Rifco National Auto Finance review

Our verdict

Our verdict

Rifco National Auto Finance offers bad credit or no credit car loans through partner dealerships across Canada. Opt for Rifco financing if you've had trouble getting approved for a car loan with other lenders like banks and credit unions.

Best for: People looking for non-prime auto loans

Pros

• High approval rate
• Bad or no credit accepted
• Large national dealership network

Cons

• Potentially high rates
• Some low customer reviews

Rifco National Auto Finance is not currently available on Finder

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Loan Amount

$10,000 - $55,000

Loan Term

24 - 84 months

Interest Rate

12.9%-32%

Rifco was a winner in the Finder: Car Loans Customer Satisfaction Awards 2023.

Overall customer satisfaction score: 82.05%

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

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 12.9% (though you may pay up to 32% 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

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.

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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:

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 12.9% or up to 32% 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:

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

Frequently asked questions about Rifco car loans

• Does Rifco National Auto Finance still operate Splash Auto Finance?

  No, Rifco has shifted away from offering financing directly to customers through Splash Auto Finance and now exclusively offers auto loans through its network of partner dealerships. That means that customers looking to get Rifco financing won't be able to apply for a loan directly, but will instead have to apply through their local dealership.

• Can I apply for a Rifco financing with bad credit?

  You can apply for a Rifco loan with bad credit but you'll likely pay higher rates. These rates could be as high as 32% (the lowest advertised rates are typically reserved for people with better credit).

• What Rifco interest rates can I expect to get?

  Rifco interest rates start at 12.9% and go up from there. The starting rates are pretty decent for bad credit loans, but you'll likely pay rates on the high end of the spectrum (up to 32% APR) if you have a low credit score or no credit at all.

• Will my Rifco car loan be paid directly into my bank account?

  No. Your Rifco car loan will be paid directly to the dealership you buy from. The dealer must be a Rifco partner.

• Which dealers does Rifco National Auto Finance work with?

  It's not clear which dealers Rifco works with since there isn't a list posted anywhere on the company website. Contact your local dealerships to ask which lenders they are partnered with to find out.