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 experience here was pretty good . Ryan and Jean were able to find us a great car that meets my needs and wants
Nate was wonderful from the very beginning. Process was smooth and fast. Get your car from Nate. P.S. He's handsome 😉
Thank you very much for all you have done for me and my kids. You have no idea what it means the world a step closer to my next chapter. Keep doing wh...
Worked fast and efficiently. Lind and worked hard to find something I would like
Great customer service, Oscar was very professional and patient
Everyone was helpful and very nice. Smooth experience
This whole experience was great, a couple hiccups on my end but everyone was patient with me, would recommend to everyone who needs a car
Daniel was really helpful, he fulfilled all my needs and wants. Thank you for being an awesome agent!
Happy how it was handled from Sanjeev to Frank and the delivery drivers. They are all amazing
Excellent service. Hassle free. Keeps in touch at all time with me
Quick and friendly agent, helpful. They find the car we was looking for and the monthly payment is cheaper.
Everything was really nice and fast. Great people. Thanks for everything