Iceberg Finance review

Related: Bad credit car loans in Canada

What is Iceberg Finance?

Iceberg Finance is a fintech company that offers alternative financing options. Its car loans are offered through auto dealerships, and this lender specializes in loans for people who don’t have the good to excellent credit score needed to qualify for loans from traditional lenders.

Iceberg Finance may be able to help you find financing even if your financial history hasn’t been the best – for example, if your credit score has taken a hit in the past due to missed payments, your vehicle has been repossessed or you’ve gone through a consumer proposal or bankruptcy.

Is Iceberg Finance legitimate?

Iceberg Finance is based in Quebec, where it has been registered as a business since 2011.

It is active on social media and has received more than 50 Google reviews.

Iceberg Finance car loan features

Feature	Details
Interest rate	12.99% - 29.99%
Loan amount	Up to $35,000
Loan term	12 - 84 months

What we like about Iceberg Finance

• Non-prime financing. Iceberg Finance specializes in non-prime financing solutions, so your poor credit history doesn’t have to stop you from getting a loan.
• Rebuild your credit. If you take out a car loan or personal loan with Iceberg Finance, your on-time payments will be reported to credit bureau Equifax each month. This can help you rebuild your credit score, which will help you qualify for a better interest rate if you need to apply for credit in the future.
• Wide range of income accepted. Iceberg Finance accepts employment and self-employment income as well as worker’s compensation, parental benefits, child benefits, Old Age Security income and more.
• No down payment required. If you don’t want to put down a deposit, Iceberg Finance offers access to no down payment auto financing for eligible borrowers.
• Not just auto loans. If you’re searching for a personal loan, loans of up to $7,500 are available.

What to watch out for

• High interest rates. If you’re considering an Iceberg Finance car loan, interest rates range from 12.99% to 29.99% depending on your credit score and financial situation. Learn more about car loan rates in Canada.
• Not available everywhere. Iceberg Finance loans are not available in all provinces and territories, so check if they provide loans where you live before you apply.

Alternatives to Iceberg Finance

Iceberg Finance reviews

Iceberg Finance has received more than 50 Google reviews. Those who left positive reviews reported easy, hassle-free financing, fast approvals and helpful customer service. People who left negative reviews sometimes mentioned poor customer service.

Feature	Details
Better Business Bureau accredited	No
Better Business Bureau rating	N/A
Google reviews	3.9 out of 5 stars, based on 56 Iceberg Finance reviews

Reviews verified as of 13 June 2023.

Eligibility requirements of an Iceberg Finance car loan

To apply for a loan you will need to:

• Be 18 years old or the age of majority in your province or territory
• Have been employed for at least three months (or at least six months if self-employed)
• Have a Canadian bank account

How to apply

You can apply for an Iceberg Finance loan directly through car dealerships when you go to purchase a vehicle. You will need to provide:

• Your name, address and contact details
• Proof of ID, such as a driver’s licence or passport
• Bank statements to prove your income

Other products or services by Iceberg Finance

Iceberg Finance offers a couple of other types of financing in addition to car loans:

• IF Express loans (personal loans). These are personal loans of $1,000 to $7,500. Loan terms range from 24 to 60 months, with interest rates of 12.99% to 29.99% available depending on your credit risk. Learn more about the best personal loans.
• Insurance and extended warranty financing. You can use this type of loan to finance insurance products such as life or critical illness insurance, or extended warranties. Terms ranging from 18 to 72 months are available.