In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews
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iA Auto Finance review

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iA Auto Finance
APR Range
As low as 10.99%
Loan Amount
Loan Term
Min. Credit Score
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Our verdict

iA Auto Finance provides financing through partnered dealerships with interest rates starting at 10.99%.

iA Auto Finance offers a unique car loan option for borrowers looking to build their credit. It offers a rate-reducing loan where your interest rate goes down by as much as 10% each year if you stay up to date with loan repayments for 12 months and adhere to all the requirements of the loan agreement.

Best for: People looking for near-prime to sub-prime financing


  • Possible rate reductions over time
  • Partnered with dealers across Canada
  • Offers sub-prime car loans


  • iA provides financing through dealers only
  • High rates for bad credit

In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews
iA Auto Finance was a finalist in the Finder: Car Loans Customer Satisfaction Awards 2023.

Overall customer satisfaction score: 76.55%

What is iA Auto Finance?

If you’re shopping for a vehicle and auto loan at a dealership, there’s a good chance your dealer may submit your loan application to iA Auto Finance among other lenders. iA Auto Finance is a subprime B2B auto finance company that provides auto financing through dealers only, so consumers can’t apply directly to this lender. Because of this set-up, consumers can’t see detailed information on interest rate ranges, loan amounts and loan types they may qualify for until they apply.

Reduce your rate every 12 months

iA’s shining feature is its Rate Reducing Loan, which allows borrowers to pay off their loan faster, reduce their interest rate each year and rebuild their credit in the process. However, you only qualify if you meet certain requirements. So if you fail to meet these requirements, and your car loan has a high interest rate, you could end up with a loan that costs more than you anticipated.

Is iA Auto Finance legitimate?

Yes, iA Auto Finance is a legitimate auto financing provider in Canada. It was founded in 2010 and is part of the iA Financial Group, one of the largest insurance and wealth management groups in Canada, which has even expanded into the US.

iA Financial Group was founded in 1892 and is listed under the Toronto Stock Exchange as IAF (preferred shares) and IAG (common shares).

It provides individual insurance, wealth management and group insurance, as well as auto and home financing. The larger iA Financial Group says it manages over 5 million clients with $218.9 billion in assets (as of April 9, 2024).

What are the benefits of an iA Auto Finance car loan?

Borrowing via iA Auto Finance comes with a slate of perks, including the following:

  • Dealer-led application. Receive help from your dealership with the auto loan application process. They’ll submit your application to various lenders, including iA, to see where you qualify and under what terms.
  • Flexibility with auto loans. You can get a loan potenitally without a down payment, provide a trade-in to apply as a credit towards your purchase and choose various loan terms.
  • Rate-reduction loan. Existing clients who stay on top of their loan repayments for 12 consecutive months can apply for an interest rate reduction, driving down the overall cost of their loan and helping you pay off your loan early.
  • Interest rates starting at 10.99%. iA says its rates for auto financing start as low as 10.99%, which is pretty competitive. If your credit isn’t in great shape, anticipate much higher interest rates though.
  • Manage your car loan online. You can manage your account details and make payments online.

Finalist — Alternative Car Loan Lender category

iA Auto Finance secured the Finalist award in the Best Car Loan Alternative Lender category in the Finder: Car Loans Customer Satisfaction Awards 2023 with an overall customer satisfaction score of 76.55%. Customers appreciate the lender’s rate-reducing loan along with it’s fast, easy loan application process and reliable customer service.

What to watch out for

Borrowers should take note of the following iA Auto Finance red flags:

  • Potential for steep interest rates. Interest rate ranges aren’t disclosed online, but they will vary depending on factors such as the dealer you’re working with, your credit score and your income. It’s unclear how high APRs may be with iA.
  • Potential for additional fees. You may encounter additional fees and extra costs as you go through the loan process with your dealer, such as origination fees (a fee to process your loan) and dealership fees. Watch out for these charges because they can drive up the cost of your loan.
  • Only available via partnered dealers. If you’re interested in securing financing via iA Auto Finance, you must check with your dealer first to make sure it’s partnered with this lender. As always, it’s worth requesting quotes from a few options before you make a final decision.
  • Not direct to consumers. While other lenders allow borrowers to apply and get pre-approved on their own before auto shopping, iA provides financing through dealers only.
  • Negative reviews online. iA Auto Finance has received some negative reviews online. Reviewers have mentioned repayment issues, poor customer service and high NSF fees to the tune of $100.

Compare other subprime car loans

Before signing up for an iA Auto Finance car loan with a dealership, consider comparing it with other offers so you know whether you’re getting the best deal.

1 - 5 of 5
Name Product Ratings APR Range Loan Amount Loan Term Requirements Broker Compliance
CarsFast Car Loans
Customer Survey:
3.90% - 29.90%
$500 - $75,000
12 - 96 months
Requirements: Min. income of $2,000 /month, 3+ months employed
CarsFast will connect you with a dealership near you to help you find the right financing.
Loans Canada Car Loans
Customer Survey:
0% - 46.96%
$500 - $50,000
3 - 60 months
Requirements: Min. income of $1,800 /month, 3+ months employed
Loans Canada is a loan search platform. Get matched with a suitable dealer based on your credit history and borrowing requirements.
Approval Genie
Not yet rated
3.90% - 29.90%
$500 - $75,000
12 - 96 months
Requirements: Min. income of $2,000 /month, 3+ months employed, Ontario only
Get customized car loan and auto financing solutions for a used vehicle that fits your budget and lifestyle.
Dealerhop Car Loans
Not yet rated
6.99% - 29.99%
$7,000 - $50,000
12 - 96 months
Requirements: Min. income of $2,000 /month, 3+ months employed
Dealerhop matches you with a dealer partner to get you financing.
CarDoor Car Loan
Customer Survey:
From 7.99%
$5,000 - No max.
12 - 96 months
Requirements: 3+ months employed, Max.1 bankruptcy, Ontario only
Online dealer CarDoor works with multiple lenders to help you get a competitive interest rate. Apply for financing directly with CarDoor and get help every step of the way.

How rate reduction works with iA Auto Finance

Existing iA Auto Finance borrowers may qualify for the lender’s rate-reduction loan, which cuts your interest rate by up to 10% of your current rate each year. You’ll need to email or call iA Auto Finance on your loan’s anniversary date every year to request the rate reduction.

iA Auto Finance says you may qualify for a rate reduction 12 months into the loan term if you’ve met its requirements. If you miss a payment or miss the mark on other stipulations, iA will reset the clock. You can try for the rate reduction again if you meet all the requirements over the next year.

To qualify for a rate reduction you’ll need to have:

  • Made your monthly payments on time for 12 months straight
  • Ensured no payments are returned for any reason
  • Kept your vehicle accident-free
  • Ensured you’ve met all other requirements of the loan agreement

Before signing the contract, understand all the requirements to get your rate reduction.

Do I qualify?

While iA Auto Finance loan eligibility criteria aren’t disclosed online, you’ll likely need to at least meet the following basic requirements:

  • Be a Canadian resident, with proof of address
  • Provide proof you’re the age of majority in your region, such as a valid driver’s licence
  • Have a valid Canadian bank account to make payments on time

Details on minimum credit score and monthly income requirements aren’t disclosed online. You’ll need to consult with your dealership before you apply to ask for these details.

What provinces and territories are iA car loans available in?

iA says it’s partnered with dealerships across Canada, but its reach may vary in smaller towns compared to major cities.

How do I apply for an iA Auto Finance car loan?

iA provides auto financing through partnered dealers only, so you’ll need to apply via the local dealership where you’re car shopping. iA says that once you’ve found the car you’d like to purchase, work with your dealer to submit your auto financing application. From there, your dealer will submit your application to various lenders, including iA, to see if you qualify and under what terms.

Check with your dealer to see if iA has requirements for a minimum credit score and monthly income to make sure you fit the criteria.

What documents do I need to apply?

While iA doesn’t disclose which documents you’ll need for the application, the following documents are typically required with financing applications to verify your identity and financial information:

  • Proof of identity via a valid driver’s licence and other forms of government-issued ID
  • Employment and income verification via pay stubs, bank statements, CRA notice of assessments or benefits letters
  • A void cheque or direct deposit form for the bank account you want your car payments to come from
  • A copy of your car insurance faxed or emailed to your dealer

I got the iA Auto Finance car loan. Now what?

Read through the loan contract thoroughly, even before signing, to make sure you understand what you’re committing to. Pay attention to the monthly loan repayment amount, fees, due date, interest rate you’ve qualified for and the overall loan term.

With these details in hand, make sure to stay on top of your loan repayments. If you’re diligent without missing any due dates, you may qualify for an interest rate reduction at each anniversary of your loan. This is a perk worth aiming for because you could save thousands in interest over the lifetime of your loan. The onus is on you to email or call iA to get your rate reduction.

Frequently asked questions

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