Estimate Your 84-Month SUV Loan in Nunavut (600-700 Credit)
Welcome to your specialized auto finance calculator for Nunavut. You've made some specific choices: you're looking for an SUV, have a credit score in the 600-700 range, and are considering a longer 84-month term. This page is built to give you precise, data-driven estimates based on these factors, including Nunavut's unique 0% tax advantage.
With a credit score between 600 and 700, you are in a good position for approval, often categorized as 'fair' or 'near-prime'. Lenders will see you as a responsible borrower who may have had some past credit challenges. Our calculator uses interest rates typical for this credit tier to provide a realistic monthly payment estimate.
How This Calculator Works for Your Scenario
This tool is calibrated to provide an accurate estimate based on your specific situation. Here's how the numbers break down:
- Vehicle Price: The sticker price of the SUV you're considering.
- Down Payment: The cash you're putting down upfront. For a 600-700 credit score, a larger down payment (10% or more) can significantly improve your interest rate.
- Trade-in Value: The value of your current vehicle. Be mindful of negative equity; if you owe more on your trade-in than it's worth, this can complicate your loan. For more on this, see our guide on how Your Negative Equity? Consider It Your Fast Pass to a New Car.
- Province Tax (Nunavut): We have automatically set this to 0%. Unlike other provinces, you pay no PST or GST on vehicles, saving you thousands of dollars on the total loan amount.
- Loan Term: You've selected 84 months. This term lowers your monthly payment, which lenders like to see as it improves your ability to pay. However, it also means you'll pay more in total interest over the life of the loan.
- Estimated Interest Rate: For a 600-700 credit score, rates typically range from 8% to 15% OAC (On Approved Credit). We use a realistic midpoint for this calculation, but your final rate will depend on your full credit history and income.
Example SUV Loan Scenarios in Nunavut (84-Month Term)
To give you a clear picture, here are some estimated monthly payments for popular SUVs in Nunavut. These examples assume a $3,000 down payment and an estimated interest rate of 10.99%, which is common for the 600-700 credit range.
| Vehicle Price | Taxes (NU) | Total Loan Amount | Estimated Monthly Payment (84 Months) |
|---|---|---|---|
| $35,000 | $0 | $32,000 | ~$537/month |
| $45,000 | $0 | $42,000 | ~$705/month |
| $55,000 | $0 | $52,000 | ~$873/month |
Disclaimer: These are estimates only. Your actual payment will vary based on the lender's final approved interest rate.
Your Approval Odds with a 600-700 Credit Score
Your chances of getting approved for an 84-month SUV loan are high. Lenders in this space focus heavily on two key factors beyond your score:
- Income Stability: Lenders want to see a consistent and verifiable source of income. If you're self-employed, providing the right documents is key. Our guide, Tax Return Car Loan: Self-Employed Approval Canada 2026, offers valuable insights on this process.
- Debt-to-Service Ratio (DSR): This measures how much of your gross monthly income goes towards debt payments. Most lenders want to see your total debt (including the new car loan) stay below 40% of your income. For example, if you earn $4,500/month, your total debt payments should ideally be under $1,800.
Improving your credit score while you have your loan can open doors to better terms down the road. Many borrowers in your situation aim to refinance after 12-18 months of consistent payments. To learn more, check out our article on Approval Secrets: How to Refinance Your Canadian Car Loan with Bad Credit.
Frequently Asked Questions
What interest rate can I expect in Nunavut with a 600-700 credit score?
For a credit score in the 600-700 range, you can typically expect an interest rate between 8% and 15%. The final rate depends on factors like your income stability, down payment size, the age of the SUV, and your overall debt load. A larger down payment can often help secure a rate at the lower end of this range.
How does the 0% tax in Nunavut affect my SUV loan?
The 0% tax rate in Nunavut provides a significant financial advantage. On a $45,000 SUV, you save $5,850 compared to a province with 13% tax. This means your total loan amount is lower, which reduces your monthly payment and the total interest you pay over the 84-month term.
Is an 84-month loan a good idea for an SUV?
An 84-month (7-year) loan is a strategic choice for many buyers. The main benefit is a lower, more manageable monthly payment. The primary drawback is that you will pay more in total interest over the life of the loan. It's a good option if affordability is your top priority, but be aware of the long-term cost.
How much of a down payment should I make for an SUV with fair credit?
While some lenders offer $0 down options, providing a down payment of at least 10% is highly recommended for those with a 600-700 credit score. A down payment reduces the lender's risk, which can lead to a better interest rate and a higher chance of approval. On a $40,000 SUV, this would be a $4,000 down payment.
Can I get approved if I've been discharged from bankruptcy or a consumer proposal?
Yes, getting approved after a discharge is very possible, especially with a credit score that has recovered into the 600-700 range. Lenders will want to see re-established credit and stable income. For a deeper dive into this topic, our resource Discharged? Your Car Loan Starts Sooner Than You're Told provides excellent guidance.
