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.
Made it easy to do and stress free.
I would recommend Auto Loans Solutions to anyone based on the service I received especially with Destiny and Ron. I give them props for dealing with my pickiness...
Shayne was great with helping us out with our issues. Nadine was very professional and polite, it was pleasure having her help us.
Very good and very friendly service
Mena was an amazing person to do business with. She was very understanding and always made our needs heard. She was very flexible and always keep our ...
Shayne and Ryan did a awesome job. Thank for you guys to put a smile on our face.
The car was delivered on time, the driver was great to deal with. Explained everything and went through all the paper work
Adrian is very personable and very helpful. Got me the exact car colour and package I wanted. Troubleshot any things I felt I needed. Kept me well in ...
Great working with Ryan and Shayne. Very polite and well-mannered. Even with Covid-19 going on, they were still able to put a smile on my face. Everyo...
Jerome was great!
Thank you. Great Job!