Your Premier 84-Month SUV Loan Calculator for Quebec (700+ Credit)
Welcome! You're in an excellent position. With a credit score of 700 or higher, you have access to the most competitive auto financing rates in Quebec. This calculator is specifically calibrated for your scenario: purchasing an SUV on an 84-month term with a strong credit profile. Let's determine exactly what your monthly payments could look like and how to leverage your great credit.
How This Calculator Works for Your Profile
This tool is designed to provide a clear, data-driven estimate based on the details you've selected. Here's the breakdown:
- Vehicle Price: The total cost of the SUV you're considering.
- Down Payment/Trade-in: The amount you're paying upfront or the value of your trade-in. A larger down payment reduces the loan principal and your monthly costs.
- Credit Profile (700+ Score): We've automatically factored in a prime interest rate. Lenders view you as a low-risk borrower, which means rates are typically in the 5.9% to 9.5% range (OAC), depending on the lender and vehicle age.
- Loan Term (84 Months): This extended term lowers your monthly payment, making more premium SUVs accessible. However, it also means you'll pay more interest over the life of the loan.
- Quebec Tax (0.00%): This calculation assumes a scenario with no tax applied, such as a private sale where tax is paid separately or a net-zero trade-in. Please note that typically, GST (5%) and QST (9.975%) would apply to dealer sales in Quebec.
Approval Odds: Excellent
With a credit score over 700, your approval odds are excellent. The question for you isn't *if* you'll be approved, but *what's the best possible rate* you can secure. Lenders will compete for your business. Your strong credit history demonstrates reliability, giving you maximum negotiating power. While your score is the primary factor, lenders will also verify your income and debt-to-service ratio to ensure the payment is affordable. We understand that income isn't always from a 9-to-5 job; many of our clients are gig workers or self-employed. For more on this, see how Banks Need Pay Stubs. We Need Your Drive. Gig Worker Car Loans.
Example SUV Loan Scenarios in Quebec (84-Month Term)
To give you a real-world perspective, here are some estimated monthly payments for popular SUV price points in Quebec. These examples assume a $5,000 down payment and an estimated prime interest rate of 7.49%.
| Vehicle Price | Loan Amount | Estimated Monthly Payment (84 Months) |
|---|---|---|
| $35,000 (e.g., Hyundai Kona, Kia Seltos) | $30,000 | ~$461/month |
| $50,000 (e.g., Toyota RAV4, Ford Explorer) | $45,000 | ~$691/month |
| $65,000 (e.g., Lexus RX, Audi Q5) | $60,000 | ~$922/month |
Disclaimer: These are estimates for illustrative purposes only. Your actual rate and payment may vary. On Approved Credit (OAC).
Your excellent credit history is a valuable asset. It's a testament to your financial responsibility, and it's important to know that even if you've had challenges in the distant past, such as a consumer proposal, we can help. Learn more about The Consumer Proposal Car Loan You Were Told Was Impossible.
Frequently Asked Questions
What interest rate can I really expect in Quebec with a 700+ credit score?
With a 700+ credit score, you are considered a prime borrower. In the current market, you can expect interest rates ranging from approximately 5.9% to 9.5% from major banks and credit unions for an 84-month term on a newer SUV. The final rate depends on the specific lender, the age of the vehicle, and your overall financial profile (income, debt load).
Is an 84-month loan a good idea for an SUV?
It can be. The primary benefit is a lower, more manageable monthly payment, which might allow you to afford a safer, more reliable, or better-equipped SUV. The main drawback is paying more in total interest over the loan's life. Also, you may have negative equity (owing more than the car is worth) for a longer period. With your strong credit, you have the flexibility to choose the term that best fits your budget.
Why is the tax rate 0% in this specific calculator?
This calculator is set to 0% to accommodate specific scenarios, such as a private sale where taxes are handled separately at the SAAQ, or if you have a trade-in of equal or greater value. For most dealership purchases in Quebec, you would need to account for GST (5%) and QST (9.975%) on top of the vehicle price.
How much of a down payment should I make on an SUV with a 700+ score?
While some lenders may not require a down payment due to your excellent credit, providing one is always a smart financial move. A down payment of 10-20% is recommended. It reduces your monthly payment, lowers the total interest paid, and helps you build equity in the vehicle faster, protecting you from depreciation.
Can I get approved with non-traditional income in Quebec, even with good credit?
Absolutely. Lenders are more concerned with the stability and sufficiency of your income than its source. As long as you can provide documentation (e.g., bank statements, notices of assessment, contracts) to prove a consistent income, being self-employed, a gig worker, or earning royalties is not a barrier to approval, especially with a 700+ credit score. For specific examples, read about how Don't Tell Your Bank: Royalty Income Just Bought Your Car, Quebec.
