Axis Auto Finance is a Canadian financial technology company that specializes in providing auto financing solutions for subprime borrowers or those with poor credit history. The company was founded in 2011 and is based in Toronto, Ontario. Axis offers high-risk auto loans to consumers through a network of over 3000 auto dealers across Canada. The company aims to help subprime consumers rebuild their credit by providing access to vehicle financing even if they have been rejected by traditional lenders and banks.

Axis Auto Finance has provided over 75,000 subprime auto loans and has over $1 billion in assets under management. The company is backed by private equity firms including Westlake Financial. Axis offers used car loans, new car loans, lease buyouts and refinancing options with interest rates ranging from 9.99% for platinum credit tier up to 29.99% for subprime borrowers. The loan terms range from 12 to 84 months.

Axis Auto Finance works through a network of independent and franchise auto dealers. When a customer with poor credit visits a dealership looking to finance a used car purchase, the dealer sends the application to Axis for financing.

Axis has an automated underwriting platform that can approve loans in seconds based on proprietary algorithms and risk models. If approved, Axis funds the loan directly to the dealer. The customer then makes fixed monthly payments with interest to Axis over the loan term.

The company has customized risk models to price the auto loans based on the individual’s credit profile. Rates start at 9.99% for near-prime borrowers and go up to 29.99% for deep subprime. The better the credit score and history, the lower the interest rate.

Customers can apply directly through the Axis Auto Finance website or through one of their certified dealers. The online application process takes just 2 minutes.

Some key benefits of getting a car loan through Axis Auto Finance include:

– Access to vehicle financing for borrowers with poor credit or no credit history. Axis specializes in subprime lending when traditional lenders reject applications.

– Quick loan approval decisions, often in seconds when applying online.

– Flexible loan terms from 12 months to 84 months and loan amounts up to $75,000.

– Option to add a co-signer to get better rates if you have limited credit history.

– Fixed interest rates and monthly payments help in managing budgets.

– Online account management, payments and customer support services.

– Extended warranties, GAP insurance, and other protections available.

– Dealerships across Canada to choose vehicle make/model.

– Refinancing of existing auto loans from other lenders at lower rates.

So in summary, Axis Auto Finance provides a second chance at financing for subprime borrowers who are often neglected by banks and traditional lenders.

Axis Auto Finance does not have a specific minimum credit score requirement and they cater to deep subprime borrowers with scores below 500. However, the interest rate offered will depend on your credit profile:

– Platinum Tier: Credit scores above 600 – Rates from 9.99%

– Gold Tier: Credit scores 550 – 600 – Rates from 18.99%

– Silver Tier: Credit scores 500 – 550 – Rates from 25.99%

– Subprime Tier: Credit scores below 500 – Rates from 29.99%

Having a co-signer with better credit will help reduce the rate. Axis also looks at other factors like income, employment history, car choice etc. when making loan decisions. They work with customers to rebuild credit by reporting to bureaus.

Even if you have been rejected before, you can get pre-approved with Axis Auto Finance to see potential rates before applying. Having some down payment also helps improve the terms.

Axis Auto Finance offers financing for both new and used cars purchased through their network of dealers. As a subprime lender, they mostly focus on financing used car purchases.

You can generally finance used cars that are 8 years old or newer with under 200,000 km. High-mileage cars over 150,000 km may have higher rates. Cars with existing loans or leases can also be refinanced.

Axis has relationships with dealers representing all major brands – Ford, Honda, Toyota, GM, Hyundai, Nissan, Kia etc. This gives customers many choices for reliable used car models when shopping for a vehicle.

With loan amounts up to $75,000, customers can purchase higher-end used cars. However, Axis advises staying within your budget and choosing cheaper cars to allow lower monthly payments.

Axis Auto Finance determines loan amounts on a case-by-case basis considering applicant’s income, expenses, credit profile and the vehicle make/model. The maximum amount they offer is up to $75,000.

Here are some general Axis Auto Finance loan amount guidelines:

– For near-prime borrowers with good credit – Up to $45,000

– For subprime borrowers with poor credit – Between $15,000 to $25,000

– With a qualified co-signer – Up to $60,000

– For expensive vehicle purchases – Up to $75,000 limit

The loan-to-value ratio typically ranges between 115% to 140% of the vehicle value. Minimum loan amount is $5000. Axis may start lower limits for first-time borrowers and increase amounts after demonstrating good payment history.

Having a sizeable down payment lowers risk and allows Axis to provide higher loan amounts. Speak to a dealer to get pre-approved.

One of the benefits of Axis Auto Finance is quick loan decisions. Here is an overview of the Axis approval process timeline:

Instant decisions: When you apply online through their website, many applications get instant approval decisions.

Same day approval: Applications submitted by dealers usually get approved within the same business day.

Funding in 24 hours: Once approved, Axis can fund the loan to the dealer within 24 business hours.

Drive home the same day: This means for many customers the entire process from application to driving home their car is possible within 24 hours.

Timelines depend on submitting all required documents for verification. Having supporting documents ready can help speed up the process.

So in summary, Axis Auto Finance can provide exceptionally fast financing decisions compared to traditional lenders thanks to their automated systems. This allows customers to purchase their vehicle quickly.

Axis Auto Finance offers many flexible ways to make your monthly loan payments:

Online – Through your customer account portal, where you can set up automatic payments.

By phone – Call Axis toll-free at 1-866-929-2279 and speak to a loan agent.

In-person – Visit any Canada Post outlet and pay with cash or debit.

By mail – Send cheques or money orders to the payment address provided.

Pre-authorized debit – Provide bank account details for automatic withdrawals.

You get online account access with details of amounts due, due dates, payment history etc. Payments are usually due on the same date each month. You can pay weekly, bi-weekly or monthly without penalties.

Make payments on time to avoid late fees and credit impacts. Processing takes 2-3 business days so schedule accordingly.

Axis Auto Finance does not directly sell extended warranties but they do provide optional warranty products through their third-party partners:

– Assurant Solutions: Covers mechanical, electrical and electronic breakdowns. Terms up to 60 months or 120,000 km.

– Echelon: Offers powertrain, roadside assistance, key replacement etc. Terms up to 84 months.

– Ogilvy Insurance: Provides guaranteed asset protection and creditor insurance.

These are financed as part of your loan and included in the monthly payment. Coverage starts after the manufacturer warranty expires. Warranty costs depend on your vehicle.

You can enroll for these optional protection plans when signing your auto financing contract. They provide added peace of mind.

Axis Auto Finance helps subprime borrowers rebuild credit in a few ways:

– They report customer payment history to credit bureaus which helps demonstrate responsible usage and improves scores over time.

– Interest rates offered are competitive so monthly payments are affordable allowing customers to establish good payment patterns.

– Loan terms are flexible – longer terms result in lower payments which helps build credit.

– Once good payment history is established, customers may qualify for lower rates on future refinancing.

– Timely payments support moving borrowers back to prime lending in the future.

– Axis provides online account access and payment reminders which helps customers stay on track.

– There are no pre-payment penalties if customers pay off loans faster.

So in summary, Axis Auto Finance provides credit-challenged consumers a chance to obtain financing, make timely payments each month and gradually rebuild their credit profile.

Missing payments on your Axis Auto Finance loan can have serious consequences, including:

Late fees – Axis will charge a late payment fee, typically $50 for the first missed payment.

Added interest – The unpaid interest keeps accruing, increasing the amount owed.

Credit damage – Missed payments get reported to credit bureaus, negatively impacting your score.

Default and repossession – If too many payments are missed, Axis can repossess your car.

Collection calls – Axis collections department will call regarding missed payments.

To avoid this, contact Axis immediately if you anticipate difficulty with a payment. There may be some options available such as deferring a payment. Communicate with your loan representative to prevent further credit damage.

Setting automated payments or payment reminders can also help avoid missed payments and related fees.

Yes, Axis Auto Finance allows you to refinance your existing car loan with them to potentially lower your interest rate and monthly payment.

To qualify for refinancing, you need:

– Active Axis loan for at least 12 months

– Recent good payment history

– Improved credit score since original loan

Refinancing could get you a 3-4% lower rate. Axis will extend your loan term to lower the payment if needed. Refinancing costs will apply.

You can also refinance non-Axis auto loans. Existing leases can be refinanced too. Axis will buy out your lease and provide financing.

Submit a refinancing application online or speak to your dealer. It offers the chance to get better terms.

Axis Auto Finance is generally considered one of the better subprime auto lenders in Canada based on interest rates, customer service and loan options.

Here are some benefits that make them a good financing option for bad credit borrowers:

– Interest rate tiers from 9.99% for near-prime customers

– Online applications and quick approvals in minutes or hours

– Loans up to $75k allow purchasing higher value vehicles

– Flexible terms from 12 to 84 months fit different budgets

– Reports to credit bureaus help rebuild your score

– Refinancing existing loans to improve rates is available

– Educational resources on improving credit provided

However, their rates for deep subprime borrowers can still be quite high. Be sure to compare all financing options before deciding on Axis Auto Finance.

Here are the ways to contact Axis Auto Finance:

Phone: 1-866-929-2279

Email: [email protected]

Fax: 1-888-814-2416

Mail: P.O. Box 1653, Station B, Mississauga, Ontario, L4Y 4G6

Website: www.axisfinancegroup.com

Office Headquarters:

165 Galaxy Blvd Suite 200

Toronto, ON M9W 0C8

You can call their toll-free number from Monday to Friday 9am – 8pm EST to speak with a customer service representative for any questions or assistance regarding your auto financing.

As a major subprime auto lender in Canada, Axis Auto Finance has received both positive and negative reviews online. Here are some places to find Axis reviews:

Google Reviews – Axis has a 2.4 rating based on over 550 reviews

Trustpilot – Axis has 2.5 rating based on over 825 reviews

BBB – Axis is not BBB accredited but has 136 complaints on BBB website

Glassdoor – Employees provide ratings and reviews of working at Axis

Indeed – Current and past employee reviews on company culture and management.

RedFlagDeals – Forum discussions on Axis Auto Finance terms and conditions.

Reviews mention high interest rates, issues with payments, mechanical breakdowns, predatory lending allegations and poor customer service as common complaints.

Pros

– Quick online approvals and funding

– Loans for borrowers with no or poor credit history

– Large auto dealer network across Canada

– Loan amounts up to $75k

– Flexible terms from 12 to 84 months

– Online account management and payment options

Cons

– Very high interest rates from 18% to 30% for subprime borrowers

– Pre-payment penalties for paying off loan early

– Repossession likely if payments are missed

– Additional fees like origination fees

– Refinancing existing loans has costs

– Poor customer service and complaints

So in summary, Axis Auto Finance provides high-risk financing options but customers pay for it with higher rates and rigid policies. Do your research to see if it is the right lender for your situation.