When searching for auto financing options in Canada, the vast range of lenders can make the process feel overwhelming. Each auto loan provider promises several benefits, but how do you decide the one right for your own unique needs? Quantifi Lending Inc. is one option that you can consider when deciding on an auto loan provider. As a CLA-certified lender, they offer a range of auto loan solutions specifically designed for Canadian customers. The company promises several benefits including offering loans to people with a bad credit history. However, it is important to assess the cost of these benefits before making a decision. In this review, we’ll dive into the specifics of their services, explore customer feedback, and evaluate whether they deliver on their promises, helping you make an informed decision.
Brief Overview
Quantifi Lending Inc. is a financial services company that focuses on providing auto loans to individuals in Canada. They provide a variety of flexible loan products to help borrowers, irrespective of their credit scores. The company positions itself as a user friendly lending company with a quick loan process to enable people to get their next car easily.
Here’s some key information about Quantifi Lending:
- Official Name: Quantifi Lending Inc.
- Website: https://quantifi.ca/
- Phone Number: 1-877-564-8821
- Google Reviews: 4.6/5 stars (100+ reviews)
- Headquarters: Calgary, Alberta
Services Provided by Quantifi Lending
The company has streamlined its process to make auto financing easy. Let’s take a deeper dive into the specific services they offer:
Car Finance for New and Used Vehicles
Quantifi Lending provides auto loans for both new and pre-owned cars. The company sets different loan limits as per the borrower’s requirements and credit profile. The interest rate and loan terms are provided after an assessment of the client’s profile.
Loan Terms and Flexibility
One of Quantifi’s selling points is its flexibility. The company works with borrowers who have poor or limited credit history. However, they are likely to charge higher interest rates on these loans, which is something to be mindful of.
Fast Application and Approval Process
Quantifi promises a quick and straightforward application process. Applicants can apply online and complete the loan process relatively quickly.
Customer Feedback and Reviews
Google Reviews: 4.6/5 Stars
Quantifi has an average Google rating of 4.6 out of 5 stars, though this is based on a relatively small sample size of around 100 reviews. Customers praised the straightforward application process and the company’s willingness to work with those who have less-than-perfect credit. However, some expressed concerns over the high interest rates and issues with communications.
Positive Feedback:
- Some of the customers in their review noted that Quantifi was able to offer them financing when other similar financing companies were not willing to. Quantifi did not reject them based on their poor credit score and enabled them to purchase a vehicle.
- The online application process received praise for being easy to navigate and relatively quick.
- Customers appreciated the pre-approval option, which helped them budget for a vehicle before shopping.
Negative Feedback:
- Some of the grievances raised by customers included high interest rates particularly for those clients with a poor credit rating. Customers have complained that the rates offered were very high compared to the many other lenders that provide credit to people with poor credit.
- Some of the borrowers complained of slow approvals. While for some clients the process was completed within a few weeks, for those with more complex credit histories, the process took longer than anticipated.
Better Business Bureau (BBB) Rating: Not Accredited
Quantifi Lending is not accredited by the Better Business Bureau (BBB). While not all lenders choose to pursue BBB accreditation, this can sometimes be a red flag for borrowers seeking added confidence in a company’s reputation. However, lack of accreditation doesn’t necessarily mean a company isn’t reputable—it simply means they haven’t pursued the accreditation process.
Advantages of Working with Quantifi Lending
While Quantifi Lending has received mixed reviews, there are some notable advantages that make them a contender in the Canadian auto loan market:
Accessible to Borrowers with Poor Credit: One of the main benefits of choosing Quantifi is that the firm is willing to work with all kinds of borrowers regardless of credit history. The firm will be willing to help borrowers who have been rejected by other traditional lenders.
Simple Application Process: Online application and fast approval is a benefit for borrowers who need the money urgently. The loan process is quick and eliminates some of the hassles associated with traditional lenders.
Pre-Approval Benefits: Quantifi’s pre-approval option helps borrowers plan their purchases more effectively. The applicant is notified of the amount of loan they are qualified for beforehand hence making the purchasing decision easier.
Disadvantages of Working with Quantifi Lending
No lender is perfect, and Quantifi comes with its share of drawbacks:
Higher Interest Rates: Customers have mentioned high interest costs on their loans, which is one drawback of borrowing with a bad credit history. Borrowers should be careful and understand the terms before signing the loan agreement.
Inconsistent Customer Service: The company is inconsistent with their customer service as mentioned by some customers. Many feel that once the loan is signed, the quality of the
Final Thoughts: Is Quantifi Lending Right for You?
Quantifi Lending Inc. may be a good option for borrowers who have been denied loans by traditional lenders due to poor credit. Their accessibility and willingness to work with different credit profiles make them appealing to a specific market segment. However, it’s crucial to read all terms and conditions carefully and to compare their options with other lenders.
Saqib has a Masters Degree from Wilfrid Laurier University in Ottawa. He has a robust background in accounting and finance. Mohammed started his career three years ago working as an investment analyst at a sell-side firm. He has extensively covered publicly-listed companies using fundamental analysis as the cornerstone of his approach. Mohammed has been published on SeekingAlpha, InvesorPlace, Yahoo! Finance and others.
