Rifco National Auto Finance review

What is Rifco National Auto Finance?

Rifco National Auto Finance is one of Canada’s largest non-chartered banks for non-prime auto financing. It provides bad credit car loans with a high approval rate through its partner dealerships all across Canada (except in Quebec). Rifco interest rates are on par with other bad credit car loan providers.

If you want to apply for Rifco financing, first check that the dealership you’re applying through is partnered with Rifco. The company has provided over $1 billion in financing since its inception and is best for customers with no credit or bad credit.

Rifco previously offered bad credit auto loans to consumers directly and through dealerships using the brand “Splash Auto Finance”.

Is Rifco National Auto Finance legitimate?

Rifco National Auto Finance was founded in 2002 and is based out of Red Deer, Alberta. It has a large network of partner dealerships across the country including recognizable brands like Go Auto and 401 Auto Financing. Rifco has serviced over 45,000 loans across Canada since its founding.

Rifco auto loan features

Feature	Details
Interest rate type	Fixed
Minimum loan amount	$10,000
Maximum loan amount	$55,000
Loan term	24 - 84 months
Fees	$749 application fee
Serviced provinces	All provinces (except Quebec)
Basic eligibility criteria	Min. income of $2,000/month, be a Canadian Citizens and/or permanent residents, have a valid Canadian driver’s licence, min. 300 credit score

What we liked about Rifco National Auto Finance

Take advantage of the following benefits with Rifco financing:

• Potential for reasonable rates. Rifco interest rates start at (though you may pay up to if you’re struggling with bad credit), which is competitive compared to other bad credit loan options on the market.
• Bad credit can apply. Rifco caters to borrowers with no credit or bad credit and offers a high approval rate.
• Large amounts. Borrow between $10,000 and $55,000 to finance your next vehicle.
• Instant payment. Rifco can provide an initial approval decision within 5 minutes and the loan will typically be disbursed to the dealership to pay for your car within 24 hours of approval.
• Large dealership network. Shop dealers in nearly every Canadian province so you can easily find the right car for your needs.

What to watch out for

Keep the following drawbacks in mind before you apply for Rifco financing:

• Minimum borrowing amounts. You won’t be able to borrow less than $10,000.
• Strict eligibility criteria. You must have a gross monthly income of at least $2,000 or $2,500 (depending on the type of loan you get) and you must have consistent employment or disability income.
• Financing tied to specific dealers. Financing is tied to partner dealers and there’s no list of who you can shop with (or what inventory of cars they might have).
• Website is confusing. The website caters to partner dealerships and it’s difficult to find out where borrowers can apply for a loan.
• Bad collection practices. Several Rifco reviews indicate that the company calls multiple times per day to collect late payments.
• Not available in Quebec. Rifco National Auto Finance is available in provinces across Canada except for Quebec.

Summary of Rifco reviews

Feature	Details
BBB accredited	Yes
BBB rating	A+
BBB reviews	1.33 stars out of 5 (based on 12 Rifco reviews)
Google reviews	1.7 stars out of 5 (based on 178 Rifco reviews)
Customer reviews verified as of	August 22, 2023

Positive Rifco reviews state that Rifco’s customer service agents were helpful and that customers were able to get financing and start rebuilding their credit. Negative Rifco reviews typically mention that the company engages in aggressive collection practices such as harassing phone calls and swift vehicle repossession.

Compare other car loans

Am I eligible for a Rifco National Auto Finance car loan?

You may be eligible for a Rifco financing if you meet the following criteria:

• Have a valid Canadian driver’s licence for both the driver and any other loan applicants
• Have a current living address
• Age of majority in your province or territory
• Have no previous or subsequent car loans within 90 days of the Rifco contract date
• Be Canadian Citizens or permanent resident
• Have a minimum monthly income of $2,000 or $2,500 (depending on the type of loan you’re applying for)
• Not living in Quebec

Required documents

You may need to provide the following documents to apply for Rifco financing:

Proof of age/address	Government-issued photo ID such as passport or driver’s licence or a utility bill
Proof of income/employment	Bank statements or recent pay stubs
Deposit information	Bank account information to set up automatic withdrawals such as a void cheque

How to apply for Rifco auto loan

You’ll have to apply through a partner dealership if you want to get a Rifco auto loan. To do that, first check with the dealer you’re interested in to see if it is partnered with Rifco. If it is a Rifco partner, you should then double check that you meet any minimum requirements to qualify and apply.

Once you’ve found the vehicle that you’d like to buy, you can then work with the dealership to submit a financing application. Your dealer will likely submit your application to various lenders, including Rifco, to see where you qualify and with what loan terms.

How can I contact Rifco?

You can contact Rifco National Auto Finance by calling its customer service hotline or by sending an email. Rifco’s Funding Department hotline hours (MST) are 7am-7pm (Monday-Friday) and 8am-5pm Saturdays.

How much will Rifco financing cost?

The cost of Rifco auto loans will vary based on your personal situation:

• Credit score. Rifco interest rates start at or up to APR depending on your credit score and other personal financial features.
• Fees. A $749 Rifco Loan Fee will be added to all funded loans.

Example Rifco financing costs

Brenda wanted to take out a car loan to pay for a used Kia Forte. The car cost was $13,999, and because she lived in Nova Scotia, she had to pay $16,099 in total including 15% sales tax. She borrowed this amount from Rifco National Auto Finance, and qualified for a Rifco interest rate of 19.8% over 5 years. Let’s take a look at how much her loan cost her over time:

Initial loan amount	$16,099
Interest rate	19.8%
Time to pay off amount borrowed	60 months
Monthly payments	$424.74
Total paid	$25,484.13
Total interest on amount borrowed	$9,385.13

Brenda will pay over $9,000 in interest to borrow $16,099 over 5 years, with monthly payments of $424.74 for the duration of her loan.

Bottom line

Rifco National Auto Finance offers bad credit car loans to qualified borrowers. Rifco interest rates are reasonable for bad credit borrowers and the company has a relatively high approval rate on submitted applications. It’s a good option for people who have trouble qualifying for a car loan from more traditional lenders, like banks and credit unions.