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.
Thank you Vincent and Frank. I would recommend anyone to apply at Auto Loans Solutions
Excellent service again! Thank you. Vehicle looks great. Top-notch delivery, love it!!
It was great!
Abdu is a very great finance manager. He helped a lot and made it very easy for me to get into a car.
Auto Loans Solutions went above & beyond. Valerie was truly helpful and very trustworthy.
Alessandro was an amazing rep. Very personable, answered any questions & concerns in a timely manner. Looking forward to future business from my famil...
Illy was a great help throughout this process, always helping to answer my questions!! Wouldn't want to deal with anyone else. Thank you Illyanna. Sin...
After contacting Auto Loans Solutions with a potential car I wanted to buy, Frank Lamberti from Auto Loans Solutions investigated and confirmed that the potential truck was...
Thank you so much Jeremy for all of your help!! The process felt painless with you helping us.
I would recommend Mark to any of my friends and family. He did a great job and is a wonderful person.
I was very happy with the services. Very friendly and knowledgeable. It was an overall great experience.
Everyone has been great, the whole team is great