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Lender
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

iA Auto Finance

Finanso.Multilogin™

About lender

iA Auto Finance is a wholly-owned subsidiary of iA Financial Group founded in 1892 in Canada. iA Financial Group offers individual clients insurance, savings/retirement, loan programs, and other offers. It also offers corporate clients insurance, retirement, real estate, dealer services, and brokerage advisory.

iA Auto Finance is a broad-spectrum lender that provides automotive loans to Canadians who need to buy a car but cannot obtain traditional bank financing. At the same time, the company helps dealers to sell more vehicles to Canadians who want to drive a car. The iA Auto Finance team comes experienced in both the automotive and financial sectors. The product is offered through cooperation with partnered dealers.

The company has a six-tier finance program that serves the near-prime to sub-prime credit markets through dealers across Canada. The mission of the company is to provide flexible and affordable financing solutions with the highest level of customer service, professionalism, and respect to Canadians, who otherwise would be unable to attain it using traditional means. The Rate Reducing Loan program of the company allows clients to improve their credit score, refund their loans faster, and ultimately save money.

For the dealer partners, the company prides itself on delivering the fastest loan approvals in the business and an exceptional service experience.

For the borrowers, the Rate Reducing Loan program allows them to save money, pay their loans off faster, and improve their credit scores.

The company states that its main working features are fast approvals, exceptional service, and unparalleled expertise.

Pros and cons

Pros

  • Dealer-led application. All the customers of iA Auto Finance can receive help from their dealership with the auto loan application process. The dealers can apply to various lenders, including iA Auto Finance, to see where the customer qualifies and under what terms.

  • Flexibility with auto loans. The customer can get a car loan without a down payment, provide a trade-in to apply as a credit towards his purchase, and choose from terms that go up to as long as 84 months.

  • Rate reducing loan. Existing clients of iA Auto Finance 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. A customer can refund the loan off faster, reduce their interest rate by 10% of his current interest rate every year, and rebuild their credit as a result. The amount the customer can save will vary based on his loan amount, interest rate, and term.

  • Interest rates start at 8.99%. iA Auto Finance says its rates for auto financing start as low as 8.99%, which is pretty competitive. But in case the customer’s credit isn’t in a great condition, they should anticipate much higher interest rates though.

  • All the loans can be managed online. The customer can manage his account details online, make payments, and live chat with a customer service representative.

  • A client can reduce the interest rate by 10% of their current interest rate every year.

Cons

Borrowers should take note of the following red flags:

  • Potential for steep interest rates. Interest rate ranges aren’t disclosed online, but they will vary depending on factors such as the dealer the customer is working with, his credit score, and his income. It’s unclear how high APRs may be with iA Auto Finance. According to some sources, the rates can reach up to 29.99%.

  • Potential for additional fees. Customers may encounter additional fees and extra costs as they go through the loan process with their dealers, such as origination fees (a fee to process the loan) and dealership fees. The customer should watch out for these charges because they can drive up the cost of his loan.

  • Only available via partnered dealers. If the customer is interested in securing financing to buy a car via iA Auto Finance, he must check with his dealer first to ensure it’s partnered with this lender.

  • Not direct to consumers. While other lenders allow borrowers to apply and get pre-approved on their own before auto shopping, iA Auto Finance provides financing through dealers only.

  • Negative reviews online. iA Auto Finance has received some negative reviews online. Reviewers have mentioned repayment issues, poor customer service, and high NSF fees, up to $100.

  • Confusing content on the website – the site is saying that the customer can get a loan with the term of 72 months for repayment, but other sources are saying that the term can be even 84 months.

Loan conditions

While iA Auto Finance doesn’t directly disclose which documents the Canadians will need for the application, these documents are typically required to verify the identity and financial information:

  • Proof of identity via a valid driver’s license and other forms of government-issued ID.

  • Employment and income verification via pay stubs, bank statements, CRA notice of assessments, or benefits letters.

  • A void cheque or direct deposit form for the bank account a customer wants their car payments to come from.

  • A copy of the customer’s car insurance is faxed or emailed to the dealer.

  • The customer should also be a Canadian citizen and be of legal age.

Methods of loan funding

There is no specified information regarding this issue on the website of the company. Normally it takes not much time for the borrower to get funded after his application was approved. You should remember that iA provides financing through dealers only.

The most common funding method is a direct deposit on a bank account of the borrower.

FAQ

What is iA Auto Finance?

iA Auto Finance offers Canadians an easy, quick, and trusted way to get a loan through its wide chain of dealers, located all around Canada. All the processing is being carried out online.

Who owns iA Auto Finance?

iA Auto Finance is a wholly-owned subsidiary of Industrial Alliance Insurance and Financial Services Inc.

How do you qualify for iA Auto Finance?

To qualify for getting a loan the customer should provide the company with the following documents:

  • Proof of identity via a valid driver’s license and other forms of government-issued ID.

  • Employment and income verification via pay stubs, bank statements, CRA notice of assessments, or benefits letters.

  • A void cheque or direct deposit form for the bank account the customer wants his car payments to come from.

  • A copy of his car insurance faxed or emailed to your dealer.

  • The customer should also be a Canadian citizen and be of legal age.

In case the existing client of the company wants to get an interest rate reduction, driving down the overall cost of their loan, they should comply with the following requirements:

  • All payments have been made on time during the last 12 months.

  • No payments have been returned for any reason.

  • The vehicle has not been in any accidents.

  • All requirements of the loan agreement have been met.

How much can you borrow from iA Auto Finance?

The size of a loan depends on the market price of the car the potential borrower is interested in. Typically, the loan amount does not exceed $50.000.

Is it a legitimate company?

iA Auto Finance is a part of the iA Financial Group, one of the largest insurance and wealth management groups in Canada, with a reach into the United States. iA Financial Group was founded in 1892 and is listed on the Toronto Stock Exchange as IAG (common shares) and IAF (preferred shares).

As a broad spectrum lender, it provides individual insurance, wealth management, and group insurance as well as automotive loans and home financing. iA Financial Group said it managed over 4 million clients as of December 2020.

Company documents

Terms of use
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 Our mission - to provide flexible and affordable auto finance solutions to qualified borrowers, through our dealer partners, with the highest level of customer service, professionalism and respect.

© iA Financial Group

Calculate loan payments in iA Auto Finance

iA Auto Finance calculator will allow you to calculate an approximate payment schedule for the loan

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What to pay attention to when applying for a loan from iA Auto Finance

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes iA Auto Finance from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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