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Rating by Finanso®

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About lender

Rifco National Auto Finance is a company dealing with non-prime auto financing in Canada. It is a member of Chesswood Group Limited that is a publicly traded commercial equipment finance company focused on small and medium-sized businesses.

The business operates with a substantial number of dealer partners and car brands in the country. Auto financing is its only business.

It was established in 2002, in Red Deer of Alberta, with the quality of service and convenience of the customer being the first goal. Now, Rifco National Auto Finance Corporation indicates it lends over $100 million a year to hundreds of dealerships across Canada.

Pros and cons


  • The corporation welcomes customer feedback and declares clients as the most important asset of the company.

  • The company maintains the quick replies to the requests requiring such replies to be given within 24 hours with solutions to be offered within 72 hours.

  • Rifco is marketing itself as a team of auto finance professionals.

  • Auto financing is the only business for the corporation.

  • A growing network of selected new and used vehicle dealers of the corporation operating in all provinces except Quebec.

  • It is possible to request a Customer Payout Form at any time at the site of the company.

  • There is a loyalty program, Fast Forward 500 Club, for managers of dealerships promoting their activity.

  • Rifco provides non-prime credits.


  • There are quite negative client reviews on the Internet.

  • The corporation does not publish any clear information on loans or its terms and conditions on the website.

  • There is no data on a typical loan agreement, rights, and obligations of both the client and Rifco. This data can be found in alternative sources of information.

  • The corporation does not operate in Quebec province.

Rifco Inc. provides non-prime credit solutions. It is a substantial advantage for those, like representatives of a student society who wish to get an automobile but cannot get a loan in banks as their credit history is less than perfect.

Rifco Inc. is dealing with auto loans only and has been creating a community of professional managers irrespective of the dealership they work with. Rifco introduces quite an interesting loyalty program for the managers of dealerships.

One more advantage to working with Rifco Inc. is its intention to provide high-quality services to clients and dealers. For dealer partners, the company offers a dedicated Dealer Services Team, and for the clients – Customer Service. Rifco Inc. welcomes and practices customer feedback.

Rifco maintains a partnership with a lot of dealerships and constantly expands the list of partners.

Among meaningful disadvantages, the negative reviews of the customers on the Internet shall be marked. Not all of them are verified, but for the company positing itself as a client-oriented, the number of unfavorable opinions is not small. It also shall be noted that the company's terms and conditions for loans are not transparent enough, no typical loan agreement at least with general rights and obligations is provided on the website.

Loan conditions

Rifco National Auto Finance does not introduce any vital information on loan terms and conditions on its website. But the company positions itself as a non-prime credits auto lender. Other open sources publish the following data:

  • Interest rate 9.9% – 31%

  • Amount $5,000 and up

  • Term 24 – 84 months

In many cases, the amount to loan, the car to purchase, and the status of the buyer depend on the options offered by a selected dealer selling the car of interest.

Methods of loan funding

Rifco pays the dealer within 24 hours of a loan being confirmed by its funding team. For the client, Rifco works with them directly for payments.


What is Rifco?

Rifco National Auto Finance Corporation is a lender operating with auto loans only. It helps to purchase a car using an extensive network of dealer partners all over the country, except in Quebec. It manages hundreds of loans and aims to settle the community of managers working with Rifco products.

Who owns Rifco?

From the very beginning, Rifco Inc. was operating its wholly-owned subsidiary Rifco National Auto Finance. Rifco Inc., the Red Deer grown-up business, was part of the Nondepository Credit Intermediation Industry. The corporation had about 100 employees across all of its locations and generates $18.92 million in sales (USD).

 But in January 2022 Chesswood Group Limited and Rifco Inc. declared that Chesswood Group had finalized the acquisition of Rifco according to the previously announced statutory plan of arrangement under the Business Corporations Act (the "Arrangement").

The Arrangement was approved by 98.90% of the votes cast by Rifco shareholders at the special meeting of Rifco shareholders held before, in December 2021. The Court of Queen's Bench of Alberta approved the Arrangement.

Thus, now the owner is Chesswood Group Limited, North America's only publicly trading commercial equipment finance company focused on small and medium-sized businesses. It manages two wholly-owned subsidiaries in the United States and three subsidiaries, besides Rifco, in Canada.

How do you qualify for Rifco?

To be approved as a borrower, you at least should meet the following criteria:

  • be a Canadian,

  • must be 18 years old as a minimum,

  • have a proven source of income of over $2.200,

  • be employed full time for 6 months minimum.

How much can you borrow from Rifco?

The amount you can borrow depends on the income you are ready to prove. Generally, it is calculated according to the rule of thumb from many financial institutions, saying that the car payment should not be more than 15% of gross monthly income.

The proper conditions are provided only in the dealerships and relate to the automobile selected, size of the income, repayment period, and the number of payments. According to alternative sources, you can borrow $5,000 and up.

Is Rifco a legitimate company?

Yes, the company is a legitimate one. It has been rendering its services for more than 15 years. It has a wide range of dealer partners all over Canada and a lot of clients. Its assets and profits are properly declared and published. The shares of the company were selling on the market. In 2022 Rifco was successfully acquired by Chesswood Group Limited and now the company is under renewal and repricing process.

Company documents

Privacy Policy

We are auto finance specialists. Our only business is auto financing. This specialization allows Rifco to be more responsive than our competition.

© Rifco

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What to pay attention to when applying for a loan from Rifco

  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 Rifco 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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