Your 84-Month Pickup Truck Loan in Yukon with a 700+ Credit Score
You're in a powerful position. With a credit score over 700, you've unlocked access to the best interest rates from prime lenders. Combine that with living in Yukon-where you pay 0% Provincial Sales Tax (PST) and 0% Goods and Services Tax (GST) on used vehicles-and you have a significant financial advantage. This calculator is specifically calibrated for your scenario: financing a pickup truck over an 84-month term with excellent credit in the Yukon.
This page will break down your estimated payments, explain how lenders view your application, and show you the real-world impact of your great credit and Yukon's tax-free advantage.
How This Calculator Works for Your Scenario
Our tool isn't generic. It's fine-tuned for the variables you've selected:
- Vehicle Price: This is the sticker price of the pickup truck you're considering.
- Down Payment (Optional): Any amount you pay upfront. While often not required with a 700+ score, a down payment reduces your loan principal and monthly payment.
- Trade-in Value (Optional): The value of your current vehicle, which acts like a larger down payment.
- Interest Rate (APR): For a 700+ credit score on an 84-month term, we estimate rates between 5.99% and 8.99% O.A.C. This range reflects the best offers from major banks and credit unions. Your final rate depends on the vehicle's age and your specific financial profile.
- Loan Term: You've selected 84 months. This term lowers your monthly payment, making more expensive trucks accessible, but it's important to understand the total interest paid over the life of the loan.
- Yukon Tax Advantage: We've automatically set the tax rate to 0%. On a $60,000 truck, this saves you at least $3,000 in GST compared to other territories and over $8,000 compared to provinces with PST.
Example Scenarios: 84-Month Pickup Truck Loans in Yukon
See how the numbers play out for popular pickup truck price points. These estimates assume a 6.99% APR, a common rate for excellent credit on a longer term, with a $0 down payment.
| Vehicle Price | Taxes (Yukon) | Total Loan Amount | Estimated Monthly Payment (84 Months) |
|---|---|---|---|
| $45,000 | $0 | $45,000 | ~$676 |
| $55,000 | $0 | $55,000 | ~$828 |
| $65,000 | $0 | $65,000 | ~$979 |
| $75,000 | $0 | $75,000 | ~$1,129 |
Disclaimer: These are estimates for illustrative purposes only. Your actual payment will depend on the final approved interest rate (O.A.C.).
Your Approval Odds: Very High
With a 700+ credit score, you've already passed the most significant hurdle. Lenders see you as a low-risk borrower. Your application will be evaluated by A-list lenders like RBC, Scotiabank, BMO, and local credit unions. Here's what they'll focus on next:
- Income & Affordability: Lenders will verify your income to ensure your Total Debt Service (TDS) ratio is manageable, typically under 40-45%. This means your total monthly debt payments (including the new truck loan, mortgage/rent, and other loans) shouldn't exceed 40-45% of your gross monthly income.
- Employment Stability: Consistent employment history further strengthens your application. If you're self-employed with strong income documentation, you're still in a great position. For more details on this, see our guide: Self-Employed? Your Bank Doesn't Need a Resume.
- Down Payment: While not always necessary with your credit score, putting money down can help you secure the absolute lowest rate and reduce long-term interest costs. Even if you don't have cash saved, options exist. Explore more in our article on No Down Payment? Your Gig Just Bought a Hybrid. Seriously.
An 84-month term is a long commitment. While it provides payment flexibility, be aware that your truck will depreciate faster than the loan balance in the early years. This can lead to negative equity, or being 'upside-down'. For strategies on managing this, it's wise to read about how to handle an Upside-Down Car Loan? How to Refinance Without a Trade.
Frequently Asked Questions
How much does Yukon's 0% sales tax save me on a pickup truck loan?
The savings are substantial. On a used $50,000 pickup truck, you save $2,500 compared to Alberta (5% GST) and $7,500 compared to British Columbia (12% GST/PST). This entire amount is removed from your loan principal, reducing both your monthly payment and the total interest you pay over 84 months.
What interest rate can I really expect for a truck loan with a 700+ credit score?
With a score of 700+, you are considered a prime borrower. For an 84-month term on a newer model pickup truck, you can realistically expect rates from prime lenders to be in the 5.99% to 8.99% range (O.A.C.). The newest vehicles typically get the lowest rates. Your specific income and debt situation will determine the final offer.
Are there any downsides to an 84-month loan, even with my good credit?
Yes. The main downside is the total cost of borrowing. While your monthly payment is lower, you pay interest for seven years. This means you'll pay significantly more in total interest compared to a 60 or 72-month loan. Additionally, you will be in a negative equity position for longer, meaning you owe more on the loan than the truck is worth, which can complicate selling or trading it in.
Do I need a down payment for a pickup truck in Yukon with excellent credit?
Often, no. With a 700+ credit score, many lenders will approve you for 100% financing ($0 down). However, providing a down payment of 10-20% is still recommended. It lowers your monthly payment, reduces the total interest paid, and gives you a buffer against depreciation, helping you avoid negative equity.
How much income do I need to be approved for a $60,000 truck loan?
Lenders use a Total Debt Service (TDS) ratio, aiming for it to be below 40-45%. A $60,000 truck loan over 84 months is roughly $900/month. If you have $600 in other monthly debts (rent, credit cards), your total debt is $1,500. To keep this under a 40% TDS ratio, you would need a gross monthly income of at least $3,750 (or $45,000 annually). This is a general guideline and varies by lender.
