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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.

Rifco's application

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How to apply

To understand what you need to apply for a loan, be careful with the list of documents that should be provided to Rifco Inc. There is a Rifco Funding Checklist published on the website with a proper list of documents to be provided by the dealer and by the customer.

The Customer should provide:

  1. Valid Canadian Driver’s License for the Driver, valid Canadian Photo ID for Applicant not driving unit. Both should be with the current address. In case a PO Box is listed the company will require a physical address. There is some additional information on the ID documents:

  • A learners license is acceptable for all applicants;

  • Proof of Residence (i.e. Utility Bill – gas, power, water, cable, Internet, property tax assessment, mortgage statement) will be required if the address does not match Driver's License;

  • Acceptable forms of ID include a first Nation Card with security features (not paper/laminated copy), Metis Card with security features (not paper/laminated copy), Permanent Residence Card, Provincial ID Card, Canadian Citizenship Card, Canadian Passport, Firearms license.

  1. Completed POI where all income statements as per application should be listed;

  2. Void cheque showing Customer Name or Authorization Form (may require a bank stamp if handwritten or if the account differs from paystub);

  3. References per application (name, phone number, and relationship to borrower). If the applicant is married or in common law 3 shared references are accepted. References can reside in the same house but must have a different contact number than the applicant, the numbers must be Canadian only;

  4. Mobile phone number and e-mail address per applicant;

  5. Credit stipulations as noted on approval;

  6. Registration, plate, and ownership (in applicant’s name only);

  7. The insurance confirmation form ($1,000 maximum deductible) must be in the name of the applicant driving the unit, collision, and comprehensive with loss payee to Rifco.

The dealer also has to provide a set of documents, including:

  • Completed and signed loan contract by customer(s) and dealer;

  • Bill of Sale signed with all information as per the approval;

  • A Manufacture’s invoice for new vehicles;

  • Copy of approved warranty and insurances showing Rifco as the lien holder;

  • Credit application signed by each applicant;

  • Rifco Drive Plan Waiver form;

  • GPS installed and verified;

  • Vehicle History Report, preferably signed by each applicant.

Application details

Normally, the loan approval does not take a lot of time. But the borrower should provide proper documents and must be a liable person for getting a nonprime loan. There are several channels to contact the lender and verify the credit status.

Rifco is operating mostly among dealerships and loan applications may be completed directly with the help of professionals in car selling. Meanwhile, an online application option is also available and offered to be used to contact the supporting team.

So, requesting a loan, just fill out the credit application at the dealership or find out Rifco Application Form on the company's website. The easiest way to do it is to click on the site map at the footer of the main entrance page and select the required link with the same name title from the left-hand list, it is somewhere in the middle. Click on it and get the application page.

Indicate your name, city, province, phone, e-mail, gross monthly income, and time on the job (years or months). All data are mandatory. Province is requested to be selected from the drop-down list. Rifco Inc. also requires you to mark whether you refer to it via direct franchise, office newsletter, or aftercare portal. In the case of a direct franchise, the company will ask you to select with which office you are working. You may also leave any comments in the dedicated field.

The documents may be attached to the application via the dedicated button “Upload Documents Here”. Only the documents in .pdf format are accepted.

When the application is ready, click on the button “Submit Application”. The online concierge team will contact you to get additional information as may be necessary.

FAQ

Reasons for rejection

Practically, there should not be any rejections in case the customer meets all the requirements established by Rifco Inc. But the customer is fully liable that the information provided is true, complete, accurate, and valid.

As well, Rifco Inc. may reject the services to the clients for any reason at its discretion. In that case, the company may not disclose the reason for its decision.

How long does it take to get approved by Rifco?

If you have requested a reply Rifco commits to acknowledging your request within 24 hours and will strive to provide a resolution within 72 hours

How trustworthy is Rifco?

In general, the company may be considered a trustworthy one. Rifco National Auto Finance has been providing auto loans since 2002. It has over 100 employees across Canada, with the majority of the team located in Red Deer, Alberta, where its headquarters is located. They are a publicly-traded company on the TSX.

The corporation takes a pride in investing in long-term relationships as they call it in the company. Each year the Rifco staff chooses a charity to support by voting, they have a dedicated Charity Committee composed of team members. Within these activities, they conduct office fundraising, team events, and the annual Charity Golf Tournament. In the past, the company with its staff supported The Ronald McDonald House CA, Central Alberta Humane Society, The Red Deer Food Bank, and Haitian Children's Aid Society. For 2022 they cooperate with The Central Alberta Child Advocacy Centre.

But, on the Internet, there are a lot of negative reviews blaming the company for excessive pressing and non-competence. Not all reviews are marked as verified.

Does Rifco verify income?

Rifco verifies the income of the potential borrower. Every time requesting a loan, the client authorizes the company to obtain income and credit information from any reporting agency or financial source, past or present employer, or any other source. They sign a document authorizing Rifco to make phone calls to different places to verify their credit status which means income verification.

Submission of true and reliable information to the lender will help to avoid any unpleasant situation concerning income verification.

Does Rifco hurt your credit score?

There is no direct information on the website on the conditions when the data on the missed payments is sent to credit bureaus. But, these data are highly likely delivered to the instances. However, Rifco claims to help in raising the credit score.

Calculate loan payments in Rifco

Rifco calculator will allow you to calculate an approximate payment schedule for the loan

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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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