About lender
Rocket Funds is a Canadian financial organization that provides customers with relatively small loans to repair their vehicles. The company runs no credit checks, does not rely on its client’s employment status, and bases its credit decisions solely on the vehicle under consideration. As a result, the company pledges rapidly to get its customers back on the road. Theses can submit inquiries and receive swift responses within 24 hours.
Rocket Funds provides services that could be attractive to business people. For example, Rocket Funds offers entrepreneurs car service stations advertising their loans. In addition, customers can repair their vehicles at the stations where they come across the Rocket Funds ad.
To apply and get approved, a client must find the prequalification application form and fill it out.
Features
Rocket Funds has a peculiar feature that differentiates this company from other lenders: it only provides loans for vehicle repairs: mechanical problems, tires and rims, and electrical repairs. Funds are also available for general maintenance, automotive accessories, and upgrades.
Credit decisions are based on the existing value of the vehicle under consideration. The loan amount is based on the customer’s vehicle: its model, year, and other required data.
Also, Rocket Funds doesn’t perform any credit checks and doesn’t verify the customer’s employment status. Instead, Rocket Funds’ loans are secured using the customer’s car value, making approval rules easier.
The Rocket Funds’ loans are open loans. Therefore, the company will not charge extra penalties if a client decides to pay off sooner. However, the company charges several fees anyway. First, there are two setup fees: an administration fee of $69 and a lien registration fee of $29.
Besides, the company provides services that can be useful for business people owning car service stations. For example, the company offers entrepreneurs advertising vehicle repair loans. This way, entrepreneurs’ customers can use these services immediately instead of putting off needed repairs.
Pros and cons
Nevertheless, Rocket Funds still has some pros and cons that must be considered as they can influence the customer’s decisions.
Pros
The company provides services that help customers repair their vehicles as soon as possible;
The company doesn’t run any credit checks. Also, it doesn’t check the employment status of the client;
The company makes credit decisions based only on the car value;
Rocket Funds allows the customers to pay the loan off sooner without charging extra penalties;
The company guarantees that all the personal data provided by the customer will be secured;
The company offers exclusive services for business people.
Cons
The specialization of Rocket Funds is too narrow and will not be helpful for many people;
Rocket Funds charges obligatory fees which are high;
The company helps clients whose cars are produced only after 2010;
The annual interest rate is pretty high: 24,9%;
The company’s website is too poor and contains only four pages;
Rocket Funds loans can’t be used for parts-only purchases without installation on the vehicle.
Rocket Funds doesn’t check the customer’s credit and employment information. Also, it lets clients pay off their loans before the term ends. Moreover, the company pledges to protect clients' personal information with leading encryption technologies.
However, Rocket Funds has some disadvantages, such as obligatory fees. Also, it charges a pretty high-interest rate.
Loan conditions
First, a client must fill out the prequalification application form on the main page of Rocket Funds’ website. Then, they need to mention all the necessary data about their vehicle, such as the year, make, model, and odometer reading.
To be approved by Rocket Funds, the customer must be older than 18, be a Canadian citizen, and provide the required documents. These are driving license, car ownership, insurance, and banking credentials. These documents are submitted electronically.
The company provides loans that start from $499, and their upper limits are adjustable. It depends on the customer’s vehicle. For example, if the customer has a BMW M5, they can be approved for more than $31,000. It all depends on the information about the car that the customer provides. The annual interest rate is fixed at 24,9% + fees. The terms are variable too. Loans terms vary between 12 and 48 months so that the customer can choose the most suitable option.
Methods of loan funding
As soon as a client completes the application, they will have to wait for the company’s response. If they are approved, a digital contract is signed. After that, the borrowed amount will be transferred to the repair center.
