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Rifco Car Loan Rates

Rifo Car Loans Logo
Rifo Car Loans Logo

Rifco Car Loan Rates

About Rifco

Rifco is one of the fastest-growing subprime lenders in Canada with some of the best car loan rates available.

Established in 2002, the company specializes in providing alternative financing options for motorists who struggle to secure loans through traditional means, thus offering a lifeline for many individuals seeking to purchase vehicles. Understanding that each customer has a unique financial story, Rifco adopts a personalized approach to lending, which goes beyond conventional credit scoring. Their dedicated team assesses applicants’ individual circumstances, offering tailored financing solutions that meet their specific needs and budget constraints. This commitment to personalized service has cemented Rifco’s reputation as a compassionate and customer-focused financier. Moreover, Rifco embraces technology to streamline the application and approval processes, making them quick, user-friendly, and transparent. By focusing on community and connectivity, Rifco not only finances cars; they help drive dreams, proving that everyone deserves a chance at mobility and freedom.

About Rifco

Rifco is one of the fastest-growing subprime lenders in Canada with some of the best car loan rates available.

Established in 2002, the company specializes in providing alternative financing options for motorists who struggle to secure loans through traditional means, thus offering a lifeline for many individuals seeking to purchase vehicles. Understanding that each customer has a unique financial story, Rifco adopts a personalized approach to lending, which goes beyond conventional credit scoring. Their dedicated team assesses applicants’ individual circumstances, offering tailored financing solutions that meet their specific needs and budget constraints. This commitment to personalized service has cemented Rifco’s reputation as a compassionate and customer-focused financier. Moreover, Rifco embraces technology to streamline the application and approval processes, making them quick, user-friendly, and transparent. By focusing on community and connectivity, Rifco not only finances cars; they help drive dreams, proving that everyone deserves a chance at mobility and freedom.

9.99%

On Approved Credit

Current Lowest Rifco Car Loan Rate

Current Rifco Used Car Loan Rates

Tier 8

Starting 9.99%

OAC

Tier 7

Starting 12.50%

OAC

Tier 6

Starting 15.50%

OAC

Tier 5

Starting 18.50%

OAC

Tier 4

Starting 21.50%

OAC

Tier 3

Starting 24.99%

OAC

Car Loan Application showing current Rifco car loan rates

Rifco Car Loan Calculator

Curious about your payments with a Rifco Car Loan?

Dive into the endless possibilities of our car loan calculator, revealing the simple way to calculate your monthly payments with Rifco. Input your selected Rifco car loan rate from the rate sheet provided and pick terms that match your individual needs flawlessly.

We understand the critical significance of maintaining your budget as you embark on the quest to acquire your ideal car. That’s exactly why we’ve developed a specialized car payment calculator designed specifically to address this crucial requirement. This powerful instrument serves as your dependable guide, providing invaluable clarity on your payments and guaranteeing your journey remains smooth from start to finish.

Have confidence, our calculator is intricately constructed to ensure the Rifco car loan rate you opt for aligns perfectly with your financial goals. Armed with this essential knowledge, you’ll be poised to make wise choices that bring you nearer to the vehicle you’ve dreamt about. Experience the fusion of accuracy and ease with our Rifco car loan calculator, steering you to the automobile you yearn for.

Questions About Rifco Auto Finance?

Rifco is a non-prime auto lender in Canada that offers loans to borrowers with credit scores below 700. Their interest rates typically range from 9.9% to 31%, depending on your credit profile. The lower your credit score, the higher your interest rate will be. For example, borrowers with credit scores in the low 600s may see rates around 15-20%, while those in the 500s could pay 25% or more. Rifco does not publicly disclose their precise rate tiers.

 

Pros:

– Approves borrowers with poor/no credit

– Quick loan decisions

– Online application process

– Offers longer loan terms up to 84 months

 

Cons:

– Much higher interest rates than prime lenders

– Large origination fees up to $895

– Prepayment penalties if you pay off early

– May have GPS tracking on financed vehicles

– Difficult to refinance to a lower rate later

Rifco offers loan terms from 24 to 84 months. The maximum loan amount will vary based on the applicant’s income and expenses, but often ranges from $5,000 to $75,000 for car purchases. Lower loan amounts may be available for private sales or refinancing existing auto loans.

Rifco charges an origination fee ranging from $495 to $895 on their loans. There may also be documentation fees, lien registration fees, and prepayment penalties if you pay off the loan early. Make sure to ask for full details on all fees when applying.

To qualify for a Rifco loan you’ll need:

 

– Minimum income of $1,800/month

– Full-time employment for at least 3 months

– Valid driver’s license with no current suspensions

– Proof of insurance

– Down payment of $1,000 or more

– Proof of Canadian residency status

– References

 

Your credit score needs to be below 700, as they specialize in non-prime lending.

Rifco touts a fast approval process that can be completed in 24-48 hours. Once approved, you’ll select a vehicle and the loan funds will be paid directly to the dealership/seller. After finding the car you want, it typically takes about 1 week to complete the purchase and receive the vehicle.

Yes, Rifco allows customers to get pre-approved for an auto loan prior to finding a vehicle. This pre-approval letter can be used at dealerships to show you have secured financing up to a specific amount, which can streamline the buying process. Pre-approvals are valid for 30 days.

Rifco does charge prepayment penalties if you pay off your loan early. These penalties can add up to thousands of dollars if you refinance or trade in your vehicle before the loan term ends. Be sure to ask for full details on any prepayment fees when applying. There also may be “hidden” fees rolled into the loan amount itself, so request a complete itemization of every charge.

Yes, Rifco provides financing for private auto sales in addition to dealership purchases. You’ll submit all the same documents and information as you would for a dealer purchase. The loan funds will be paid directly to the private seller after completing the Rifco application and approval process.

You can trade in a vehicle with an active Rifco loan, however you will need to pay off the existing Rifco loan balance first. Any positive equity you have in the trade-in would go towards the new loan on your next vehicle purchase. Alternatively, you may incur prepayment penalties from Rifco depending on your loan agreement.

Defaulting on your Rifco loan has serious consequences. The vehicle can be repossessed, your credit score will plummet, and Rifco can pursue legal action including wage garnishment if the account remains delinquent. Avoid default at all costs by making at least the minimum monthly payment and maintaining insurance coverage.

Rifco generally does not finance vehicles older than 10 years or with over 150k miles. This is because older cars carry more mechanical risk and depreciate faster, making them riskier collateral for subprime loans. Rifco wants to lend against vehicles that will maintain their value throughout the loan term.

Rifco has faced some criticism regarding transparency around fees, interest calculations, and collection practices. Be sure to read all loan documents carefully and get clarification from Rifco on any unclear or confusing terms. Understand all costs before signing the loan agreement.

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