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 had a great experience working with Ben, from the beginning very honest, trustworthy, professional and clear. He helped us fixing a situation, get a...
Both Justin and Ryan bent backwards for me. Both of them are great guys to deal with.
Good with the car and service. Gladly will recommend it to friends.
Thanks very much for your help in getting a car for me and to keep my CRV in your dealership till September. I love the car for it is very beautiful, ...
Very kind and polite. Also, very respectful of my house. Ex, he took off his shoes. All and all, great guy.
Harvey was the perfect salesman. I am very very satisfied.
Absolutely love the truck. Scott was amazing at helping me get through everything to get the truck I wanted. 2 thumbs way up.
Very good. Did what was asked.
Really satisfied with the service and delivery of vehicle. Valerie was very helpful and recommend any future customers to her.
Recommend Hawkins Wesley. Friendly service. Highly recommended.
It was an excellent service with both Tim and Richard. Both were friendly and helpful. Richard explained vehicle clearly. Would definitely recommend a...
Received the van in great shape. Will always give your companies name and number.