Car Deal Canada

iA Auto Finance Car Loan Rates

iA Auto Finance Car Loan Rates
iA Auto Finance Car Loan Rates

iA Auto Finance Car Loan Rates

About iA Auto Finance

iA Auto Finance car loan rates are some of the most available in Canada.

iA Auto Finance stands as a dedicated lender, offering an opportunity for Canadians who don’t qualify for traditional auto financing to purchase a car. As a wholly-owned subsidiary of iA Financial Group, their commitment lies in addressing each Canadian’s unique credit needs, providing them with viable options to make car ownership possible. Established in Quebec City in 1892, iA Financial Group boasts a rich history of serving customers and ensuring their financial well-being.

About iA Auto Finance

iA Auto Finance car loan rates are some of the most available in Canada. iA Auto Finance stands as a dedicated lender, offering an opportunity for Canadians who don’t qualify for traditional auto financing to purchase a car. As a wholly-owned subsidiary of iA Financial Group, their commitment lies in addressing each Canadian’s unique credit needs, providing them with viable options to make car ownership possible. Established in Quebec City in 1892, iA Financial Group boasts a rich history of serving customers and ensuring their financial well-being.

10.99%

On Approved Credit

Current Lowest iA Auto Finance Car Loan Rate

iA Auto Finance Current Used Car Loan Rates

6th Gear

Starting 10.99%

OAC

5th Gear

Starting at 14.99%

OAC

4th Gear

Starting at 19.99%

OAC

3rd Gear

Starting at 24.99%

OAC

2nd Gear

Starting at 29.99%

OAC

1st Gear

Starting at 29.99% +

OAC

Car Loan Application showing iA Auto Finance Car Loan Rates

iA Auto Finance Car Loan Calculator

Want to find out what your payments would be with an iA Auto Finance Car Loan? 

Unleash the full potential of our cutting-edge car loan calculator, allowing you to effortlessly estimate your monthly payments with iA Auto Finance. By simply entering your desired iA Auto Finance car loan rate and customizing the terms to suit your preferences, you’ll be equipped with the necessary insights to make an informed decision and stay on track within your budget while realizing your dream car ownership.

At iA Auto Finance, they understand the significance of catering to customers with diverse credit backgrounds, which is why they offer non-prime car loans for both new and used vehicles. Their national financing team possesses an in-depth understanding of local needs, ensuring they provide personalized plans that best fit your unique requirements when buying a car in Canada. You can confidently drive away, knowing you have secured a great car loan with the support of iA Auto Finance.

Discover the power of our innovative car loan calculator, easily estimating your monthly payments with iA Auto Finance. Tailor the terms to your preferences and budget, securing your dream car with their specialized support. As a subsidiary of iA Financial Group, iA Auto Finance caters to diverse credit backgrounds, offering a path to car ownership for Canadians who don’t qualify for traditional financing. With a history dating back to 1892 in Quebec City, iA Financial Group’s commitment to customer satisfaction ensures you receive personalized plans for your unique needs. Trust in iA Auto Finance to make your car ownership dreams a reality.

Questions About iA Auto Finance?

iA Auto Finance is a Canadian auto lender and subsidiary of iA Financial Group. They provide auto financing through a network of partnered dealerships across Canada. iA Auto Finance offers loans for new and used vehicles, including loans for bad credit borrowers. Their loan program is tiered based on creditworthiness, with interest rates starting at 10.99% for their top tier borrowers and going up to 24.99% for subprime applicants. Loan terms range from 24 to 84 months. iA Auto Finance provides financing for both private sale vehicles as well as dealer inventory.

Some key benefits of getting a car loan through iA Auto Finance in Canada include:

 

Broad credit spectrum – They provide financing options for borrowers across the credit spectrum, including those with poor/no credit.

Online applications – You can pre-qualify and complete much of the application process online.

Large dealership network – iA Auto Finance partners with over 2,500 dealerships across Canada, giving borrowers many options for where to shop.

Flexible terms – Loan terms range from 24-84 months, allowing borrowers to tailor payments to their budget.

Option to refinance – Existing iA Auto Finance customers can apply to refinance their loan to lower rates (minimum 9.99% APR).

Fast approvals – Many applicants receive instant approval decisions.

Dedicated support – iA Auto Finance has a customer service team to help guide applicants through the financing process.

Here are the basic eligibility criteria for qualifying for an auto loan from iA Auto Finance in Canada:

 

– You must be a Canadian citizen or permanent resident.

– You need to be 18 years or older.

– You must have a valid Canadian driver’s license.

– You need to have a source of income. iA Auto Finance looks at all sources of income, including self-employment, pensions, social assistance, etc. There is no minimum income requirement.

– Your credit will be evaluated. They provide financing across the credit spectrum but bad credit borrowers will pay higher interest rates. Bankruptcies need to be discharged.

– You need to apply through an approved iA Auto Finance dealership in Canada.

– The vehicle must be for personal use, not commercial. Both new and used vehicles are eligible.

– You’ll need to provide documents such as proof of income, driver’s license, and proof of insurance.

iA Auto Finance does not publish specific minimum credit score requirements, as they evaluate each application holistically. That said, here are some general credit score guidelines:

 

680+ – Preferred rates starting at 10.99% APR. Higher scores qualify for lower rates.

620-679 – Standard rates from 14.99% to 19.99% APR.

580-619 – Subprime rates from 19.99% to 24.99% APR.

500-579 – Deep subprime loans generally 25%+ APR.

Under 500 – Approval still possible but expect rate over 25% APR with significant down payment.

 

Keep in mind credit history, income, debt-to-income ratio and down payment amount also impact rates offered. Those with bad credit are still encouraged to apply and can be approved.

When applying for an auto loan with iA Auto Finance in Canada, have the following documents handy:

 

Proof of income – Recent pay stubs, tax returns if self-employed, pension statements, etc.

Government-issued ID – Driver’s license, passport, PR card, etc.

Down payment – Proof of funds if making a down payment, such as bank statements.

Collateral details – Information about the vehicle you wish to purchase including VIN, mileage, selling price.

Insurance information – To set up loan protections like GAP insurance.

Residency details – Documents proving Canadian residency if you’re a new immigrant or foreign student.

Trade-in paperwork – Details if you’re trading in a vehicle as part of the transaction.

Existing auto loan details – Information about any current auto loans you want to refinance.

 

Having these documents ready will help speed up the application and approval process.

Many iA Auto Finance loan applications receive instant approval decisions when applying at the dealership. Pre-approvals can also be obtained online in minutes.

 

Here is an overview of the typical application and approval timeline:

 

15 minutes – To complete an online pre-qualification application.

1-2 days – For pre-approval decision once pre-qual application submitted.

30-45 minutes – To submit full application at dealership.

Instant – Many receive approval decision on the spot at dealership.

1 week – Maximum time for loan finalization and to receive loan funds.

 

So in most cases, borrowers can complete the application process and drive home their new vehicle the same day when applying in person at an iA Auto Finance partner dealership.

iA Auto Finance does not publish specific loan limits but they consider loans ranging from $5,000 up to $150,000 for new vehicles. Used vehicle loans are capped at around $75,000. Here are some general iA Auto Finance loan amount guidelines:

 

Minimum – $5,000 even for older used vehicles.

Maximum New Cars – Up to $150,000 for latest models.

Maximum Used Cars – Around $75,000 limit on used vehicle loans.

Average New Car Loan – $45,000.

Average Used Car Loan – $25,000.

Exotic/Luxury Models – Case by case basis for high-end vehicles.

 

When approving loan amounts, factors considered include income, credit score, debt ratios, down payment, and the vehicle type/value.

iA Auto Finance offers flexible loan repayment terms ranging from 24 to 84 months. Here are the most common auto loan terms offered:

 

24-36 months – Typical for leased vehicles and newer luxury models.

48 months – Average term length for new vehicles.

60 months – Common term for used and certified pre-owned vehicles.

72 months – Maximum term for regular auto loans.

84 months – Only offered on some new vehicles for subprime borrowers.

 

As a general rule, shorter terms mean lower interest rates. Longer terms have higher rates but smaller monthly payments. Speak to an iA Auto Finance specialist about the right term length for your budget and auto loan amount.

iA Auto Finance bases interest rates on the applicant’s creditworthiness. Here are current rate ranges by tier:

 

Preferred Tier (680+ credit score) – 10.99% to 13.99%

Standard Tier (620-679 score) – 14.99% to 19.99%

Subprime Tier (580-619 score) – 19.99% to 24.99%

Deep Subprime (under 580 score) – 25% and up

 

Maximum rate is 29.99% APR. Those with good credit qualify for rates under 15%. Subprime borrowers pay higher rates but can still get approved. Actual rate offered depends on specific credit profile.

The iA Auto Finance loan application process includes these key steps:

 

  1. Pre-qualification – Complete online form for initial approval.
  2. Dealership application – Apply at dealership for pre-approved vehicle.
  3. Documentation – Provide required documents to dealership.
  4. Review – iA Auto Finance reviews full application details.
  5. Approval decision – Instant decision in most cases.
  6. Finalization – Review, sign loan agreement & complete paperwork.
  7. Funding – Loan funds transferred to dealership within 24 hours.
  8. Delivery – Take possession of your new vehicle!

 

The whole in-dealership application and approval process usually takes less than an hour. Many are approved instantly and can drive their new car home same day.

Yes, iA Auto Finance does provide auto financing for private vehicle purchases in Canada, not just dealer inventory. To qualify for a private sale loan:

 

– The vehicle must pass inspection by an authorized mechanic.

– The seller provides documentation like proof of ownership and service records.

– Standard loan eligibility criteria applies (credit, income, etc).

– Maximum loan amount is $20,000 for private sale cars.

– Higher interest rates than dealer inventory loans.

 

To apply, first get pre-approved online or by phone. Have the vehicle inspected. Then complete purchase and sale agreement with seller. iA Auto Finance will then fund the loan and pay the seller directly.

iA Auto Finance does provide auto loans for older, high mileage vehicles. The main requirements are:

 

– Vehicle is 2006 model year or newer.

– Mileage under 200,000 km.

– Passes mechanical inspection.

– Clean history with no rebuilt titles.

 

Loan amounts for older cars are lower, usually under $10,000. Interest rates are higher as well, often 19.99% and up. But those looking for financing on older used vehicles for 5 years or less can still qualify with iA Auto Finance.

Unfortunately, iA Auto Finance does not offer 0% interest auto loans in Canada. The lowest rates they offer are in the 10-13% range for preferred borrowers with great credit. Even promotional 0% financing from the automakers is subsidized by additional fees.

 

However, iA Auto Finance does have ways borrowers can reduce their interest costs:

 

– Apply with a co-signer to get better rates.

– Make a larger down payment to lower the loan principal.

– Shorten the loan term length to reduce interest paid over time.

– Refinance your loan once your credit improves.

 

So while 0% interest is not realistic, there are ways to reduce rates and financing costs with iA Auto Finance.

When you finance a new vehicle purchase with iA Auto Finance in Canada, you have the option to trade in your current vehicle to lower the overall loan amount. Here is how the trade-in process works:

 

  1. Get your vehicle appraised – Dealership will assess its market value.
  2. Determine equity – Any amount you still owe is deducted from appraised value.
  3. Apply equity to new loan – Trade-in value lowers the financed amount.
  4. Complete paperwork – Sign title over to dealer during purchase.

 

Using positive equity in your current vehicle as a down payment can help you qualify for better loan terms and lower monthly payments on your new car loan.

If you have bad credit, here are some tips for improving your chances of getting approved for an iA Auto Finance auto loan in Canada:

 

– Apply with a qualified co-signer who has good credit.

– Put down at least 20% as a down payment to offset credit risk.

– Provide proof of consistent income such as recent pay stubs.

– Avoid applying for other new credit before your auto loan.

– Expect a higher interest rate around 19.99% to 24.99% APR.

– Consider a shorter 24-36 month loan term to qualify for a lower rate.

– Prepare to show evidence you can afford the monthly payments.

– Research lenders like iA Auto Finance that finance subprime borrowers.

 

With some preparation, those with poor credit can still get auto loan financing in Canada.

If you already have an auto loan through iA Auto Finance in Canada, here are the steps to refinance your loan at a lower interest rate:

 

  1. Check eligibility – Account must be open 6+ months with on-time payments.
  2. Review refinance offers – Available online for existing customers.
  3. Apply to refinance – Complete online application with updated details.
  4. Provide documentation – Recent paystubs, tax returns, etc.
  5. Get approved – You’ll be notified if/when approved for refinancing at a lower rate.
  6. Sign new loan contract – Lower rate locked in after signing refi agreement.
  7. Old loan paid off – Proceeds from new loan pay off your existing auto loan balance.

 

Refinancing could potentially save thousands of dollars in auto loan interest costs over the lifetime of your loan. Check your eligibility to refinance online today!

Get Approved Today

Pre-Qualify for car financing in under 60 seconds