84-Month Commercial Van Financing for Quebec Students with No Credit History
Starting a business or a side-hustle while you're still in school is a powerful move. Whether you're launching a delivery service, a moving company, or a trade, a commercial van is your key to generating income. But for a student in Quebec with limited or no credit history, securing financing-especially for a commercial vehicle over a long term like 84 months-can feel impossible. This calculator is designed specifically for your situation.
We bypass the traditional credit score obsession. Instead, we focus on your potential, your income (from part-time jobs, gig work, or student loans), and your plan. An 84-month term can make a reliable commercial van affordable on a student budget by lowering the monthly payment, getting you on the road and earning faster.
How This Calculator Works
This tool provides a realistic estimate of your monthly payments by focusing on the factors that matter for your specific profile:
- Vehicle Price: Enter the total price of the commercial van. In Quebec, this price must include GST (5%) and QST (9.975%). Our calculator assumes the price you enter is the final, all-in cost, as per the 0% tax setting for this page.
- Down Payment: Any amount you can pay upfront. For students with no credit, a down payment significantly increases approval chances by reducing the lender's risk.
- Trade-in Value: The value of any vehicle you're trading in. This acts like a down payment.
- Interest Rate (APR): Students with no credit history typically face higher interest rates than established borrowers. We've pre-set a realistic range (e.g., 9.99% - 19.99%) that reflects this reality. A strong income source or a co-signer can help secure a lower rate.
Example Scenarios: Your Potential Monthly Payment
Let's look at some real numbers for a student in Quebec financing a commercial van over 84 months. We'll assume an interest rate of 13.99%, a common rate for borrowers building their credit history.
| Vehicle All-In Price | Down Payment | Amount Financed | Estimated Monthly Payment (84 Months) |
|---|---|---|---|
| $20,000 | $1,000 | $19,000 | ~$360 |
| $25,000 | $2,000 | $23,000 | ~$436 |
| $30,000 | $2,500 | $27,500 | ~$521 |
*Note: These are estimates. Your actual payment will depend on the specific vehicle, lender, and your financial profile.
Your Approval Odds: Moderate to Good
While traditional banks might hesitate, your situation is far from a deal-breaker. For a student with no credit seeking a commercial van loan, lenders will focus on three key areas:
- Proof of Income: This is the most critical factor. Bank statements showing consistent deposits from a part-time job, a gig like SkipTheDishes or Instacart, or even student loan disbursements used for living expenses can all count. Lenders need to see you can handle the monthly payment. Traditional pay stubs aren't always necessary; for a deeper dive, see how Banks Need Pay Stubs. We Need Your Drive. Gig Worker Car Loans.
- The Down Payment: A down payment of 10% or more shows commitment and reduces the loan-to-value ratio, making you a much more attractive borrower. It proves you have skin in the game. If a down payment is a challenge, options still exist. Learn more in our guide: No Down Payment? Your Gig Just Bought a Hybrid. Seriously.
- A Co-Signer (Optional but Powerful): Having a parent or guardian with established credit co-sign the loan can dramatically improve your approval odds and secure a much lower interest rate.
In Quebec, we specialize in helping new borrowers and entrepreneurs get the vehicles they need to succeed. We understand that your credit file is a blank slate, not a negative one. For more on how we help build your financial future, check out our resource for Quebec Newcomers: Your Credit History? We're Writing It With Your Car.
Frequently Asked Questions
Can a student in Quebec really get a loan for a commercial van with no credit history?
Yes, absolutely. Lenders who specialize in this area look beyond credit scores. They focus on your ability to pay, which is demonstrated through stable income from any source (job, gig work, etc.), and your overall financial picture. A down payment and a clear plan for how the van will be used can also strengthen your application significantly.
Why is the interest rate higher for a student loan?
Interest rates are based on risk. With no credit history, a lender has no past data to prove you're a reliable borrower. To compensate for this unknown risk, they charge a higher interest rate. The good news is that by making your payments on time for 12-24 months, you will build a strong credit history, making you eligible for much lower rates on future loans or refinancing.
What are the pros and cons of an 84-month loan term?
The main advantage of an 84-month (7-year) term is that it spreads the cost of the vehicle over a longer period, resulting in a lower, more manageable monthly payment. This is ideal for a student budget. The primary disadvantage is that you will pay more in total interest over the life of the loan compared to a shorter term. It's a trade-off between short-term affordability and long-term cost.
Do I need a business number to finance a commercial van as a student?
Not necessarily. If you're operating as a sole proprietor (e.g., doing deliveries under your own name), you can often secure financing personally. The lender's main concern is your personal ability to repay the loan. However, if you have registered a business, providing that information can sometimes help demonstrate the seriousness of your venture.
What documents will I need to provide to prove my income?
Since you may not have traditional pay stubs, be prepared to provide alternative documentation. This typically includes the last 3-6 months of bank statements showing all income deposits, screenshots from your gig work app (like Uber, DoorDash, etc.) showing your earnings, and potentially a letter from your employer if you have a part-time job. The key is to paint a clear picture of your total monthly income.
