How to apply for a loan?
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:
- 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.
- Completed POI where all income statements as per application should be listed;
- Void cheque showing Customer Name or Authorization Form (may require a bank stamp if handwritten or if the account differs from paystub);
- 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;
- Mobile phone number and e-mail address per applicant;
- Credit stipulations as noted on approval;
- Registration, plate, and ownership (in applicant’s name only);
- 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.