Used Car Financing in Quebec with a 600-700 Credit Score
Navigating the car loan process in Quebec with a credit score between 600 and 700 puts you in a unique position. You're past the deep subprime category, but traditional banks might still be cautious. This calculator is specifically designed to give you a realistic estimate for financing a used car over an 84-month term, helping you budget effectively and understand what lenders are looking for.
An 84-month (7-year) term can lower your monthly payments, but it's crucial to understand the total cost of borrowing. Let's break down the numbers for your specific situation in Quebec.
How This Calculator Works
This tool provides a data-driven estimate based on the common lending criteria for your profile. Here's what the numbers mean:
- Vehicle Price: The asking price of the used car you're interested in.
- Down Payment: The cash you're putting towards the purchase. A larger down payment reduces your loan amount and shows financial commitment to lenders, often resulting in better rates.
- Trade-in Value: The value of your current vehicle, which acts like a down payment.
- Estimated Interest Rate: For a 600-700 credit score on a used vehicle in Quebec, rates typically range from 8.99% to 14.99% O.A.C. (On Approved Credit). We use a realistic midpoint for our calculations.
Important Note on Quebec Taxes (GST/QST): This calculator is set to 0% tax to focus purely on the vehicle's price and the loan principal. In a real-world purchase from a dealer in Quebec, you must account for GST (5%) and QST (9.975%) on the final sale price. This amount is typically added to your total loan. For example, a $20,000 car would have approximately $2,995 in taxes, making your total financed amount $22,995 before any other fees.
Example Scenarios: 84-Month Used Car Loan in Quebec
Here are some realistic monthly payment estimates for an 84-month term, assuming a $2,000 down payment and an estimated interest rate of 11.99%. This helps you see how different vehicle prices impact your budget.
| Vehicle Price | Down Payment | Loan Amount | Estimated Monthly Payment (84 Months) |
|---|---|---|---|
| $15,000 | $2,000 | $13,000 | ~$245 |
| $20,000 | $2,000 | $18,000 | ~$339 |
| $25,000 | $2,000 | $23,000 | ~$433 |
Disclaimer: These are estimates for illustrative purposes only. Your actual payment will depend on the specific vehicle, your credit history, and the lender's final approval terms.
Your Approval Odds with a 600-700 Credit Score
Your approval odds are generally strong. A score in this range shows you're managing your credit, but lenders will still look closely at other factors. Unlike a bank that might have rigid score cutoffs, specialized lenders focus on the bigger picture. For more on this, see our article: No Credit? Great. We're Not Your Bank.
Lenders will prioritize:
- Stable, Provable Income: Lenders want to see a consistent income of at least $2,200/month.
- 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. If you're managing other debts, it's important to have a clear financial picture. It's even possible to use a car loan to help manage other high-interest debts, a strategy discussed in our guide on how to Bad Credit Car Loan: Consolidate Payday Debt Canada 2026.
- Employment History: A stable job history of 3+ months is a strong positive signal.
Even if your score is at the lower end of this range, don't be discouraged. Lenders are more interested in your current ability to pay than a mistake from several years ago. In fact, many people with far more challenging credit histories get approved. To understand how resilient the financing process can be, check out our Car Loan After Bankruptcy & 400 Credit Score 2026 Guide.
Frequently Asked Questions
What interest rate can I expect in Quebec with a 650 credit score for a used car?
With a 650 credit score in Quebec, you are considered a 'near-prime' borrower. For a used car on an 84-month term, a realistic interest rate would likely fall between 8.99% and 14.99% O.A.C. The final rate depends on the vehicle's age and mileage, your income stability, and your overall debt load.
Is an 84-month loan a good idea for a used car?
It can be a useful tool to achieve a lower monthly payment. However, the downside is paying more interest over the loan's life. It also increases the time you might be in a 'negative equity' position, where you owe more than the car is worth. It's best for newer, reliable used cars that you plan to keep for a long time.
Does this calculator include Quebec's sales taxes (QST and GST)?
No. This calculator intentionally excludes taxes to show you the payment based on the vehicle's sticker price. In Quebec, you must pay 5% GST and 9.975% QST on the purchase price. This total tax amount is usually added to your final loan amount, which will increase your monthly payment.
How much of a down payment should I make with a 600-700 credit score?
While a down payment is not always mandatory, providing one is highly recommended with a fair credit score. Aiming for at least $1,000 to $2,000, or 10% of the vehicle price, shows lenders you are financially invested. This reduces their risk, which can lead to better interest rates and a higher chance of approval.
Can I get approved for a car loan in Quebec if I have other debts like credit cards or a line of credit?
Yes, absolutely. Lenders look at your total Debt-to-Income (DTI) ratio. As long as your existing debt payments plus the new estimated car payment do not exceed about 40-45% of your gross monthly income, you have a strong chance of approval. Lenders want to see that you can comfortably manage all your financial obligations.
