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
Pros
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.
Cons
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.