Dear Debt

Dear Debt,

At some point in our lives, you have weighed the majority of us down whether we are students, consumers, credit card holders, home owners, car owners, business owners, or any potential future debtors. However, we have found an effective method to face and eliminate you once and for all. Normally, for some of us, learning more about you and ways of reducing you seems rather less appealing, nonetheless, it is the initial key step in efficiently and successfully removing you from our lives, so we can go back to our happy and stress-free place where ever and whatever that may be. So, I have created 4 simple points for people like me (a debtor) to read and follow so we can at last free ourselves from you. We hope to never cross paths with you again.

Here are 5 simple ways to reduce your debt stress:

  1. PLAN: create a list of your expenses from greatest to least
  2. PRIORITIZE: sort out where your payments need to be made first
  3. PAYMENT: process payments towards SMALL debts first
  4. PROCEED: proceed using the same steps to reduce debt monthly

Here is a lifehack proven to financially reduce and eliminate you from your debts - the snowball method. Dave Ramsay’s article on the snowball method is a great and useful way to do this. Reading his article made me reminisce back to my childhood memories and now that my school loans come to mind, I’d rather be building and using snowballs to hit instead of getting hit with a ball of debt after my degree. The ultimate purpose of the snowball method is to strategize and build tactics that you believe are essential to your financial situation such as budgeting, cutting back on expenses, or even eliminating unnecessary spending habits. Here’s an outline of how you should get started:

Snowball Method

How the method works:

  • Goal is to start SMALL just like building a snowball
  • Then, your next move would be to just keep building your snowball
  • After you’ve successfully built it, use your ball ($) towards your debt
  • Make another snowball and repeat till your debts all out

Now, I know what you are thinking, that you must put an end to every one of your expenses just to pay of this never-ending debt? The answer is no. You wouldn’t want a stressful journey trying to pay off this stressful debt, right? You need to also incorporate some minimal me time, which would include anything within your budget after you have completed the 4 P’s. Initially, what this does is that it prioritizes your payments that way you can gradually yet prosperously pay off your debts leaving a reasonable amount to your “me time.” The goal is to ease the burden of your debts as you process your monthly payments but to also build a limited, fair and rational amount contributing to your “me time” fund, yay! You’ll be happy, your debts will be happy, and life will once again be debt free! So, I highly urge you to build your very own snowball and get that debt right in the face and become a snow-baller.


"Happiness can be defined, in part at least, as the fruit of the

 desire and ability to sacrifice what we want now for what we

want eventually." 

– Stephen R. Covey in “The 7 Habits of Highly Effective People”




Top 5 Splash Auto Finance FAQ's

1. Who is Splash Auto Finance?
Splash Auto Finance is a division of Rifco National Auto Finance. Rifco National Auto Finance is a publicly traded company that is one of Canada’s largest non-chartered banks. Splash is our direct to consumer program. We are the actual lender and have the proper measures in place so your personal information is safe. Your approval is already in place before you even go shopping at one of our preferred dealerships. We ensure your new or used vehicle purchase is smooth sailing from start to finish!

2. Why Splash Auto Finance?
The days of not knowing exactly what you’re approved for are long gone! Go shopping with confidence and know what kind of monthly payment you have before you even step foot in one of our preferred dealerships. Our online concierge makes sure only the proper information is submitted in your application, our best-in-class analysts make sure you get the best approval you can get, and one of our experienced finance specialists will help you in getting into your dream ride. Our finance specialists work closely with a business manager at one of our preferred dealerships. It doesn’t get much better than that!

3. Can I trade-in my vehicle?
Absolutely. We make the trade-in process as easy as possible, just mention that you currently have a vehicle and that you’re interested in trading it in.

4. Where is Splash Auto Finance located?
Our head office is in Red Deer, Alberta. This is where your online messages are replied to, your calls are answered, where our in-house analysts give your approvals from, and even where our experienced finance specialists are! We work as a team & take care of our customers.

5. How many times will you pull my credit when I apply?
Only once. That is all it takes for us to give you the best approval we possibly can. Any time you apply for an auto loan, a credit card, or even get a new phone on a contract your credit is pulled to determine the lending risk, there is no need to pull your credit more than one time. Have no fear, only one single inquiry is near!

Splash Auto Finance

Do you have more questions for us? Give us a call, toll-free at 1-855-800-7426 or visit our website at and one of our members will happily assist you!

Don't Let the Holidays Leave You Broke

Canada expects Canadians to drop over $1,500 on average during the holiday season, with gifts accounting for just 41 per cent of that.

With one of the most annually influential holidays approaching quickly, now is the right time to hash out your holiday gifts game plan, personal finance experts say. Here are a few tips to help with budgeting for the expenses.

Experts suggest that a reasonable gift budget is around 1 per cent of your gross annual income. So if you make $40,000 a year then $400 would be a suitable budget for buying presents for friends and loved ones.

Scott Hannah, head of the Credit Counselling Society, told Global News that “The starting point should be what you can afford, rather than the size of your family and circle of friends.”

1. Try to only pay by cash, avoid using your credit cards as much as possible.
Nobody wants to leap into the New Year with a load of credit card debt, mainly from holiday expenses. Additionally, paying by cash means there’s no interest whereas if you pay by credit card, you will be paying more for the item than normal retail price.

2. Make gifts yourself rather than buying them. There is often a misconception that just because something has a hefty price tag on it, it will mean more to somebody & this isn’t always true. It’s the thought behind a gift that counts, try a few new ideas and make the gifts yourself, get creative! It will mean more to the person receiving it.

3. Give the gift of time. Time can be a gift that is free. In a day and age where many of us are working two jobs and constantly on our phones or computer we all should unplug and spend quality time with our loved ones. If the time together means creating an experience (I.e. a weekend away together) the money you spend on the experience can go a long way.

Happy Holidays from Splash Auto Finance!

Why is your car loan at a 14-15% interest rate? | Edmonton, Calgary, Red Deer

“What exactly is non-prime credit and why am I paying 14-15% or even higher on my vehicle loan? Am I getting ripped off?” These are all questions you might be asking yourself when you look at your loan pre-approval or maybe even your own current vehicle loan. Not all of us have a strong knowledge of credit, so here are a few things that will help explain why you might have a high interest rate.

You are not alone, over 30% of Canadians are considered non-prime customers. Non-prime loans are granted to borrowers who have had a small credit hiccup or events in the form of bankruptcy, a previous repossession, major life events that affect the finances, no credit history or even a late payment on a credit card. Life events can come up and it can be challenging.

Not surprisingly, non-prime car loans have higher interest rates to compensate for the higher credit risk. It’s like saying, “we know there have been some past issues, but we are willing to take the chance of lending you money, even with the bruised record of accomplishment”. You are not getting “ripped off”, unfortunately with a challenging credit history, the risk is higher for the lender, therefore a higher interest rate.

Credit rebuilding is possible with consistent repayment and diligence. Ways to be prepared before you enter a non-prime vehicle loan

1. Know your credit score, typically a credit score of less than 620 may sit you in the non-prime sphere.
2. Read your loan contract and understand what your interest rate will be, what your principal is and breakdown of fees. Don’t be afraid to ask questions. If you goal is to trade out in 24 months, make certain this can happen very easy.
3. Be realistic in your vehicle selection. You know your credit and financial history, know your credit budget and what you can afford to pay.
4. Remember, it’s not a home mortgage, managed well you can still effectively pay down your car loan.

3 Easy Ways To Improve Your Credit Score | Automotive Car Loans

Generally speaking, your credit score is used by potential lenders to help them determine whether to grant you a credit card, a line of credit, auto loan or mortgage, and on what terms would be most suitable for you.

You may be wondering… What can I do to boost my credit score? Here are a few tips:

1. Always Try To Pay Your Bills on Time
The key factors in your credit scoring comes from your track record for paying your bills on time. With your credit bureau reporting each month to Equifax and Transunion, missing a payment on a commitment you have (credit card or installment loan) can affect your score negatively. If you let your commitments go delinquent to the point of them being written off or closed by your credit grantor, a potential creditor won’t want to take a financial risk by lending to you.
But don’t worry! That’s not the end of your credit story, the good news is your credit score won’t be penalized forever, and a great way to come back from a delinquent status is to start paying all your bills on time or even before the due dates. Paying on time is a great way to continuously improve your credit score, and it has no disadvantages.

2. Dispute Errors On Your Credit Report
Your credit score is based on the gathered information in your credit report, so you want to make all possible efforts to ensure it is correct. Carefully review all the information on your bureau, this includes your personal information such as your date of birth, address and social security number, and the open trade lines also. If you notice there is something missing or there is a discrepancy showing, check the dispute process on the credit bureau’s website to find out how to correct the variance.

3. Pay Down Your Credit Bills
“Paying down a high-balance credit card can lower your utilization by further opening that gap between your available credit and the amount you owe,” Says Barry Paperno, a writer at and a former FICO credit expert. Paying off your debts might have the added advantage of saving you money in the long run. “By lowering your utilization in this manner, there will be no downside, only upsides,” Paperno said. “Along with contributing to a higher score, paying down card debt also reduces the amount of interest you’re paying.” It’s a win-win situation for you!

Bonus Tip:
Aim to keep the balance of each of your revolving credit accounts below 30 percent of their respective credit limits. This will help improve your scoring beacon.

We Are Social! We would love to connect with you on Social Media :) | Getting Alberta Car Buyers Approved

Yes! We would love to connect with you on social media and we know what you are thinking: another company that wants to just share ads and spam our feeds. Totally understand, but the team here at Splash Auto Finance truly wants to engage and communicate with you on your terms, within your preferred communication style.

We will be using our social media for current events, fundraisers, bulletins and educational items to help you with your car purchase and educating you how the lending process works. Don't be shy, connect with us below and say hi!

Connect with us:

Facebook here.
Twitter here.
Instagram here.

Welcome to Splash! We would like to say hi!

Welcome and glad you could join us on what will be an epic adventure in our goal to serve car buyers who are looking to rebuild or re-establish their credit. Splash auto finance is new, but our mother company, Rifco National Auto Finance is not. With just under $1 Billion in auto loans financed, we understand lending and ultimately what your needs are.

This blog will work as a vehicle for us to communicate with you about offers, current events and any information that we feel would benefit and help you when it comes to purchasing a vehicle, choosing a lender and rebuilding your credit. Splash auto finance is completely unique compared to other competitors as we are the bank and actually can approve you. This helps your car buying experience and expedites your loan process for the below reasons:

  1. TIME. We value your time as much as you do and therefore when getting an approval from us prior, allows you to know exactly the amount you are approved for and therefore can visit one of our preferred dealerships with a dollar value in mind.
  2. Long term relationship. We are with you every step of the way in your path to purchase and want to maintain a relationship with you over the course of your loan.
  3. We have a professional and experienced team of credit officers ready to understand your situation detail by detail. Whether you had a bankruptcy, divorce or simply not enough credit history, we have several options to accommodate your situation.
  4. We are friendly and awesome!

If you would like to start the process of getting an approval, please start by filling out our quick application here.