Estimate Your 60-Month SUV Loan in Quebec with a 600-700 Credit Score
You're in a strong position. With a credit score between 600 and 700, you're looking for a popular vehicle type (SUV) over a standard 60-month term in Quebec. This calculator is designed specifically for your scenario, helping you cut through the noise and see what your monthly payments could realistically be. A score in this range often qualifies you for better rates than subprime borrowers, opening up a wider selection of quality vehicles.
How This Calculator Works for Your Profile
This tool uses data specific to your situation to provide a reliable estimate. Here's how the key factors influence your results:
- Credit Score (600-700): This is considered a 'fair' or 'near-prime' credit profile. Lenders view you as a responsible borrower who may have had some past credit challenges. For a 60-month term on an SUV, you can anticipate interest rates typically ranging from 8% to 15%, depending on the specifics of your income and credit history.
- Vehicle Type (SUV): SUVs are in high demand and tend to hold their value well. This can be a positive factor for lenders, as the vehicle itself represents solid collateral for the loan.
- Loan Term (60 Months): A five-year term is one of the most common choices in Canada. It offers a balanced approach, keeping monthly payments manageable without extending the loan over an excessively long period where you'd pay significantly more in total interest.
- Province (Quebec): Please note this calculator shows 0% tax to focus on the principal loan amount. In reality, your final purchase price at a Quebec dealership will include GST (5%) and QST (9.975%). This will be added to the vehicle price before your loan is calculated.
Example SUV Payment Scenarios in Quebec (60-Month Term)
To give you a clear picture, we've run the numbers on a few common SUV prices. These examples assume a $2,500 down payment and a sample interest rate of 11.99%, a realistic figure for a 650 credit score.
| Vehicle Price | Down Payment | Loan Amount | Estimated Monthly Payment |
|---|---|---|---|
| $25,000 | $2,500 | $22,500 | ~$502/month |
| $35,000 | $2,500 | $32,500 | ~$726/month |
| $45,000 | $2,500 | $42,500 | ~$950/month |
Disclaimer: These are estimates for illustrative purposes only. Your actual payment will depend on the final approved interest rate (OAC).
What Are Your Approval Odds?
With a credit score in the 600-700 range, your approval odds are generally high, provided you have stable, provable income and a reasonable debt-to-income ratio. Lenders want to see that your new car payment, combined with other debts (rent/mortgage, credit cards), doesn't exceed about 40% of your gross monthly income.
To strengthen your application, be prepared with the right documents. While every lender is slightly different, having your recent pay stubs, proof of address, and ID ready will speed up the process. For a detailed list of what you might need, our guide Approval Secrets: Exactly What Paperwork You Need for Alberta Car Financing provides an excellent checklist that's applicable across Canada.
It's important to remember that the final interest rate you receive is based on more than just your score. Lenders evaluate your entire profile, including income stability and employment history. This is why it's true that Your Credit Score is NOT Your Rate. Get a Fair Loan, Toronto.
If you're self-employed, your situation can seem more complex to traditional banks. However, many lenders specialize in these cases. If this applies to you, you might find our article on how Your 'Impossible' Car Loan Just Got Approved. Self-Employed, Poor Credit insightful.
Frequently Asked Questions
What interest rate can I expect in Quebec with a 650 credit score for an SUV?
With a 650 credit score, you're considered a 'fair' or 'near-prime' borrower. For a 60-month loan on a new or late-model SUV in Quebec, you can typically expect interest rates between 8% and 15%. The exact rate depends on your income stability, down payment, and the specific vehicle you choose.
Why does the calculator show 0% tax for Quebec?
This calculator is set to 0% tax to help you focus on the core loan components: the vehicle price, down payment, and interest. However, it's crucial to remember that all vehicle purchases in Quebec are subject to 5% GST and 9.975% QST. This total tax of 14.975% will be applied to the final vehicle price at the dealership and will be part of your total financed amount.
Is a 60-month term a good idea for an SUV loan?
A 60-month (5-year) term is often a very good choice. It provides a manageable monthly payment while ensuring you pay off the vehicle in a reasonable timeframe, helping you build equity faster than with longer 84 or 96-month terms. This helps prevent a situation where you owe more than the SUV is worth (negative equity).
How much of a down payment do I need with a 600-700 credit score?
While a down payment is not always mandatory with a 600-700 credit score, providing one is highly recommended. A down payment of 10-20% of the vehicle's price reduces the amount you need to borrow, lowers your monthly payment, and shows lenders you are financially committed, which can help you secure a better interest rate.
Can I get approved for an SUV loan in Quebec if I'm on EI or have non-traditional income?
Yes, it's possible. Many lenders in our network specialize in approvals for individuals with various income sources, including Employment Insurance (EI), disability, or self-employment income. The key is demonstrating that the income is stable and sufficient to cover the loan payment. For more details, see our guide on how Denied a Car Loan on EI? They Lied. Get Approved Here.
