Your 24-Month Pickup Truck Loan in Quebec: A Breakdown for 600-700 Credit Scores
You're in a specific situation: you need a reliable pickup truck in Quebec, you're working with a credit score between 600 and 700, and you want to pay it off fast-in just 24 months. This is an aggressive but smart strategy to minimize interest costs. This calculator is designed to give you a clear, data-driven estimate of what your payments will look like and what lenders expect.
With a score in the 600-700 range, you're considered a 'near-prime' borrower. Lenders are definitely interested in working with you, but they'll look closely at your income and overall debt to approve the high monthly payments that come with a short 24-month term on a pickup truck.
How This Calculator Works
This tool estimates your monthly payment based on the vehicle price, your credit profile, and the short loan term. Here's what drives the numbers:
- Vehicle Price: The total amount you are financing. Important Note on Tax: While this specific calculator page is set to 0% tax (often used when a trade-in covers the tax), please remember that vehicle sales in Quebec are subject to GST (5%) and QST (9.975%), for a combined total of 14.975%. You must add this to your vehicle's sticker price to get the true amount to be financed unless your trade-in value negates it.
- Interest Rate (APR): For a 600-700 credit score in Quebec, rates for a used pickup truck typically range from 8% to 15% APR. We use a realistic average in our examples. Your exact rate will depend on your specific credit history and the lender.
- Loan Term (24 Months): A short term like this means higher payments, but you build equity quickly and pay significantly less interest over the life of the loan.
Example Scenarios: 24-Month Pickup Truck Loans in Quebec
Let's see how the numbers play out for popular pickup truck price points. These estimates use an 11.99% APR, a common rate for this credit tier. Note how much you save in total interest compared to a longer 72 or 84-month loan.
| Vehicle Price (Financed Amount) | Estimated Monthly Payment (24 Months) | Total Interest Paid |
|---|---|---|
| $25,000 | ~$1,177 | ~$3,248 |
| $35,000 | ~$1,648 | ~$4,552 |
| $45,000 | ~$2,119 | ~$5,856 |
Disclaimer: These are estimates for illustrative purposes only. Your actual payment and interest rate will vary based on lender approval (OAC).
Your Approval Odds & What Lenders Look For
With a credit score of 600-700, your approval odds are good, but not guaranteed. Lenders will focus heavily on two things:
- Income Stability: Lenders need to see consistent, provable income that can comfortably handle the high payments of a 24-month term.
- Debt-to-Service Ratio (DSR): This is critical. Quebec lenders generally want your total monthly debt payments (including the new truck loan) to be less than 40% of your gross monthly income. For a $45,000 truck with a ~$2,119 payment, you'd need a gross monthly income of at least $5,300, assuming no other debt.
If you've recently started a new job, your application can still be strong. For more details on this, our guide Probation Period? That's Your Down Payment. Car Loan Approved, Montreal. provides specific insights for the local market. Additionally, ensuring you are dealing with a reputable financing source is paramount; learn more about how to How to Check Car Loan Legitimacy 2026: Canada Guide.
For those in this credit bracket due to past financial hurdles like a debt settlement, options are still very much available. Many people can secure financing with no money down. To understand how this works, read our article on Zero Down Car Loan After Debt Settlement 2026.
Frequently Asked Questions
What interest rate can I expect for a truck loan in Quebec with a 650 credit score?
With a 650 credit score, you're in the 'fair' or 'near-prime' category. For a used pickup truck on a 24-month term, you can typically expect an interest rate (APR) between 8% and 15%. The final rate depends on the lender, your income stability, down payment, and the age/mileage of the truck.
Why is a 24-month loan payment so high for a pickup truck?
The payment is high for two main reasons. First, pickup trucks generally have a higher purchase price than sedans. Second, a 24-month term is very short, so you are compressing the entire cost of the vehicle into just two years of payments. The benefit is that you pay far less in total interest and own the truck free and clear much sooner.
Do I have to pay sales tax on a used pickup truck in Quebec?
Yes. In Quebec, you must pay the Goods and Services Tax (GST) of 5% and the Quebec Sales Tax (QST) of 9.975% on the purchase price of a used vehicle. This calculator is set to 0% for specific scenarios (like a trade-in), but you must factor in the 14.975% combined tax into your total financing amount for most purchases.
Can I get approved for a truck loan with a 600-700 score if I'm new to my job in Montreal?
Yes, it is possible. While lenders prefer long-term employment, many specialized lenders in Quebec understand the job market. They will want to see your employment contract and your first few pay stubs to verify your income. Having a down payment can significantly strengthen your application in this scenario.
How much of a down payment do I need for a pickup truck with fair credit?
While $0 down payment loans are possible, providing a down payment of 10-20% is highly recommended for those with a 600-700 credit score. A down payment reduces the lender's risk, can help you secure a lower interest rate, and lowers your monthly payment, making it easier to fit within your budget and meet DSR requirements.
