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.
Auto Loans Solutions has been great. I am so happy that you were able to work with my credit and get me a car. You went above and beyond to get me the rental ...
Great experience, Sanjeev was very helpful through the whole process. Would recommend him to family and friends.
Awesome, sooner than expected! Great Service, thank you!
It's great. I am so happy for having a car again.
Lori was amazing, very helpful. It was a pleasure working with her. Thank you Lori! Oscar, the driver, was very pleasant, very helpful, and very infor...
Thank you so much for everything. Delivery was great, we love the Nissan. Such amazing shape and clean. Than you so much for all your help!
I was happy with the overall service. Satisfied with all the help and perseverance to help us attaining the car
Excellent service and knowledge. Promptly answered all my questions. Great on time delivery. Thanks
Excellent service! Very thorough, great follow up and follow through. Great Team. Thank you!
Our process was great.
Jerome was extremely helpful and he made this transition easy for me. I am so thankful for his assistance and kindness. I will use his service next ti...
Superb service. Five Star! I was a bit skeptical buy Sanjeev made the process nice and smooth. I definitely would recommend him and his staff. Driver ...