What a 660-699 score means
In Canada, credit scores typically range from 300 to 900. A score between 660 and 699 is generally considered "good" by Equifax Canada and TransUnion Canada — a sign you've been responsible with credit in the past, which makes you attractive to lenders and eligible for more competitive rates than lower scores.
Your loan options
Traditional Banks
Many major Canadian banks will consider applicants with a good score, though larger loan amounts may require collateral.
Credit Unions
Often offer more flexible lending criteria and competitive rates, even if your history isn't perfect.
Online Lenders
A large and growing space in Canada — a good credit score improves your chances of a favourable, quick approval.
What rates to expect
Expect more favourable rates than lower-scored borrowers — often in the high single digits to mid-teens percent, depending on the lender, term, and your overall profile. Terms can range from 6 months up to 5 years or more; shorter terms mean higher payments but less total interest.
Tips to get approved
- Maintain a Low Debt-to-Income Ratio: More disposable income relative to debt improves your odds.
- Stable Employment History: Demonstrates your ability to repay consistently.
- Provide All Required Documentation: ID, proof of income, and banking details ready in advance.
- Have a Down Payment (if applicable): Can meaningfully help for secured loans like auto financing.
- Check for Pre-Approval Options: Compare rates with a soft credit check before formally applying.
Improving your credit
- Pay Your Bills on Time, Every Time: The biggest factor in your score.
- Keep Your Credit Utilization Low: Aim for well under 30% of your available credit.
- Don't Close Old Accounts: A longer credit history supports your score.
- Limit New Credit Applications: Especially avoid several applications close together.
- Regularly Check Your Credit Report: Dispute any errors from Equifax and TransUnion Canada.
Alternatives to consider
- Secured Personal Loan: Using an asset as collateral can reduce risk and secure better terms.
- Co-Signer: Someone with excellent credit can help you secure better terms.
- Borrow from Friends or Family: Avoids interest, provided you have a solid repayment agreement.
- Review Your Budget: Sometimes cutting expenses and saving covers the need without new debt.
By continuing to build on your good credit habits, you're setting yourself up for even better financial terms and interest rates in the future.