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Rating by Finanso®
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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 pay off

Finanso.Multilogin™

Repayment of loan

The main goal of the iA Auto Finance loans platform is to make the process of repayments for its borrowers as easy and comfortable as possible. Due to this point, the company offers two ways for making payments: either via direct transfer from the customer’s bank account or via its platform. The platform can make all the withdrawals fully automated – the funds scheduled for being repaid can be directly withdrawn from the bank account of the borrower, where his income is normally deposited at.

The structure of the payment period is designated to make the payment process for the customer as convenient as possible as well.

Conditions of loan extension

A customer could negotiate a loan extension – but no certain conditions are mentioned on the website of iA Auto Finance as each specific situation requires a different approach, depending on the amount of the loan, already taken by the customer, and the repayment history for the loan.

Early payoff

At iA Auto Finance the borrower has an opportunity to pay his loan off at any point in case he has got a rate-reducing loan.

There is no specific information about the possibility for a customer to pay early should such a customer have a standard loan, provided by the company.

Normally in the lending industry, there is an opportunity for the customers to pay early, but in some cases, the lenders can charge additional fees for a full early repayment - all the potential borrowers should be aware of this aspect.

FAQ

How do I make a payment on iA Auto Finance?

Typically, payments are automatically withdrawn from the customer’s bank account.

In case the borrower expresses the willingness to make payments on his own – the payments can be made via direct transfer from their account or their account in the system of the lender.

What happens if you don't pay back iA Auto Finance?

In case there is a delay with the scheduled reimbursement performed by the client, the company is putting all the efforts possible to negotiate with the client and help him in this situation. Should all the negotiation options have failed, the company is forced to file with a court or pass the case over to money collectors.  

Can you pay iA Auto Finance early?

At iA Auto Finance a borrower has an opportunity to refund his loan off at any point in case he has got a rate-reducing loan.

There is no specific information about the possibility for a customer to pay early should such a customer have a standard loan, provided by the company.

Can iA Auto Finance sue you?

iA Auto Finance loans service is always considering its customers as partners who are actively and effectively assisting the company in its further growth. However, iA Auto Finance has its obligations as well – to provide its customers with sufficient financial support any time the customer addresses the company. Under these settings – and only in case of a long-standing default on payments expressed by the borrower,  the company has no choice but to bring a case before the court or pass the case over to bill collectors. In any event, the company is making all efforts possible to carry out mediation procedures with all its customers, having difficulties with timely repayments to resolve all the issues before starting legal proceedings.

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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