spectrum.
Is a 36-month loan a good idea for a truck?
A 36-month (3-year) term is an excellent choice if you can afford the higher monthly payments. The main benefits are paying significantly less interest over the life of the loan and owning your truck free and clear much sooner. It also reduces the risk of owing more than the truck is worth (negative equity) down the line.
Do I need a down payment for a truck loan with a 600-700 credit score?
While some lenders may offer zero-down options, a down payment is highly recommended for borrowers in the 600-700 credit range. Putting down at least 10% of the vehicle's price shows financial commitment, reduces the lender's risk, lowers your monthly payment, and can help you get approved with a better interest rate.
How are taxes calculated on new and used trucks in Quebec?
This calculator shows pre-tax payments for simplicity. In a real transaction in Quebec, you will pay the federal Goods and Services Tax (GST) of 5% and the Quebec Sales Tax (QST) of 9.975%. These taxes are calculated on the final sale price of the truck (after any trade-in value is applied) and are added to your total loan amount.
Can I get approved if I'm self-employed or have a non-traditional income source?
Yes, absolutely. Lenders in Quebec are accustomed to working with various income types. Instead of pay stubs, you may need to provide bank statements, tax returns (Notice of Assessment), or proof of contracts to verify your income. Having clear documentation is key. If you have just started working or have a unique income situation, explore our guide: No Income History? That's Your Car Loan Approval. Drive, Toronto!
