Splash Auto Finance Review for 2021 | Finder Canada
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Splash Auto Finance car loan review

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Splash Auto Finance works with non-traditional borrowers, such as people with bad credit, no credit and bankruptcy.

Splash Auto Finance accepts applicants who have been employed full time for at least 6 months with a minimum monthly income of $2,200 before taxes. Other eligibility requirements apply.

9.9%-31%

Interest Rate

N/A

Min. Credit Score

30-second take

Splash Auto Finance is a flexible car financing lender that works with a variety of borrowers. If you have great credit and are in an optimal financial position, you may want to consider a bank or other traditional lender instead because Splash Auto Finance specializes in working with borrowers who have less-than-ideal credit histories.
  • Splash Auto Finance can work with individuals who have good credit, bad credit, no credit and those going through bankruptcy.
  • Not available in Quebec.

What is Splash Auto Finance?

Splash Auto Finance is a subprime financing lender for car loans. It has operated in Canada since 2002 and has over 500 partner dealerships across the nation. If you have poor credit or are experiencing financial hardship, you can apply for a loan with Splash Auto Finance.

When a lender extends financing to individuals with poor credit history, low income or other non-traditional financial characteristics, it’s referred to as non-prime financing or subprime lending. According to its website, Splash Auto Finance lends over $100 million a year for non-prime auto financing.

Do I qualify?

In order to be approved with Splash Auto Finance, you must meet the following criteria:

  • Be a Canadian resident with a valid address
  • Be the age of majority in your province or territory
  • Have a minimum monthly income of $2,200 before taxes
  • Be employed full time for at least 6 months with your current employer
  • Don’t live in Quebec

What types of car loans does Splash Auto Finance offer?

Splash Auto Finance offers various types of car loans, including the following:
  • Bad or no credit loans. If you have no credit history or bad credit, Splash Auto Finance can still provide car financing to you, provided that you meet other requirements. This also applies if you’re going through a bankruptcy, divorce or financial hardship.
  • Used car loans. Splash Auto Finance works with a lot of dealerships, including used car dealers.
  • New car loans. If you prefer a new car over a used car, Splash Auto Finance can assist with your purchase.

How much will my loan cost me?

With Splash Auto Finance, your interest rate will fall somewhere between 9.9% and 31%. Your term will be somewhere between 2 and 7 years.

The conditions of your loan will depend on your personal circumstances, such as your credit score, monthly income, how much you want to borrow and the vehicle you want to purchase. Before you apply for financing with Splash Auto Finance, be sure to assess your budget and how much you can afford on car payments.

What are the benefits of a car loan with Splash Auto Finance?

  • Flexible lender. Splash Auto Finance works with non-traditional borrowers, such as people with bad credit, no credit and bankruptcy.
  • Loyalty program. The Fast Forward 500 Club is Splash Auto Finance‘s loyalty program. It rewards its best customers and dealers.
  • Fast approval. Your loan could be approved and dispersed within 24 hours. Depending on the loan and applicant, it could take several days to be approved and receive funds.

What to watch out for

  • High interest. The maximum amount of interest Splash Auto Finance could charge is 31%.
  • Long terms. Splash Auto Finance offers terms of up to 7 years. Even though your payment will be lower, you’ll pay more interest and risk getting negative equity on your car.
  • Not available in all of Canada. You cannot use Splash Auto Finance‘s services if you live in Quebec.

How do I apply?

To apply, visit the Rifco website. During the application process, you will be asked to provide the following information:

  • Full name
  • Contact information (email, phone, address, etc.)
  • Monthly income before taxes
  • Amount of time you’ve worked for your current employer
  • Driver’s licence
  • Proof of income
  • Details of an active bank account to deposit funds

What do I do after I get the car loan?

Once you get approved for your car loan with Splash Auto Finance, it’s time to start driving and making payments. Your scheduled payments should be outlined in your agreement. They will likely be monthly or bi-weekly payments. To build and maintain credit, be sure to always make payments on time and in full.

Down the road, you might want to make an early repayment on your loan. It’s unclear if Splash Auto Finance allows early repayment without penalties. If this is something you’re interested in, check your loan agreement for potential early payment fees. In general, it’s ideal if you can always get loan conditions with no penalties for early repayment.

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