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.
The service was great from day 1. Quick fulfillment, friendly staff and great driver!
Sash is amazing. She absolutely deserves a vacation/raise! She goes above and beyond every time just to get us what we want and need. Keep that girl h...
I found my experience to be fast, convenient and [will] recommend your business to anybody needing a car. I also like that next year I can call you ag...
[The] driver, Jessica & Paul thoroughly explained [the] contract. Was happy with [the] delivery process.
Lorie was a pleasure to work with. Lori was upfront with all the information and kept me up-to-date through the process. Our car arrived on time and i...
My overall experience dealing with Humberview was excellent. Harvey Singh was great. He helped me out and answered all my questions. Great customer se...
Thanks for your help. The car came on time - was a good car.
Good service! Quick and helpful!
Dwayne here. Cody Decastro, it was truly a pleasure dealing with you. You're truly honest and great. Thomas and Tiana were pleasant. Thank you so much...
Everything is good.
Very friendly, pleasant, helpful. I appreciate the help offered. Looking forward to hearing from you again. Thank you.
Great service with Tai. He was very prompt and he was over and above what we expected. Thank you sooo much!