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FinanceIt Bike Loans

Grand River Cycle has partnered with FinanceIt to provide our customers easy access to loans of $1000 or more. FinanceIt provides us a simple means to offer our customers the ability to buy one of our top quality bikes, while offering customers flexible monthly payment plans to fit their budget. The loans are executed directly with FinanceIt, but GRC will help facilitate the completion of the loan process & try to make it as simple as possible.

Some of the features of the FinanceIt financing program are:

  • Same Day Approvals on some 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)
  • Funds are paid directly to Grand River Cycle so you don’t have to wait

How The Process Works

You can complete the application online through the link above. If you qualify 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, 2021 }