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 guys that brought the car are very professional and courteous. I appreciate them coming so late.
You guys were a big help for my family because we needed something good for traveling for my girlfriend to Timmins hospital. Jason and Richard were gr...
Everything was good.
Great service, would definitely recommend. Very friendly.
Great salesman, great job. Thank you.
Amazing service! Would definitely recommend!
Recommend Hawkins Wesley. Friendly service. Highly recommended.
I think overall the experience is good, you were very helpful and understanding. Where there is some room for improvement is after I agreed on getting...
Harvey made buying my car so easy. He understood my situation and where I was coming from financially and personally. I love my new car. Would highly ...
No complaints, great service.
I really love the van. I was very impressed when it finally arrived. Going to take time to get used to. Also grateful with the staff and all their hel...
Ron was very friendly / courteous / great customer service skills and he helped me a lot. He answered any questions that I had to help me with getting...