Having bad or no credit doesn’t have to stop you from getting an auto loan approval. Interest rates in Ontario vary based on the applicant’s credit history, but having bad or no credit doesn’t automatically disqualify you from getting a good interest rate on your car loan. Make sure you choose a reputable auto loan company with a proven track record of getting its bad or no credit car loan customers the best interest rate possible for a safe and reliable vehicle.
The interest rate for a new car can be as low as 0% and rates typically start at 4.9% for used vehicles. For those individuals with bad or no credit looking for a car loan, interest rates will generally start higher than 4.9%. However, many customers are able to refinance their auto loan at a prime rate after 12 to 18 months of on-time car loan payments. This excludes customers who have additional reports of damaging activity on their credit bureau.
Customers who have filed for bankruptcy, a consumer proposal or any other debt relief program can also expect a higher than average interest rate, because they’re deemed to be “high risk” according to lenders. Even though your initial interest rate may be higher, we’ll ensure that the car loan payments are manageable, so you won’t miss any payments and will be able to rebuild your credit faster.
Auto Loan Solutions is an established auto loan company, specializing in getting bad or no credit customers the lowest possible interest rates from the start. Our friendly staff will work with you every step of the way to ensure your new car loan meets your needs and fits within your budget. If you’d like to estimate your monthly or bi-weekly car loan payments, please use our car loan calculator.
If you have any questions regarding bad or no credit car loan interest rates, contact us to see how our Finance Managers can help you get approved for a great car loan at a low interest rate today.
There are no words to describe how incredible Mena is. Compassionate, caring and she went above and beyond. The van is perfect. We will be recommendin...
Very happy with service
Ryan and Helmet are fantastic in handling my application from the beginning to the end. They both provided unparalleled customer service with personal...
This is the second car I've purchased through Sasha. She is very helpful, professional and has always gone the extra mile to make sure I was in the ri...
Thank you. The staff who helped me with this purchase, Tristan and Vivian were very good and efficient. They were also very patient on my case and fri...
Very easy to deal with. Great team work. They solved all my questions.
I was very satisfied with the service. Very fast approval and the delivery was on time. Thank you!!
They worked very hard putting this deal together. It is a top notched company Ryan and Gabriel were true professionals on all cases
I just received y car and it's beautiful. I really am happy with it. Thanks to all those people who helped me to get this car
Everything went smooth. There were no problems and I am very satisfied
Thank you. My experience was amazing.
Excellent job. Good delivery. Would recommend!