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.
Ashley and Ryan were both very pleasing to work with when finding me a vehicle. Both worked hard and fast. So much appreciated.
Overall, good experience, car arrived in good condition. People were helpful and friendly.
Friendly. Quick service. Right car choice. Straight forward.
Wonderful experience. Service was great. The two men who dropped it off were wonderful. Thanks!
Could not have had a more pleasant time purchasing a car. Exactly everything I could have wanted was given without any delay. Valerie you are a awesom...
Amazing service. I will consider myself a life long client. Thank you so much for your understanding and patience. Truly top notch service. Jack was g...
Shiva did an amazing job in making my first car an easy accomplishment.Jamie's customer server was on point and is well appreciated.
Nicole was very helpful. I couldn't have asked for better. I will buy my next car from her for sure.
Everything has been clear and Tanya very helpful.
I would have to say first I didn't really want to do this, but I did and the experience was very good, I will tell everyone about Auto Loans.