Your 72-Month Electric Vehicle Loan in Yukon with a 600-700 Credit Score
Navigating the world of auto finance can feel complex, but this calculator is tailored specifically for your situation: financing an Electric Vehicle (EV) in Yukon with a fair credit score (600-700) over a 72-month term. This page provides realistic estimates and explains the key factors that will influence your loan.
In Yukon, you have a distinct advantage: there is no Provincial Sales Tax (PST) on vehicles. You only pay the 5% federal Goods and Services Tax (GST). Combined with federal EV rebates, this can significantly lower your overall cost.
How This Calculator Works
Our tool uses the following inputs, which are critical for lenders in Yukon when assessing your application:
- Vehicle Price: This is the sticker price of the EV. Remember to first deduct any applicable federal iZEV rebates (up to $5,000) before using the calculator, as this reduces the amount you need to finance.
- Down Payment & Trade-In: Any amount you pay upfront or the value of your trade-in is subtracted directly from the vehicle's price. A larger down payment reduces your loan amount and can improve your approval chances.
- Taxes (5% GST): In Yukon, a 5% GST is applied to the final vehicle price after rebates and your down payment. For example, a $50,000 EV would have a $2,500 GST charge, making the total $52,500 before financing.
- Interest Rate (APR): For a credit score in the 600-700 range, you are typically considered a 'near-prime' borrower. Expect interest rates to range from approximately 8.99% to 14.99% O.A.C. (On Approved Credit). Your exact rate depends on your income, employment stability, and overall debt load.
- Loan Term: You've selected a 72-month (6-year) term. This lowers your monthly payment but means you will pay more in total interest over the life of the loan compared to a shorter term.
Approval Odds: Financing an EV in Yukon with Fair Credit
With a credit score between 600 and 700, your approval odds are generally good. Lenders will see you as a responsible borrower who may have had some minor credit challenges in the past. To secure the best rate, they will focus heavily on:
- Stable, Provable Income: Lenders need to see that you can comfortably afford the monthly payment. Your total monthly debt payments (including the new car loan) should ideally not exceed 40% of your gross monthly income. For those with non-traditional work, understanding how to present your earnings is key. To learn more, read our guide on Variable Income Auto Loan 2026: Your Yes Starts Here.
- Debt-to-Service Ratio: This compares your existing debt payments to your income. A lower ratio is always better.
- Loan as a Credit-Building Tool: Successfully managing a car loan is one of the best ways to improve your credit score. Consistent, on-time payments will demonstrate your creditworthiness and help you qualify for better rates in the future. This concept is powerful, as explored in What If Your Car Loan *Was* Your Best Credit Card? (Post-Proposal Speed-Rebuild, Toronto).
If your score is in this range due to a recent consumer proposal or bankruptcy, don't be discouraged. Approval is still very possible. For more information, see our article on how Discharged? Your Car Loan Starts Sooner Than You're Told.
Example Scenarios: 72-Month EV Loan in Yukon
Here are some realistic estimates based on common EV prices. These examples assume a $2,000 down payment and include the 5% GST. Note: These are for illustrative purposes only. Your actual payment will vary. O.A.C.
| Vehicle Price (After Rebate) | Total Loan Amount (Incl. 5% GST) | Estimated APR | Estimated Monthly Payment |
|---|---|---|---|
| $45,000 | $45,150 | 9.99% | $829/mo |
| $55,000 | $55,650 | 10.99% | $1,048/mo |
| $65,000 | $66,150 | 12.99% | $1,299/mo |
Frequently Asked Questions
What interest rate can I expect for an EV loan in Yukon with a 650 credit score?
With a 650 credit score, you fall into the 'fair' or 'near-prime' category. For a 72-month term on an EV, you can generally expect an interest rate (APR) between 8.99% and 14.99%. The final rate will depend on your income stability, down payment, and the specific lender's criteria.
How does the federal EV rebate affect my car loan in Yukon?
The federal iZEV (Incentives for Zero-Emission Vehicles) program provides a rebate of up to $5,000 at the point of sale. This amount is deducted directly from the vehicle's MSRP *before* taxes are calculated. This lowers the total amount you need to finance, reducing both your principal and your monthly payment.
Is a 72-month loan a good idea for an electric car?
A 72-month (6-year) term can be a good strategy for an EV. It lowers the monthly payment, making more expensive models accessible. Modern EVs have long-lasting batteries and fewer mechanical parts than gasoline cars, making them reliable well beyond the loan term. The main drawback is paying more total interest compared to a shorter loan.
Does Yukon charge sales tax on electric vehicles?
Yukon does not have a Provincial Sales Tax (PST). However, all vehicle purchases, including EVs, are subject to the 5% federal Goods and Services Tax (GST). So, while you save on provincial tax, there is still a 5% tax applied to the final sale price.
Can I get approved for a car loan in Yukon with a 600-700 score if I have a low income?
Yes, approval is possible, but lenders will closely examine your debt-to-income ratio. They need to ensure the car payment won't overextend you financially. A general rule is that your total monthly debt payments (including the new car loan) should not exceed 40-45% of your gross monthly income. A significant down payment can greatly increase your chances of approval.
