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.
Best experience ordering a car hands down! You can order it like take out, I would definitely recommend them!
I had a great experience with Auto Loans Solutions. Naweed and Adriano worked with me to ensure that I got my car before the winter really kicked in. Christi...
From the first phone call I got from Dylan, I knew I was heading in the right direction. He is a very informative. He explained everything to me,calle...
Thank you Sanjeev for all of your help on getting the car I asked for. You made this process easy and it was great to work with you.
The whole team was fantastic and easy to deal with. Thanks to Adriano, Frank and Farhan for all of your help!
Paul was very helpful and went above and beyond. He worked hard to help me find this van. I will be telling all my friends and family to call Paul if ...
Great customer service from the sales people and staff. The delivery process was on time and great service.
Thanks to Auto Loans Solutions, I am able to get a car even though I had some complications. The services was exceptional and I am satisfied.
Adriano was a amazing person. Very good on completing all the work that had to be done
Helmut was awesome, great price, service and caring. I will definitely buy again. Delivery driver was early and friendly.
I am really happy.
It was a good job. Good people to work with, very helpful and nice people.