How to apply for a loan?
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:
Amount to borrow.
Purpose of the loan.
First name.
Last name.
Address, years of living at this residence, own or rented residence, monthly housing payments.
E-mail address.
Phone number.
Date of birth.
SIN (optional).
Employment details (gross income, employment status, occupation, employer’s name ad contact details, years of service).
Reasons for rejection
Unfortunately, there is a list of cases when the initial request for getting a loan can not be confirmed:
The potential borrower is under legal age.
The potential borrower is not a citizen of Canada.
The potential borrower сan not prove the source of his income.
The potential borrower is in debt management/counseling, bankruptcy, or consumer proposal.
The potential borrower’s credit score is critically low.
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.
