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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's application

Finanso.Multilogin™

How to apply

iA Auto Finance provides access to auto financing through partnered dealer companies only, so the customer will need to apply via the local dealership where they are car-shopping. iA Auto Finance says that once a customer has found the car they’d like to purchase, they should work with their dealer to submit their auto financing application. From there, the dealer will apply to various lenders, including iA Auto Finance, to see if the customer qualifies and under what terms. At this stage, the dealer would like to have full access to the client's documents.

The potential borrower should check with his dealer to see what requirements for a minimum credit score and monthly income iA Auto Finance has to make sure he will fit the criteria.

Application details

While iA Auto Finance doesn’t disclose which documents the customer 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 the customer wants his car payments to come from.

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

iA Auto Finance is aiming at being maximally effective and friendly to its customers and is putting all the effort not to make the potential borrowers wait for the answer for too long.

iA Auto Finance provides financing through dealers only - all is needed is to contact the dealer who is in partnership with iA Auto Finance and send a loan request through the authorized dealer.

The company is not disclosing the information regarding the process of making an application through its dealers.

Normally all application forms are requesting the following information:

  1. Amount to borrow.

  2. Purpose of the loan.

  3. First name.

  4. Last name.

  5. Address, years of living at this residence, own or rented residence, monthly housing payments.

  6. E-mail address.

  7. Phone number.

  8. Date of birth.

  9. SIN (optional).

  10. Employment details (gross income, employment status, occupation, employer’s name ad contact details, years of service).

FAQ

Reasons for rejection

Unfortunately, there is a list of cases when the initial request for getting a loan can not be confirmed:

  1. The potential borrower is under legal age.

  2. The potential borrower is not a citizen of Canada.

  3. The potential borrower сan not prove the source of his income.

  4. The potential borrower is in debt management/counseling, bankruptcy, or consumer proposal.

  5. The potential borrower’s credit score is critically low.

  6. The potential borrower has provided the lender with the financial background information, containing certain discrepancies with the verification information,  provided by the borrower's bank.

How long does it take to get approved by iA Auto Finance?

iA Auto Finance states that it offers the fastest approval times in the whole industry. To be more specific – the company’s fast-track application process can provide credit decisions in as little as five minutes and complete a thorough review of funding documents in as little as thirty minutes.

Usually, the speed of the approval depends on the quality of the financial background information the customer has submitted to the lender.

How trustworthy is iA Auto Finance?

iA Auto Finance is fully legitimate and trustworthy due to the following factors:

  • iA Auto Finance is a part of the iA Financial Group, one of the largest insurance and wealth management groups in Canada. iA Financial Group is listed on the Toronto Stock Exchange.

  • iA Auto Finance has got an impressive list of dealers who are the partners of the company and which enables a substantial quantity of potential borrowers to apply for getting a loan and get a loan as a result.

  • The company is having the so-called client list (with names, addresses, and telephone numbers) and shares this list with other companies of iA Financial Group to better serve its customers by offering them relevant and available products and services. The customer may request that his name be removed from such a list by writing to the Privacy Officer of the company. The company does not sell client lists to third parties.

  • The company makes every possible effort to ensure that the personal information of its clients is as accurate and complete as necessary for the purposes it is collected, used, or disclosed.

  • Accountability is a crucial factor for the company. The company implemented and continues to implement rigorous safeguards so that the personal information of its clients remains strictly confidential and is protected against loss or theft, as well as unauthorized access, disclosure, copying, use, or modification.

Does iA Auto Finance verify income?

Since the lender is operating in the market of providing financial services to its clients, it is an essential point for the company to verify the income level of the potential borrowers.

Does iA Auto Finance hurt your credit score?

Every customer, applying for a loan, is worried about the potential possibility of hurting his credit score by getting a loan.

Normally each loan given out is automatically affecting the borrower’s credit score, but this happens if hard inquiries are happening about their application.

The fact of addressing iA Auto Finance does not hurt the credit score of the potential borrower in the case he is providing the company with faithful information regarding his financial background. More than that – if the customer got funded and after this is following his repayments schedule with no delays performed, it automatically leads to his score improving or getting higher.

Calculate loan payments in iA Auto Finance

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

Loan amount
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Enter the desired loan amount

CAD
CAD
5000 $
50000 $
Loan term
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Specify the loan term for the calculation

months
days
12
84

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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All iA Auto Finance’s reviews by September 2022
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