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.
I can truly say the service I got was nothing but excellent. I'm very happy with Rocky and Ryan. I am pleased to have been able to work with both of t...
Excellent service!! From start to finish very professional - great communication. So far so good. Just got the car, will let you know more soon.
May was amazing to have work on my deal. She is kind and professional. Richard is an outstanding man - you are lucky to have him.
We loved the services that we received from the agency. If I had to do it all over again, I would. Pleasant people all around. I thank you so very muc...
Sales rep was courteous. Speedy response. Speedy completion of process. However, I was of the understanding the car was a different year (2017). Howev...
Tai is an amazing guy - very helpful. Helped me over the phone when my van was delivered. Very fast responder. I give Tai 5 stars.
They did absolutely amazing. I couldn't have chosen a better car loan place ever. [They} made my dream come true!
Great service as always!
I dealt with Paul. He was awesome - he found me the vehicle I was looking for and found me the best auto loan I could get and had the vehicle delivere...
Raymond was extremely professional and nice. I will recommend him in a heartbeat. I will give him 5 stars. I am very excited about this service...he m...
Never been so happy with such great service. Thank you guys for all the help you've given me. So much respect.
Everyone was extremely helpful during this process and I'm extremely grateful to all who helped me.