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.
Good vehicle and customer service.
Thank you so much Shayne and Ryan. You guys are great. I couldn't have asked for better finance directors! I appreciate you guys a lot. God bless.
Thank you for going the extra mile. It is appreciated especially what everyone is going through. Be Safe!
Very good people. Very good car. Will recommend you for sure.
Although it look a little longer than we had hoped, both Alex and Ryan were phenomenal and worked extremely hard to help me getting the best of of buy...
Amazing service constantly checking up with us and went above and beyond to make sure the car was delivered to us. Couldn't have asked for better serv...
It's awesome. Looks so nice. Thank you everyone.
Excellent performance and courteous treatment by Jason and Ryan. Could not asked for two better people to handle this loan. They exceed all expectatio...
Treated me like family and made everything very easy. Was super nice!
Great customer service. He was easy to talk to and explained everything.
At a time when I really needed a car to take me and my girls to where we should go in this pandemic, Gabriel and Ryan came through in a way I did not ...