Your Yukon Truck Loan: Calculated for a 600-700 Credit Score & 96-Month Term
Planning to buy a truck in Yukon? You've come to the right place. This calculator is specifically designed for your situation: a credit score between 600 and 700, a tough and reliable truck, and a 96-month (8-year) loan term. We'll help you break down the numbers, understand the true costs, and see what a realistic monthly payment looks like in the Yukon, where you benefit from no provincial sales tax.
How This Calculator Works
Our tool gives you a transparent estimate by focusing on the key factors lenders in Yukon assess for your specific profile.
- Vehicle Price & Tax: Enter the sticker price of the truck. We automatically add the 5% Federal Goods and Services Tax (GST). Unlike most of Canada, Yukon has 0% Provincial Sales Tax (PST), which provides a significant saving on your purchase.
- Credit Profile (600-700 Score): This range is often called 'fair' or 'near-prime'. For this profile on a 96-month term for a truck, we estimate an interest rate between 9.99% and 15.99%. Your exact rate will depend on your full financial picture.
- Loan Term (96 Months): An 8-year term significantly lowers your monthly payment, but it's important to note it also increases the total amount of interest you'll pay over the loan's lifetime.
- Down Payment & Trade-In: This is the cash or vehicle equity you contribute upfront. A larger down payment reduces your loan amount, lowers your payment, and strengthens your application with lenders.
Your Approval Odds: What Lenders Look For
With a credit score in the 600-700 range, lenders will approve you, but they will look closely at your income and ability to pay. They want to see stability. Your Debt-to-Income (DTI) ratio is critical; lenders prefer your total monthly debts (including the new truck payment) to be under 40-45% of your gross monthly income. Proving your income is essential, especially with non-traditional work common in the territory. If you have variable income, it's not a barrier to approval. For more information, read our guide on Variable Income Auto Loan 2026: Your Yes Starts Here.
Example Truck Loan Scenarios in Yukon
Here are some realistic estimates for truck financing with a 650 credit score over 96 months. These examples assume a 12.99% APR for calculation purposes.
| Vehicle Price | Total Price (inc. 5% GST) | Down Payment | Amount Financed | Estimated Monthly Payment | Total Interest Paid |
|---|---|---|---|---|---|
| $35,000 | $36,750 | $3,500 | $33,250 | ~$532/mo | ~$17,822 |
| $50,000 | $52,500 | $5,000 | $47,500 | ~$760/mo | ~$25,460 |
| $65,000 | $68,250 | $6,500 | $61,750 | ~$988/mo | ~$33,098 |
Disclaimer: These are estimates for illustrative purposes only. Your actual payment and interest rate will vary based on the specific vehicle, lender approval, and your individual financial situation (OAC).
It's a common myth that your credit score is the only thing that sets your rate. Lenders look at the whole picture: your job stability, your income, and the vehicle you're buying. To better understand this, see our article: Your Credit Score is NOT Your Rate. Get a Fair Loan, Toronto. A long 96-month term can also create a risk of negative equity, where you owe more than the truck is worth. Understanding how to manage this is crucial. Learn more in our Ditch Negative Equity Car Loan | 2026 Canada Guide.
Frequently Asked Questions
What interest rate can I expect in Yukon with a 600-700 credit score for a truck loan?
For a credit score in the 600-700 range on a 96-month term for a truck, you can typically expect an interest rate (APR) between 9.99% and 15.99%. The final rate depends on factors like your income stability, down payment, the specific truck's age and mileage, and the lender's policies.
How does the 96-month term affect my truck loan?
A 96-month (8-year) term lowers your monthly payments, making a more expensive truck more affordable on a monthly basis. However, the trade-off is that you will pay significantly more in total interest over the life of the loan compared to a shorter term like 60 or 72 months. It also increases the risk of being in a negative equity position for longer.
Is there sales tax on vehicles in Yukon?
Yukon does not have a Provincial Sales Tax (PST). However, you are still required to pay the 5% federal Goods and Services Tax (GST) on the purchase of a new or used vehicle from a dealership. This calculator automatically includes the 5% GST in its calculations.
Can I get approved for a truck loan with a 650 credit score if I'm self-employed in Yukon?
Yes, absolutely. Lenders are very familiar with self-employed applicants. Instead of pay stubs, they will typically ask for 3-6 months of business or personal bank statements, and/or your recent Notices of Assessment from the CRA to verify your income. Consistent deposits and a healthy bank balance are key to a smooth approval.
Why is a down payment important for a long-term truck loan?
A down payment is crucial for a 96-month loan for two main reasons. First, it reduces the total amount you need to finance, which lowers your monthly payment and the total interest you'll pay. Second, it helps offset the vehicle's depreciation, reducing the risk of you owing more than the truck is worth (negative equity) early in the loan term.
