Used Car Loan Payments in Quebec for a 600-700 Credit Score (48-Month Term)
Navigating the auto financing world in Quebec with a credit score between 600 and 700 puts you in a strong position. You're not in the subprime category, but you might not qualify for the rock-bottom rates advertised for new cars. This calculator is specifically designed for your situation: financing a used car over a 48-month term in Quebec.
This page will break down your estimated payments, explain the interest rates you can realistically expect, and clarify how Quebec's unique sales tax system impacts your loan.
How This Calculator Works for Your Scenario
This tool provides a data-driven estimate based on the specific details you've selected. Here's what's happening behind the scenes:
- Vehicle Price: The starting point of your loan calculation.
- Down Payment/Trade-in: Any amount you pay upfront. A larger down payment reduces the amount you need to finance, lowering your monthly payment and potentially helping you secure a better interest rate.
- Loan Term: You've selected 48 months. This is a common term for used vehicles that balances a manageable monthly payment with paying the car off relatively quickly to minimize total interest costs.
- Credit Score (600-700): This is the most critical factor for your interest rate. For a used vehicle in Quebec, borrowers in this range can typically expect rates from 8.99% to 14.99% APR (Annual Percentage Rate), depending on the lender, vehicle age, and your overall financial profile.
- Quebec Sales Tax (QST/GST): This calculator uses a 0% tax rate because in Quebec, the QST (9.975%) and GST (5%) are typically paid at the time of purchase and are not financed within the car loan itself. You must budget for this separately. For a $20,000 car, you would need to pay approximately $2,995 in taxes upfront to the dealer.
Example Scenarios: 48-Month Used Car Loan in Quebec
Let's look at some realistic examples. We'll use a sample interest rate of 11.99% APR, a common rate for a 650 credit score on a used car. Note: These are estimates for illustration only. Your actual payment will vary. OAC.
| Vehicle Price | Down Payment | Amount Financed | Estimated Monthly Payment (48 mo @ 11.99%) |
|---|---|---|---|
| $15,000 | $1,500 | $13,500 | ~$356/mo |
| $20,000 | $2,000 | $18,000 | ~$474/mo |
| $25,000 | $2,500 | $22,500 | ~$593/mo |
Your Approval Odds with a 600-700 Credit Score
Your chances of approval are generally very good. A score in the 600-700 range shows lenders that you have a history of managing credit, even if there have been some bumps along the way. Lenders will focus on two key areas:
- Income Stability: They want to see a consistent and verifiable source of income sufficient to cover the new payment plus your existing debts. If your income comes from non-traditional sources, it's still possible to get approved. For more information, our guide on Car Loan with Disability Income: The 2026 Approval Blueprint provides valuable insights that apply to various income types.
- Debt-to-Service Ratio (DSR): This is the percentage of your gross monthly income that goes toward paying debts. Most lenders want to see this ratio, including the new car payment, stay below 40-45%. For example, if you earn $4,000/month, your total debt payments (rent/mortgage, credit cards, other loans, and the new car payment) should ideally be under $1,800.
If you've recently completed a consumer proposal or debt settlement, your path to financing is still clear. Learn more about your options in our detailed article on Vehicle Financing After Debt Settlement: Non-Dealer Car 2026.
Whether you choose a dealership or a private seller can also affect your financing. If you're considering buying from an individual, it's essential to understand how that process works. We cover it in-depth here: Bad Credit? Private Sale? We're Already Writing the Cheque.
Frequently Asked Questions
Why is the tax rate 0% in this calculator for Quebec?
In Quebec, the provincial (QST) and federal (GST) sales taxes, totaling 14.975%, are legally required to be paid at the time of sale. Unlike in some other provinces, these taxes are not typically rolled into the financed loan amount. This calculator reflects that reality by focusing only on the principal amount you will borrow.
What is a realistic interest rate for a 650 credit score on a used car in Quebec?
With a 650 credit score, you are considered a 'near-prime' borrower. For a used vehicle on a 48-month term, you can realistically expect an interest rate between 9.99% and 15.99% APR. The final rate depends on the vehicle's age, your income stability, and your overall debt load.
Is a 48-month (4-year) loan a good choice for a used car?
A 48-month term is often an excellent choice for a used car. It allows you to pay off the vehicle before its value depreciates significantly and before major repairs are typically needed. While a longer term would lower the monthly payment, you would pay substantially more in total interest over the life of the loan.
Can I get approved if I have a low income but a good credit score?
Yes, it's possible. Lenders are primarily concerned with your ability to repay the loan, which is measured by your Debt-to-Service Ratio (DSR). If your income, even if it's low, is stable and your existing debts are minimal, you have a solid chance of approval for a reasonably priced vehicle.
How much of a down payment is recommended for a 600-700 credit score?
While not always required, a down payment of 10-20% is highly recommended. For borrowers in the 600-700 credit range, a significant down payment demonstrates financial stability to the lender, reduces their risk, and can often help you secure a lower interest rate, saving you money in the long run.
