Car Loan Rates in Ontario, Canada
1- What's the Average Interest Rate for Bad Credit Car Loans?
The average interest rate for a car loan for car buyers with bad credit is generally higher than 10%. However, many customers can refinance their automobile loan at a prime rate after 12 to 18 months of on-time car loan payments. This option does exclude people with additional reports of damaging activity on their credit report.
2- What is a good interest rate for a car loan?
The interest rate for a new car can be as low as 0%, and rates for used cars typically start at 5.9%, depending on the terms of the loan. These rates are On Approved Credit Only.
4- How can I raise my credit score in 30 days?
You can raise your credit score in 30 days by doing the following:
⦁ Correct any errors on the credit report.
⦁ Become an authorized user.
⦁ Raise your available credit.
⦁ Make minimum payments on time.
⦁ Reduce your debt-to-income ratio.
⦁ Have a good mix of debt.
As you can see, low or no credit doesn't mean you can't purchase a car. Raising or repairing a low credit score can be done. If your credit is in good shape, a car is an easy buy, but as the chart above shows, there's almost always a way even if your credit score needs a little TLC.