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.
I like all the customer services. It was quick and I'll recommend anyone to Auto Loans Solutions
I spoke with Alan and he was very informative and helpful. Alex and Alan are very friendly and personable. I'm so thankful for their help in getting ...
I really enjoyed working with May. She was very patient with me to find the vehicle best suited for my needs and my approval. I am very satisfied with...
Great Service Right To The Door
Excellent service. I saw a great commitment from Mr. Ron. Made me happy and my family happy
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The whole process and experiences were amazing!
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It has definitely been a patience game but I am overly excited about my new car! Thank you so much Sanjeev for being the best! Thank you Frank for the...
My finance manager was amazing. She made me feel very comfortable and is very sincere. I will most definitely recommend her to anyone in need of a car...