Our monthly newsletter is launching soon with the latest in money news, credit card offers + more ways to save
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Splash Auto Finance car loan review
Borrow up to $50,000 to buy a car with over 500 dealers across Canada and qualify even with bad credit.
Splash Auto Finance is a non-prime lender that offers car loans to people across Canada with no credit or bad credit. It offers competitive interest rates and loan amounts compared to other bad credit car loan providers. Keep in mind, though, you’ll be limited to financing offered by Splash Auto Finance’s dealership network.
Splash Auto Finance is a division of Rifco National Auto Finance, one of Canada’s largest non-chartered banks for non-prime auto financing. Splash Auto was founded in 2002 and is based out of Red Deer, Alberta. It offers bad credit car loans across Canada (except in Quebec) and works with over 500 partner dealerships. The company has provided over $1 billion in financing since its inception and is best for customers with no credit or bad credit.
Is Splash Auto Finance legitimate?
Splash Auto Finance is a legitimate business based on numerous online company reviews. It has a permanent office address in Red Deer and a large network of over 500 partner dealerships. Splash Auto Finance also has Facebook and Instagram accounts, though both accounts have been fairly inactive for several years.
Splash Auto Finance loan features
Feature
Details
APR ranges
9.90% - 31.00%
Interest rate type
Fixed
Minimum loan amount
$5,000
Maximum loan amount
$50,000
Loan term
24 - 84 months
Fees
$649 application fee
Serviced provinces
All provinces and territories (except Quebec)
Basic eligibility criteria
Min. income of $2,200 /month, 3+ months employed, min. 300 credit score
What we like about Splash Auto Finance
Take advantage of the following benefits with Splash Auto Finance:
Potential for reasonable rates. Rates start at 9.9% (though you may pay up to 31% if you’re struggling with bad credit).
Bad credit can apply. Splash Auto Finance caters to borrowers with no credit or bad credit.
Large amounts. Borrow $5,000 or more to finance your next vehicle.
Instant payment. Your loan will typically be disbursed to the dealership to pay for your car within 24 hours of approval.
Large dealership network. Shop with over 500 dealers across Canada to find the right car for your needs (not available in Quebec).
What to watch out for
Keep the following drawbacks in mind before you apply for a Splash Auto Finance loan:
Minimum borrowing amounts. You won’t be able to borrow less than $5,000.
Strict eligibility criteria. You must have a gross monthly income of at least $2,200 and show proof of full-time employment for at least 6 months.
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).
Long repayment periods. Terms range from 2 to 7 years. The longer the term, the more interest you’ll pay over time.
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 customer reviews indicate that Splash Auto and its parent company Rifco call multiple times per day to collect late payments.
Not available in Quebec. Splash Auto Finance is available across Canada except for Quebec.
Summary of Splash Auto Finance reviews
Feature
Details
BBB accredited
No
BBB rating
A+
Facebook reviews
4.6 stars (out of 9 reviews)
Customer reviews verified as of
August 11, 2022
Some Splash Auto Finance reviews indicate that the company offered quick payment and reasonable rates on car loans that customers couldn’t qualify for elsewhere. Others indicate that Splash Auto charges hidden fees and engages in harmful collection practices such as harassing phone calls, along with its parent company Rifco. They also indicate that it can be difficult to contact the company to discuss the loan once it’s paid out.
Am I eligible for a Splash Auto Finance loan?
You may be eligible for a Splash Auto Finance loan if you meet the following criteria:
Canadian citizen or permanent resident with valid ID
Age of majority in your province or territory
Minimum monthly income of $2,200 before taxes
Employed full time for at least 6 months with your current employer
Not living in Quebec
Required documents
You may need to provide the following documents to apply with Splash Auto Finance:
Proof of age/address
Government-issued photo ID such as passport or driver’s licence; secondary ID such as a credit card or utility bill
Proof of income/employment
Bank records, recent pay stubs, letter from your employer
Deposit information
Bank account information to set up automatic withdrawals
Consent for credit check
Consent for Splash Auto Finance to access your credit report
How to apply for Splash Auto Finance car loan
Follow these steps to apply for a Splash Auto Finance car loan:
Click the “Go to site” button on this page to be scurely transferred to Splash Auto Finance‘s wbesite
Enter your personal information. Required info includes your name, province, email, phone number, gross monthly income and employment period.
Upload documents to provide proof of ID and income if you want or skip this step if you’d prefer to speak to an agent first.
Click “submit” and wait for Splash Auto Finance to contact you in 1-3 business days.
How can I contact Splash Auto Finance?
You can contact Splash Auto Finance by calling its customer service hotline or by sending an email. Splash Auto Finance hotline hours are Monday to Friday 8:00am to 7:00pm (ET) and weekends from 8:00am to 5:00pm (ET).
How much will a Splash Auto Finance loan cost?
The cost of Splash Auto Finance loans will vary based on your personal situation:
Credit score. You’ll pay lower rates starting at 9.9% with decent credit and higher rates up to 31% with bad credit (typically a score below 650).
Fees. There are no set-up fees to take out a Splash Auto loan, but some customers complain that they were charged hidden fees after getting the loan.
Example of Splash Auto Finance loan cost
Brenda wants to take out a car loan to pay for a used 2015 Kia Forte. The car costs $6,800, and because she lives in Nova Scotia, she has to pay $7,820 in total including 15% sales tax. She borrows this amount from Splash Auto Finance, and qualifies for an interest rate of 19.8% over 5 years. Let’s take a look at how much her loan will cost her over time:
Initial loan amount
$7,820
Interest rate
19.8%
Time to pay off amount borrowed
60 months
Monthly payments
$206.31
Total paid
$12,378.77
Total interest on amount borrowed
$4,558.77
Brenda will pay over $4,500 in interest to borrow $7,820 over 5 years, with monthly payments of $206.31 for the duration of her loan.
Splash Auto Finance monthly payment calculator
Calculate how much you could expect to pay each month on a car loan from Splash Auto Finance
Splash Auto Finance offers bad credit car loans to qualified borrowers. Use your loan to buy a car with over 500 partnership dealers. Be aware that you’ll need to make a minimum gross monthly income of $2,200 and at least 3 months of continuous employment to qualify. Splash Auto Finance is not available in Quebec.
Compare other car loans
1 - 6 of 6
Frequently asked questions about Splash Auto Finance car loans
You can apply for a Splash Auto Finance loan with bad credit but you'll likely pay higher rates. These rates could be as high as 31% (the lowest advertised rates are typically reserved for people with good credit).
Interest rates start at 9.9% 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 31%) if you have a low credit score or no credit at all.
No. Your Splash Auto Finance car loan will be paid directly to the dealership you buy from. The dealer must be a Splash Auto Finance partner. Payment will usually be made in 24 hours or less once the loan is approved.
It's not clear which dealers Splash Auto Finance works with since there isn't a list posted anywhere on the company website. It's likely that Splash Auto will provide a list of suitable partner dealerships near you after you apply for financing.
Claire Horwood is a writer at Finder, specializing in credit cards, loans and other financial products. She has a Bachelor of Arts in Gender Studies from the University of Victoria, and an Associate’s Degree in Science from Camosun College. Much of Claire’s coursework has focused on writing and statistics, with a healthy dose of social and cultural analysis mixed in for good measure. In her spare time, Claire enjoys rock climbing, travelling and drinking inordinate amounts of coffee.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.