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FinanceIt Bike Loans

Grand River Cycle has partnered with FinanceIt, a Canadian retail loan provider, to allow our customers easy access to bike purchase loans of $1000 or more.

FinanceIt loans allow us a simple means to allow our customers to buy one of our top quality bikes and offer customers flexible monthly payment plans that fit any budget.

The loans are executed directly with FinanceIt, but GRC will help facilitate the completion of the loan process and try to make it as simple as possible.

Some of the features of the FinanceIt financing program are:

  • Loan payment plans up to 24 months
  • Same Day Approvals on many applications (where all info is complete)
  • Loans for full purchase price or the residual where a down payment is provided
  • Pre-approval through our website even before you come to the store (click here)
  • Online application, email based application or in-store application options
  • Next day bike pickup in most cases
  • Funds are paid directly to Grand River Cycle so you don’t have to wait

How The Process Works

Apply online, by email or in-store: It's simple.

GRC can email a loan application to a customer, you can complete the application online through this link or it can be done in our store. From that point on, the borrower deals with FinanceIt on all issues regarding the loan.

If a customer qualifies for a loan, the application is assigned a unique Loan Number. Where a loan is pre-approved, the loan application expires after 90 days if not activated. If you reactivate an expired loan, a new credit check is required.

To complete the loan application process, the steps that you must complete may include:

  • Purchase Details: This includes a description of the purchase item, and details about the purchase, including the desired loan amount and payment frequency. 
  • Provide verified ID: Accepted forms of photo ID include a driver’s license, a current Canadian passport, a Canadian Citizenship Card, a Permanent Resident Card, a Certificate of Indian Status issued by the Government of Canada, or a Provincial Government Photo Identification Card.
  • Submit Proof of Income: Accepted Proof of Income (POI) types include a paystub issued within the last 30 days, or the most recent Notice of Assessment if self-employed.
  • Submit Documents: The borrower can e-sign the Initial Disclosure Agreement and the Loan Agreement immediately, or we can email the documents to the borrower to e-sign later. Alternatively we can print the documents and email, upload, or fax the signed copies to Financeit. 

Steps that Financeit may complete might include Employment Verification, Loan Valuation (LTV), Document Verification and a Verification Call.

If an application is declined, you can sometimes request an exception, or add a co-borrower to the loan.

{ Last Revision Nov 11/2015 }

 

Grand River Cycle - 410 Hespeler Road Cambridge, ON N1R 6J6