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.
Was very happy about the entire process.
Service was exceptional, very clear communication. All request was fulfilled. Overall I was very satisficed with the service.
Got my car today. Good service
Thank you so much. Nate was helping me throughout the process and make it easy. I didn't even have to step outside of my house. Appreciate all your he...
I had an excellent experience with Auto Loans Solutions, especially dealing with Sasha and Frank. They secured me an excellent vehicle and we are very happy it w...
Excellent work by everyone on this team. This is my second time getting a car with you guys and the service was amazing. Thank you so much. I am a ver...
It was nice speaking with Junior. He was very polite and helpful. He understood our situation and helped in a timely manner. Very professional. The de...
From start to finish, very fast.
Our experience with Auto Loans Solutions went great. It was easy and smooth talking with their staffs. They were all nice and the best thing is that our transact...
Everything was excellent, everyone was so friendly and helpful. Will recommend to everyone. Thank you so much
Thank you so so much!!
It was great. Car looks great and everyone was helpful. Thanks.