{"id":904143,"date":"2021-03-03T12:56:28","date_gmt":"2021-03-03T17:56:28","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=904143"},"modified":"2026-01-20T23:58:27","modified_gmt":"2026-01-21T04:58:27","slug":"rifco-review","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/car-loans\/rifco-review","title":{"rendered":"Rifco National Auto Finance review"},"content":{"rendered":"

What is Rifco National Auto Finance?<\/h3>

Rifco National Auto Finance is one of Canada\u2019s 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.<\/p>

If you want to apply for Rifco financing, first check that the dealership you\u2019re 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.<\/p>

Rifco previously offered bad credit auto loans to consumers directly and through dealerships using the brand \u201cSplash Auto Finance\u201d.<\/p>

Is Rifco National Auto Finance legitimate?<\/h3>

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.<\/p>

Rifco auto loan features<\/h3>
Feature<\/th>Details<\/th><\/tr><\/thead>
Interest rate type<\/td>Fixed<\/td><\/tr>
Minimum loan amount<\/td>$10,000<\/td><\/tr>
Maximum loan amount<\/td>$55,000<\/td><\/tr>
Loan term<\/td>24 - 84 months<\/td><\/tr>
Fees<\/td>$749 application fee<\/td><\/tr>
Serviced provinces<\/td>All provinces (except Quebec)<\/td><\/tr>
Basic eligibility criteria<\/td>Min. income of $2,000\/month, be a Canadian Citizens and\/or permanent residents, have a valid Canadian driver\u2019s licence, min. 300 credit score<\/td><\/tr><\/tbody><\/table>

What we liked about Rifco National Auto Finance<\/h3>

Take advantage of the following benefits with Rifco financing:<\/p>

  • Potential for reasonable rates.<\/strong> Rifco interest rates start at 12.9% (though you may pay up to if you\u2019re struggling with bad credit), which is competitive compared to other bad credit loan options on the market.<\/li>
  • Bad credit can apply.<\/strong> Rifco caters to borrowers with no credit or bad credit and offers a high approval rate.<\/li>
  • Large amounts.<\/strong> Borrow between $10,000 and $55,000 to finance your next vehicle.<\/li>
  • Instant payment.<\/strong> 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.<\/li>
  • Large dealership network.<\/strong> Shop dealers in nearly every Canadian province so you can easily find the right car for your needs.<\/li><\/ul>

    What to watch out for<\/h3>

    Keep the following drawbacks in mind before you apply for Rifco financing:<\/p>

    • Minimum borrowing amounts.<\/strong> You won\u2019t be able to borrow less than $10,000.<\/li>
    • Strict eligibility criteria.<\/strong> 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.<\/li>
    • Financing tied to specific dealers.<\/strong> Financing is tied to partner dealers and there\u2019s no list of who you can shop with (or what inventory of cars they might have).<\/li>
    • Website is confusing.<\/strong> The website caters to partner dealerships and it\u2019s difficult to find out where borrowers can apply for a loan.<\/li>
    • Bad collection practices.<\/strong> Several Rifco reviews indicate that the company calls multiple times per day to collect late payments.<\/li>
    • Not available in Quebec.<\/strong> Rifco National Auto Finance is available in provinces across Canada except for Quebec.<\/li><\/ul>

      Summary of Rifco reviews<\/h3>
      Feature<\/th>Details<\/th><\/tr><\/thead>
      BBB accredited<\/td>Yes<\/td><\/tr>
      BBB rating<\/td>A+<\/td><\/tr>
      BBB reviews<\/td>1.33 stars out of 5 (based on 12 Rifco reviews)<\/td><\/tr>
      Google reviews<\/td>1.7 stars out of 5 (based on 178 Rifco reviews)<\/td><\/tr>
      Customer reviews verified as of<\/td>August 22, 2023<\/td><\/tr><\/tbody><\/table>

      Positive Rifco reviews state that Rifco\u2019s 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.<\/p>

      Compare other car loans<\/h3>