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.
Thanks to Sanjeev to have my car in a short period of time. I am very excited to have my car. Thanks.
Throughout this whole process, I have been treated with nothing but help and compassion for my needs. Very respectful and quick process. I couldn't be...
Alia and the team who delivered the car were super friendly and explanatory! Will recommend for sure.
They did amazing at using the timeline given after my car was stolen. This was a seamless transaction. Very happy and thank you for getting me exactly...
Everything went smoothly. Jeremy is excellent and I will make sure I recommend him to others
Very fast. In one day, I had my loan. By the time I got home, I had a new truck. One Day. WOW
Has made this so easy! They delivered right to our door making things easy. Definitely recommend them!
Service with autoloan was easy through phone and speaking with Dylan. He was easy to talk with. I am happy with the service and the vehicle that was d...
This process was handled professionally, an almost impossible situation, Sanjeev and Frank worked magic and got us the result we wanted. I would highl...
Great customer service from the sales people and staff. The delivery process was on time and great service.
Alia went above and beyond! Just absolutely amazing service and amazing vehicle. I am so happy and so less stressed. Ala and Ryan made me feel comfort...