Iceberg Finance car loans in Gatineau and Ottawa

Who Iceberg Finance is

Iceberg Finance is an independent lender based in Quebec that finances vehicles through dealerships in Quebec and Ontario. Its programs are for buyers whose credit has been damaged once or more than once, and its language for that is plain: second chance and third chance credit. It is not a bank, and its rates reflect the files it takes.

On our bench, Iceberg is the Quebec-native deep non-prime option. A Gatineau buyer with a hard history, Quebec income documents and a Quebec address is read by Iceberg without translation, in every sense, and the file moves quickly.

The files Iceberg approves

These are the profiles where we present to Iceberg.

• Second chance: a past bankruptcy, proposal or repossession with some clean history since, on a file the bank-owned lenders tiered poorly or declined.
• Third chance: more than one credit event, or a recent one, with verifiable income and a down payment.
• Collections and charge-offs with a steady current job.
• Quebec-side buyers with Revenu Québec assessments, Quebec pay stubs and Quebec benefit letters.
• Ontario buyers with the same profiles, processed routinely.

What Iceberg looks at

Income, the payment as a share of it, and the down payment. Iceberg verifies employment and deposits, and it asks about the credit events directly: what happened, when, and what has been paid since. It sets a payment ceiling and a vehicle budget, and it keeps the vehicle inside age and mileage limits. A buyer who is candid about the history and arrives with documents is approved faster than one who hopes the bureau will not be read closely. It will be.

What an Iceberg approval looks like

A payment ceiling, a vehicle budget, a term and a down payment requirement, at a non-prime or deep non-prime rate depending on the file. Payments report to Equifax and TransUnion, and the loan is open. Like every lender at this depth, the right way to hold an Iceberg loan is as a bridge: clean payments for a year, then a re-presentation to a lender that costs less.

How to improve your odds with Iceberg

The same levers as every deep file, with one Quebec-specific note.

• A down payment, as large as is comfortable. It is the approval on a third-chance file.
• Every income document: stubs, job letter with phone number, bank statements, and for Quebec buyers the Revenu Québec assessment.
• A modest, reliable vehicle inside the lender's limits.
• If you have a co-borrower with better credit, say so early; it can lift the tier.

Iceberg in Gatineau and Ottawa

Gatineau is home ground: Quebec contracts under the Consumer Protection Act, SAAQ registration and GST plus QST are Iceberg's daily work. Ottawa files are handled just as readily under Ontario rules. For a Gatineau buyer choosing an Ottawa vehicle, the SAAQ inspection comes before registration, and we schedule it so the approval and the registration line up.

When we place a file elsewhere

If the file can be tiered at iA Auto Finance, Santander Consumer or Scotia Dealer Advantage, the rate will be better and we present there first. For a Gatineau buyer whose credit is only lightly bruised, National Bank or Desjardins may surprise you. Between Iceberg and EdenPark on the deepest files, we choose by the specifics of the file and the vehicle, and we explain the choice.