How To Get A Bad Credit Car Loan in Ontario

For most Ontarians like yourself, having a reliable car is a necessity. You need to be able to get to work, pick up groceries, and visit family and friends. If you have children, you need to get them to school and their extracurricular activities. The question is: How do you get a bad credit car loan in Ontario when your credit score is low?


Most lenders won’t give you the time of day, much less a loan!


At Legacy Auto Credit, we’ll get you the vehicle you need and a car loan that is manageable.


What is a bad credit car loan?


To understand how we can help you get the car loan you need, it’s important to understand what exactly a bad credit car loan is. A bad credit car loan is a customer with a low credit score that is unable to finance a car of their choice over a certain payment period, with a fixed monthly interest rate that they can negotiate with their lender.


Visit Legacy Auto Credit


At Legacy Auto Credit, our goal is to transform our client’s financial lives by improving their credit scores through vehicle ownership.

Here’s how we’re able to get people with bad credit the car loan they need:


1. We listen


Part of what separates us from the competition is our ability to listen. Our team believes that your financial situation is about more than just your credit score


When we sit down with you to get you a car loan, we will take into consideration your entire financial picture — not just your credit score.

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To us, your story matters.


2. We have lower interest rates


We’ve seen some lenders provide people with outrageous 30% interest rates on their loan!


Loans with Legacy Auto Credit are typically between 9-15%, with the majority of clients qualifying for interest rates of 11.9%.


Why pay more interest when you can pay less?


3. We have an in-house financing team


One of the reasons we’re the go-to auto creditors in the Waterloo and Walkerton area is because we have an in-house team of financial advisors who have significant experience in the credit industry.


You can meet the team you’ll be working with by clicking here.


4. We never sell your information to third parties


Did you know that there are some car loan companies in Canada that sell your financial information to third party sources?


You can rest assured that when you work with Legacy Auto Credit, we’ll never share your private financial information with third parties.


5. We provide manageable loan terms


Our leases are typically 48-60 months. While long-term loans that are 72-96 months might seem enticing, you don’t want to be making vehicle payments for eight years!


6. We are honest


Some car loan companies will tell you that everyone is approved. That is a gimmick. If you are a high risk, you may get approved but you’ll need to put a large amount down. It’s very likely that if you have bad credit, you don’t necessarily have the money for a large downpayment.

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The truth is everyone qualifiesif they can afford it.


It doesn’t matter if you are going through a consumer proposal or bankruptcy, we will find you a car loan that makes sense for your complete financial situation.


We’re here to help


We understand how stressful and confusing the process of getting a bad credit car loan can be in Ontario — there are so many options and factors to consider.


This is why we recommend you speak to one of our well-trained and empathetic in-house staff. They will listen to your story and provide you with the best steps to getting into a car and rebuilding your credit.


If you’re in Southern Ontario, get in touch with us. We’re here to help.

In need of a new vehicle?

If you need a new vehicle and are looking for an affordable payment plan, our credit experts are ready to help you, even if you have bad credit. You can fill out an online Car Loan Application and our credit experts will help you find a payment plan that meets your budget and lifestyle. You can also reach out for a complimentary credit check.