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Iceberg Finance specializes in car loans for borrowers with less-than-perfect credit. This alternative financing provider offers loans of up to $35,000 with terms of up to 84 months, and it aims to help customers who can’t qualify for financing from traditional lenders. However, high rates apply for bad credit, so it’s worth comparing your options before deciding on the right loan for you.
Pros
Bad credit accepted
Reports payments to credit bureau Equifax
Wide range of income accepted
Cons
Watch out for high interest rates for bad credit
Not available in all provinces and territories
Not BBB accredited
What is Iceberg Finance?Iceberg Finance is a fintech company that offers alternative financing options. Its car loans are offered through auto dealerships, and this lender specializes in loans for people who don’t have the good to excellent credit score needed to qualify for loans from traditional lenders.Iceberg Finance may be able to help you find financing even if your financial history hasn’t been the best – for example, if your credit score has taken a hit in the past due to missed payments, your vehicle has been repossessed or you’ve gone through a consumer proposal or bankruptcy.Is Iceberg Finance legitimate?Iceberg Finance is based in Quebec, where it has been registered as a business since 2011.It is active on social media and has received more than 50 Google reviews.Iceberg Finance car loan featuresInterest rate12.99% – 29.99%Loan amountUp to $35,000Loan term12 – 84 monthsWhat we like about Iceberg FinanceNon-prime financing. Iceberg Finance specializes in non-prime financing solutions, so your poor credit history doesn’t have to stop you from getting a loan.Rebuild your credit. If you take out a car loan or personal loan with Iceberg Finance, your on-time payments will be reported to credit bureau Equifax each month. This can help you rebuild your credit score, which will help you qualify for a better interest rate if you need to apply for credit in the future.Wide range of income accepted. Iceberg Finance accepts employment and self-employment income as well as worker’s compensation, parental benefits, child benefits, Old Age Security income and more.No down payment required. If you don’t want to put down a deposit, Iceberg Finance offers access to no down payment auto financing for eligible borrowers.Not just auto loans. If you’re searching for a personal loan, loans of up to $7,500 are available.What to watch out forHigh interest rates. If you’re considering an Iceberg Finance car loan, interest rates range from 12.99% to 29.99% depending on your credit score and financial situation. Learn more about car loan rates in Canada.Not available everywhere. Iceberg Finance loans are not available in all provinces and territories, so check if they provide loans where you live before you apply.Alternatives to Iceberg FinanceIceberg Finance reviewsIceberg Finance has received more than 50 Google reviews. Those who left positive reviews reported easy, hassle-free financing, fast approvals and helpful customer service. People who left negative reviews sometimes mentioned poor customer service.Better Business Bureau accreditedNoBetter Business Bureau ratingN/AGoogle reviews3.9 out of 5 stars, based on 56 Iceberg Finance reviewsReviews verified as of 13 June 2023.Eligibility requirements of an Iceberg Finance car loanTo apply for a loan you will need to:Be 18 years old or the age of majority in your province or territoryHave been employed for at least three months (or at least six months if self-employed)Have a Canadian bank accountHow to applyYou can apply for an Iceberg Finance loan directly through car dealerships when you go to purchase a vehicle. You will need to provide:Your name, address and contact detailsProof of ID, such as a driver’s licence or passportBank statements to prove your incomeOther products or services by Iceberg FinanceIceberg Finance offers a couple of other types of financing in addition to car loans:IF Express loans (personal loans). These are personal loans of $1,000 to $7,500. Loan terms range from 24 to 60 months, with interest rates of 12.99% to 29.99% available depending on your credit risk. Learn more about the best personal loans.Insurance and extended warranty financing. You can use this type of loan to finance insurance products such as life or critical illness insurance, or extended warranties. Terms ranging from 18 to 72 months are available.Frequently asked questions
How often will I need to make repayments on my Iceberg Finance loan?
You can make repayments on a bi-weekly or monthly basis.
Does Iceberg Finance offer loans in all provinces and territories?
No. Financing is available in Quebec, Ontario, New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland and Labrador. However, loans are not available in some remote areas of these provinces.
Can I pay off my Iceberg Finance car loan early?
Yes. You can make prepayments towards your loan at any time without incurring any additional fees.
