{"id":973533,"date":"2022-01-31T12:09:36","date_gmt":"2022-01-31T17:09:36","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=973533"},"modified":"2026-01-20T23:53:07","modified_gmt":"2026-01-21T04:53:07","slug":"ia-auto-finance-review","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/car-loans\/ia-auto-finance-review","title":{"rendered":"iA Auto Finance review"},"content":{"rendered":"

What is iA Auto Finance?<\/h3>

If you\u2019re shopping for a vehicle and auto loan at a dealership, there\u2019s 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\u2019t apply directly to this lender. Because of this set-up, consumers can\u2019t see detailed information on interest rate ranges, loan amounts and loan types they may qualify for until they apply.<\/p>

Reduce your rate every 12 months<\/h4>

iA\u2019s 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<\/a>. 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.<\/p>

Is iA Auto Finance legitimate?<\/h3>

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.<\/p>

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

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).<\/p>

What are the benefits of an iA Auto Finance car loan?<\/h3>

Borrowing via iA Auto Finance comes with a slate of perks, including the following:<\/p>

  • Dealer-led application.<\/strong> Receive help from your dealership with the auto loan application process. They\u2019ll submit your application to various lenders, including iA, to see where you qualify and under what terms.<\/li>
  • Flexibility with auto loans.<\/strong> 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.<\/li>
  • Rate-reduction loan.<\/strong> 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.<\/li>
  • Interest rates starting at 8.99%.<\/strong> iA says its rates for auto financing start as low as 8.99%, which is pretty competitive. If your credit isn\u2019t in great shape, anticipate much higher interest rates though.<\/li>
  • Manage your car loan online. <\/strong>You can manage your account details and make payments online.<\/li><\/ul>

    What to watch out for<\/h3>

    Borrowers should take note of the following iA Auto Finance red flags:<\/p>

    • Potential for steep interest rates.<\/strong> Interest rate ranges aren\u2019t disclosed online, but they will vary depending on factors such as the dealer you\u2019re working with, your credit score and your income. It\u2019s unclear how high APRs may be with iA.<\/li>
    • Potential for additional fees.<\/strong> 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.<\/li>
    • Only available via partnered dealers.<\/strong> If you\u2019re interested in securing financing via iA Auto Finance, you must check with your dealer first to make sure it\u2019s partnered with this lender. As always, it\u2019s worth requesting quotes from a few options before you make a final decision.<\/li>
    • Not direct to consumers.<\/strong> While other lenders allow borrowers to apply and get pre-approved on their own before auto shopping, iA provides financing through dealers only.<\/li>
    • Negative reviews online. <\/strong>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.<\/li><\/ul>

      Compare other subprime car loans<\/h3>

      Before signing up for an iA Auto Finance car loan with a dealership, consider comparing it with other offers so you know whether you\u2019re getting the best deal.<\/p>