Your 72-Month 4x4 Loan in Quebec: A Breakdown for Excellent Credit
You're in a powerful position. With a 700+ credit score in Quebec, you're targeting a 4x4 vehicle with a 72-month term, which means you have access to the best lenders and the most competitive interest rates on the market. This calculator is designed to give you a precise, data-driven estimate of what your payments will look like, empowering you to negotiate with confidence.
How This Calculator Works: The Quebec Advantage
This tool estimates your monthly payment by factoring in the vehicle price, your down payment, the 72-month loan term, and an estimated interest rate based on your 700+ credit score.
- Vehicle Price: The starting point for your new or used 4x4.
- Down Payment: The cash you put down upfront. A larger down payment reduces your loan amount and monthly payment.
- Loan Term: You've selected 72 months, a common term that balances a lower monthly payment with the total cost of borrowing.
- Interest Rate (APR): With a 700+ score, you qualify for prime rates from A-lenders like major banks and credit unions. We estimate rates between 5.99% and 8.99% OAC, depending on the vehicle's age and your overall financial profile.
- Quebec Sales Tax (GST/QST): A critical factor. While the URL path notes a 0.00% tax, in reality, vehicle purchases in Quebec are subject to 5% GST and 9.975% QST, for a combined 14.975%. Our examples below include this tax on the vehicle price for true accuracy. The total financed amount is (Vehicle Price - Down Payment) + Tax.
Your Approval Odds: Excellent
With a credit score over 700, your approval odds are excellent. Lenders see you as a low-risk borrower. However, they will still verify your income and calculate your Total Debt Service Ratio (TDSR). They want to see that your total monthly debt payments (including your new car loan) don't exceed 40-45% of your gross monthly income. For business owners or self-employed individuals, demonstrating this income can be different. If you don't have traditional pay stubs, alternative documentation is key. For more on this, see our guide on how Self-Employed? Your Bank Account *Is* Your Proof. Get Approved.
Example Scenarios: 72-Month 4x4 Loans in Quebec (700+ Credit)
Here are some realistic estimates for popular 4x4 vehicles in Quebec. Note how the interest rate can improve slightly with a newer, more expensive vehicle as lenders often offer better terms on these assets.
| Vehicle Price | Down Payment | Total Financed (After Tax) | Est. Interest Rate (OAC) | Est. Monthly Payment (72 mo) |
|---|---|---|---|---|
| $35,000 | $5,000 | $35,242.50 | 7.49% | ~ $607 |
| $45,000 | $5,000 | $46,740.00 | 6.99% | ~ $782 |
| $55,000 | $7,000 | $55,188.00 | 6.49% | ~ $911 |
Disclaimer: These calculations are estimates only and do not constitute a loan offer. Rates are On Approved Credit (OAC) and can vary based on the lender, vehicle age, and your full financial profile.
For those looking to finance a vehicle for their business, the approval process can have unique requirements. Understanding how to present your company's financial health is crucial. Learn more about how to Maximize Your Approval Odds for New Business Car Loan.
Similarly, using your tax returns can be a powerful way to secure financing if you're self-employed. Find out the details in our Tax Return Car Loan: Self-Employed Approval Canada guide.
Frequently Asked Questions
What interest rate can I expect in Quebec with a 700+ credit score?
With a 700+ credit score, you are considered a prime borrower. For a 72-month term on a 4x4, you can typically expect interest rates from major banks and lenders to be in the range of 5.99% to 8.99%. The final rate depends on the age of the vehicle (newer cars often get lower rates) and your overall debt-to-income ratio.
Is a 72-month term a good idea for a 4x4 vehicle?
A 72-month (6-year) term is popular because it significantly lowers your monthly payments compared to shorter terms. For a higher-priced 4x4, this can make the vehicle more affordable. The trade-off is that you'll pay more in total interest over the life of the loan. Since 4x4s tend to have strong resale value, this can be a reasonable strategy, but it's important to be aware of the total cost.
How is sales tax calculated on a car loan in Quebec?
In Quebec, you pay both the Goods and Services Tax (GST) at 5% and the Quebec Sales Tax (QST) at 9.975%. This combined 14.975% is calculated on the vehicle's selling price. The total tax amount is then added to the financed principal after your down payment has been subtracted.
Can I get approved with a 700 score if I am self-employed?
Absolutely. A strong credit score is the most important factor. For income verification, instead of pay stubs, lenders will typically ask for 2-3 years of Notices of Assessment (NOA) from the CRA, personal and business bank statements, and/or articles of incorporation. As long as you can demonstrate stable and sufficient income, your 700 score puts you in an excellent position for approval.
Does choosing a 4x4 vehicle affect my loan approval?
Yes, but in a positive way. Lenders like financing vehicles that hold their value well, and 4x4 trucks and SUVs generally have strong resale values. This makes them a lower-risk asset for the lender, which can sometimes lead to more favourable terms or a higher loan-to-value ratio approval compared to a standard sedan with high depreciation.
