Equifax or TransUnion? I always check both before talking rates
When a customer calls me at Prêt Auto Québec and says, "My score is 680, I should be good, right?", my first response is almost always the same: 680 where?
Because in the field, I’ve seen gaps of 30, 60, and sometimes even 100 points between what Equifax reports and what TransUnion shows. In an auto loan file, that’s not a minor detail. It can change the interest rate, the down payment requirements, or even the type of lender we target.
I’ve been doing this for over 12 years, and if there’s one thing I wish more Quebecers understood, it’s this: the score isn’t the whole story, but it heavily influences how your application will be viewed. Especially in 2025, with rates still elevated compared to what we saw before 2022.
In Quebec, between the cost of rent in Montreal, mortgage payments in Quebec City, gas, insurance, SAAQ plates, and mandatory winter tires from December 1st to March 15th, a car is not just a luxury. For many of my clients in Laval, Longueuil, Trois-Rivières, or Saguenay, it’s a vital tool for working.
So let’s talk frankly about credit files. Not in theory. In reality.
What Equifax and TransUnion see when they look at you
Both credit bureaus collect information on your financial habits: credit cards, lines of credit, loans, payments, balances, collections, sometimes legal judgments, and sometimes errors—I want to stress this point.
The problem is that they don’t always receive the same data at the same time. Some creditors report to Equifax, others to TransUnion, and some to both. As a result, your file might look better at one bureau than the other.
The elements that matter most in your file
When I analyze a file for an auto loan, I primarily look at:
- Payment history over the last 24 months;
- Credit utilization on cards and lines of credit;
- The age of your accounts;
- The number of recent credit inquiries;
- The presence of a collection, consumer proposal, or bankruptcy;
- Stability of employment, residence, and income.
Yes, the score counts. But I’ll be direct: a 720 score with two maxed-out cards and three recent NSF cheques can be riskier than a clean, stable 640.
I saw this last winter with Alexandre, a client from Lévis. On paper, his score looked "acceptable." But he had used 95% of his credit cards following a separation. His debt-to-income ratio was tight, and his file signaled financial stress. We reviewed his budget, paid off a small card before applying, waited for the bureau to update, and then resubmitted the file. The result: approval, with a better rate than expected. It wasn't a miracle, but it was much more manageable.
Why your score can differ from one app to another
Many people check their score on their banking app or through a free service and think that’s the final number used by all lenders. It’s not that simple.
Each institution may use:
- Either Equifax or TransUnion;
- A different scoring model;
- A version adapted for auto credit;
- Its own internal criteria in addition to the score.
In other words, the score you see is a helpful indicator, not an official verdict.
My benchmarks after years in auto financing
Without promising that a number guarantees anything, here is how I often see files positioned:
760 and up
Generally considered strong credit. The best rates on the market become accessible, provided the income and the vehicle check out.
680 to 759
Usually financeable under good conditions. This is a zone where a small detail can change the rate.
620 to 679
This is still a reasonable zone that requires monitoring. Many files get approved, but you must have a clean recent payment history.
560 to 619
We often enter the specialized credit territory here. This is where the way the file is presented makes a big difference. This is exactly where 2nd chance auto credit solutions become relevant.
Below 560
It’s not the end, far from it, but we’re usually looking at more specialized lenders, stricter conditions, and sometimes specific requirements regarding the vehicle, employment, or down payment.
Auto interest rates in Quebec right now: let's talk real numbers
In 2025, rates vary significantly based on your credit profile, the vehicle year, and the lender.
For a used vehicle, I commonly see:
- Excellent credit: around 6.49% to 8.99%;
- Average credit: often between 9.99% and 13.99%;
- Specialized / bad credit auto: often between 14.99% and 24.99%.
Yes, 24.99% still exists for very difficult files. My advice is simple: this is not a rate you accept lightly. If you have to take this route to rebuild your credit for 12 to 18 months, with a clear plan to refinance later, it can be justified. But buying too expensive at too high a rate is a recipe for disaster.
New vehicles can sometimes offer a lower manufacturer rate, but with current prices, the monthly payment isn’t always more advantageous. In 2025, the average price of a new vehicle in Canada hovers around $66,000, which exceeds the budget of many families. In the used market, many reliable and financeable models can still be found between $18,000 and $32,000, which is often more realistic.
Calculating the payment: the figure I focus on immediately
A credit score is abstract. A bi-weekly payment—that’s what people feel.
Let's take a simple example. Let's say a used vehicle is $24,000. In Quebec, you must add applicable taxes if they aren't already included, so with GST and QST, we're approaching $27,600. Add, depending on the case, certain fees related to registration or preparation.
Examples of monthly payments
For a financed amount of $27,600:
- at 8.99% over 60 months: approximately $572/month;
- at 12.99% over 60 months: approximately $628/month;
- at 19.99% over 60 months: approximately $730/month.
Over 72 months, the payment drops, but the total interest cost rises. This is where I often hit the brakes. Yes, stretching out the term helps cash flow. No, it’s not always a good decision.
If you want a realistic idea before submitting a file, our calculator is useful. I often recommend it to my clients even before our first serious discussion.
What lenders look at beyond the score
I often repeat: you aren't just buying a rating, you are financing a financial history.
An auto lender will look at whether you can handle the payment based on:
- Your gross and net income;
- Your length of employment;
- Your housing situation;
- Your other debts;
- The consistency of the file.
A client who earns $4,500 gross per month, has lived in the same place for 3 years, and pays their obligations on time can sometimes be approved more easily than someone with a better score but an unstable situation.
I’m thinking of Mélanie, from Sherbrooke. Her Equifax score wasn't catastrophic, but TransUnion showed old missed payments and an old paid collection that was still lingering. She had just stabilized her job in healthcare with a regular income. We chose a more modest vehicle, around $19,000, instead of the $31,000 SUV she was initially looking at elsewhere. Honestly? It was the best decision. Her approval came in less than 24 hours, and most importantly, her budget survived the winter.
Errors in your file: more common than you think
I regularly see files with:
- A debt already paid but still marked as active;
- An incorrect last payment date;
- An account that doesn’t belong to you;
- An erroneous credit limit;
- An old address that complicates verification.
These types of errors can hinder your auto financing in Quebec more than you realize. Before applying, I often recommend checking both your files. Not just one. Both.
And I’ll give you my blunt opinion: if you plan to buy a vehicle within the next 30 to 90 days, do not make 5 credit inquiries just to "see." The accumulation of inquiries can weaken your file, especially when it’s already on the border.
Bankruptcy, proposal, missed payments: yes, these can be worked through
A word many avoid: bankruptcy. Yet, I have helped many clients obtain a vehicle after a bankruptcy discharge, and it is not rare at all.
The important point is the timing and the structure of the file. An active bankruptcy or a very recent discharge is not treated like a simple drop in score. You have to target the right lender, the right vehicle, and a consistent amount. If this is your situation, I advise you to read our page on auto loans after bankruptcy, because the rules of the game are different.
The same applies to a consumer proposal. Many think everything is blocked. False. But you have to present it intelligently.
At Prêt Auto Québec, my team and I often handle specialized credit, credit rebuilding, 2nd chance auto credit, and even cases where clients have been rejected elsewhere. Often, the problem isn't just the file; it’s the way it was put together.
The chosen vehicle also influences approval
Few sites say this clearly. Two clients with the same score can receive different answers depending on the car they target. A vehicle that is too old, has too high mileage, or has high depreciation complicates the file. Some lenders require a maximum age for the vehicle or mileage under a certain threshold.
That’s why I almost always advise shopping based on the financing, not just your "crush" on a car. Our inventory often helps you find vehicles that fit the lenders' usual criteria more quickly.
And in Quebec, you have to keep the seasonal reality in mind. A car bought in November, without winter tires included, quickly adds $800, $1,000, sometimes $1,400 to the bill. Between that, higher insurance in Montreal than in the regions, and SAAQ fees, your real "auto payment" is always higher than the monthly payment alone.
Pro tip: don't max out your cards right before applying
My advice as an expert, if I may be very concrete: keep your credit card utilization under 30%, ideally under 50% at the very maximum, for the 30 to 45 days before an auto loan application.
Why? Because I’ve seen clients lose points simply because they put tires, Christmas gifts, insurance, or a trip on the card before the monthly update. Their income hadn't changed. But their perceived behavior had.
My other advice: if you have a recent missed payment, wait until you have at least 3 to 6 months of clean payments before aiming for a better rate. It completely changes the negotiation.
How long does an approval take?
For a simple file with complete documents, we can often get an answer the same day, sometimes in 30 minutes to 2 hours. For a more complex file—self-employed, recent job change, bad credit, bankruptcy financing—it can take 24 to 48 hours, sometimes a bit longer if we are waiting for supporting documents.
The requested documents often come down to the same things:
- Driver's license;
- Recent proof of income;
- Proof of address;
- Sometimes bank statements;
- Sometimes proof of discharge or documents related to a proposal.
The best way to speed things up? Make a complete and honest application from the start. Half-truths slow everything down.
My honest opinion before you submit your file
If your score is average or low, don't look for the "dream car" first. Look for the smartest financing for your next credit step. This might be a more modest vehicle for 18 months, then trading it in later under better conditions. I know that’s not always what people want to hear, but it’s often what truly helps them.
And if your Equifax and TransUnion scores don't tell the same story, don't panic. That happens often. What matters is having your file reviewed by someone who understands Quebec auto credit, the lenders' real criteria, and the blind spots that derail an approval.
If you want, you can speak to us directly at Prêt Auto Québec. My team and I can review your situation, tell you frankly where you stand, and then guide you toward the most realistic option—not the prettiest one on paper, but the most viable for your budget and your credit.