24-Month SUV Auto Loan Calculator for Quebec (700+ Credit Score)
Welcome! You're in an excellent position. With a credit score over 700, you are considered a prime borrower in Quebec. This gives you access to the best interest rates and most favourable terms, especially for a popular vehicle choice like an SUV. This calculator is tailored to your specific situation: a 24-month loan term for an SUV, leveraging your strong credit profile in Quebec.
How This Calculator Works for You
This tool provides a precise estimate based on the data you've selected. Here's the breakdown:
- Vehicle Price: The sticker price of the SUV you're considering.
- Down Payment/Trade-in: The amount you'll pay upfront or the value of your trade-in. A larger down payment reduces the loan amount and your monthly payments.
- Interest Rate (APR): For a 700+ credit score, we estimate a competitive prime rate, typically between 5.9% and 8.9% APR. Your final rate will be confirmed by the lender based on your full profile.
- Quebec Sales Tax (GST/QST): While the calculator input shows 0%, it's crucial to understand that vehicle purchases from a dealer in Quebec are subject to 5% GST and 9.975% QST, for a combined total of 14.975%. Our examples below include this tax for real-world accuracy.
Your Financial Advantage in Quebec with a 700+ Credit Score
A high credit score is your most powerful negotiating tool. Lenders see you as a low-risk borrower, which translates into direct savings:
- Lower Interest Rates: You qualify for the lowest available rates, saving you thousands over the life of the loan.
- Flexible Terms: While you've selected a 24-month term to pay off your SUV quickly, your score gives you the flexibility to choose longer terms if you wished to lower the monthly payment.
- Higher Approval Amounts: Lenders are more willing to approve you for a higher-value SUV.
Example Scenarios: 24-Month SUV Loans in Quebec
A 24-month term means higher monthly payments but rapid equity building and minimal interest paid. Here are some realistic examples for popular SUVs in Quebec, assuming a 7.5% APR and including the 14.975% sales tax.
| Vehicle Price | Total Price with QC Tax (14.975%) | Down Payment | Total Loan Amount | Estimated Monthly Payment (24 Months) |
|---|---|---|---|---|
| $30,000 | $34,492.50 | $3,000 | $31,492.50 | ~$1,418/mo |
| $40,000 | $45,990.00 | $5,000 | $40,990.00 | ~$1,845/mo |
| $50,000 | $57,487.50 | $10,000 | $47,487.50 | ~$2,138/mo |
Disclaimer: These are estimates for illustrative purposes. Your actual payment will vary based on the final approved interest rate and vehicle price. OAC.
Approval Odds: Very High
With a credit score of 700 or higher, your approval odds are excellent. Lenders will primarily focus on verifying your income and ensuring your Debt-to-Income (DTI) ratio can support the high monthly payments of a 24-month term. They want to see stable, verifiable income that can comfortably cover the new loan payment plus your existing obligations (rent/mortgage, other loans, etc.). Even with unconventional income streams, a strong credit score provides significant leverage. For more on this, see our guide: Don't Tell Your Bank: Royalty Income Just Bought Your Car, Quebec.
Strategic Considerations for Your Loan
The 24-Month Term: Choosing a 24-month term is an aggressive and smart way to save on interest and own your vehicle outright, fast. However, ensure the high monthly payment fits comfortably within your budget without causing financial stress.
Down Payment Power: Even with excellent credit, a substantial down payment is beneficial. It lowers your monthly obligation and reduces the amount of interest you pay. If you're struggling to pull together a large sum, options may still be available. Learn more here: Your Down Payment Just Called In Sick. Get Your Car.
Trading In a Vehicle: If you have a trade-in, its value acts as a down payment. If you owe more on your current car than it's worth (negative equity), your strong credit score makes it much easier to roll that amount into the new loan. This is a common situation that prime borrowers can navigate effectively. For more details on this topic, check out Your Negative Equity? Consider It Your Fast Pass to a New Car.
Frequently Asked Questions
What interest rate can I expect in Quebec with a 700+ credit score?
With a credit score above 700, you are in the prime category. In today's market, you can typically expect interest rates (APR) from major lenders to be in the range of 5.9% to 8.9%. The final rate depends on the lender, the specific vehicle (new vs. used), and your overall financial profile, including income and debt-to-income ratio.
How is sales tax calculated on an SUV purchased from a dealer in Quebec?
In Quebec, you pay both the federal Goods and Services Tax (GST) at 5% and the Quebec Sales Tax (QST) at 9.975%. These are calculated on the selling price of the vehicle. The total combined tax rate is 14.975%. For a $40,000 SUV, the tax would be $5,990, making the total cost $45,990 before financing.
Is a 24-month car loan a good idea for an SUV?
A 24-month loan is an excellent choice if you can comfortably afford the higher monthly payments. The main benefits are significant savings on total interest paid and owning your vehicle free and clear in just two years. The downside is the high monthly cash flow commitment. It's a financially savvy move for those with strong, stable incomes.
Can I get approved with a 700+ score if I'm self-employed in Quebec?
Absolutely. Your 700+ credit score is a huge asset that makes lenders view you favorably. For self-employed individuals, lenders will want to see 2-3 years of tax returns (Notices of Assessment) to verify a stable and sufficient income. Your strong credit history often simplifies this process. For more on this, read our guide: Self-Employed? Your Bank Doesn't Need a Resume.
Does a large down payment still help if I have good credit?
Yes, a down payment is always beneficial. While not always required with a 700+ score, putting money down (10-20% is a good guideline) lowers your loan-to-value (LTV) ratio. This can help you secure an even better interest rate, reduces your monthly payment, and protects you against negative equity if the vehicle depreciates quickly.
