Your 72-Month Truck Loan in Yukon with a 600-700 Credit Score
You're in a unique and advantageous position. You're looking for a truck-a workhorse for the Yukon terrain-and you're doing it in a territory with a significant tax advantage. With a credit score between 600 and 700, you are in the 'near-prime' category, which opens up competitive financing options, especially with the right lender. This calculator is designed specifically for your scenario: a 72-month loan term for a truck in Yukon.
How This Calculator Works
This tool estimates your monthly payment by focusing on the key variables for your situation. Here's a breakdown of the numbers:
- Vehicle Price: The sticker price of the truck you're considering.
- Down Payment/Trade-in: The cash you put down or the value of your trade-in. This amount is subtracted from the vehicle price, reducing the total you need to finance. A larger down payment can significantly improve your approval odds and lower your interest rate.
- Loan Term: You've selected 72 months. This longer term lowers your monthly payment but means you'll pay more in total interest over the life of the loan.
- Estimated Interest Rate: For a credit score of 600-700, rates typically range from 8.99% to 14.99%. Your exact rate depends on your full credit history, income stability, and the vehicle's age and mileage.
- Yukon Tax: The context for this calculator is 0.00% territorial tax. It's critical to note that while Yukon has no Provincial Sales Tax (PST), a 5% Goods and Services Tax (GST) is mandatory on all vehicle purchases. Our examples below are based on the 0% territorial tax, but always remember to budget for the 5% GST.
Example Scenarios: 72-Month Truck Loan in Yukon
To give you a clear picture, let's look at some common truck prices. These estimates assume a $3,000 down payment and an interest rate of 10.99%, which is a common rate for the 600-700 credit range. (Note: These are estimates for illustration only, OAC. Your actual payment will vary.)
| Vehicle Price | Down Payment | Amount Financed (Before GST) | Estimated Monthly Payment (72 Months) | Total Interest Paid |
|---|---|---|---|---|
| $35,000 | $3,000 | $32,000 | ~$599/mo | ~$11,128 |
| $45,000 | $3,000 | $42,000 | ~$786/mo | ~$14,592 |
| $60,000 | $3,000 | $57,000 | ~$1,066/mo | ~$19,752 |
Your Approval Odds: What Lenders See in a 600-700 Score
A score in the 600-700 range signals to lenders that you are actively managing your credit, even if you've had some challenges in the past. They will see you as a good candidate, but they will look closely at two things: income stability and your debt-to-income ratio.
- Income Stability: Lenders want to see consistent, provable income. If you have a non-traditional job with fluctuating pay, don't worry. We specialize in these situations. For more information, read our guide on Variable Income Auto Loan 2026: Your Yes Starts Here.
- Down Payment Power: A down payment demonstrates financial discipline and reduces the lender's risk. Even if you have some missed payments in your history, a solid down payment can be the key to getting the best possible rate. It shows you're invested in the purchase. Learn more about how this works in our article: Your Missed Payments? We See a Down Payment.
- The No Down Payment Question: While a down payment is powerful, we understand it's not always possible. Financing without one can sometimes lead to a higher interest rate, but approval is still achievable. For a deeper dive on this topic, check out Your Down Payment Went Missing. Your Interest Rate Didn't Get the Memo, Edmonton.
Frequently Asked Questions
What interest rate can I expect for a truck loan in Yukon with a 650 credit score?
With a credit score of 650, you are firmly in the 'fair' or 'near-prime' category. For a new or late-model used truck on a 72-month term, you can typically expect interest rates ranging from 8.99% to 14.99% OAC. The final rate will depend on your income, debt level, and the specific vehicle you choose.
Does Yukon really have no sales tax on vehicles?
Yukon has no territorial sales tax (PST), which is a major advantage. However, the federal 5% Goods and Services Tax (GST) is still applied to the purchase price of all new and used vehicles. So, a $50,000 truck would have an additional $2,500 in GST.
How much of a down payment do I need for a truck with a 600-700 credit score?
There is no mandatory minimum down payment. However, providing 10-20% of the vehicle's price as a down payment is highly recommended. It reduces the amount you finance, can lower your interest rate, and significantly increases your chances of approval with lenders.
Can I get a 72-month loan on an older used truck?
It can be more difficult. Lenders often have restrictions on the age and mileage of vehicles for longer terms like 72 months. Typically, they prefer the vehicle to be less than 7-8 years old at the end of the loan term. For older trucks, a shorter term like 48 or 60 months may be required.
Will applying for a truck loan hurt my credit score?
When you apply, a 'hard inquiry' is placed on your credit report, which can cause a small, temporary dip in your score (usually less than 5 points). However, multiple inquiries for the same type of loan within a short period (usually 14-45 days) are typically treated as a single inquiry by scoring models. This allows you to shop for the best rate without significant damage to your score.
