Privacy Policy

Who we are

This privacy policy describes how RateDrop Financial Inc. ("RateDrop", "we", "us") handles personal information collected through ratedrop.ca and any related application flows (together, the "Service"). RateDrop is a Canadian loan broker — we connect applicants with licensed dealer and lender partners. We are not a lender.

We handle personal information in accordance with Canada's Personal Information Protection and Electronic Documents Act (PIPEDA) and any substantially similar provincial privacy laws that apply to your residence (for example, Quebec's Law 25, Alberta's PIPA, and British Columbia's PIPA).

What we collect

We collect only what we need to evaluate and route your application. Depending on how far you go through the process, this may include:

• Contact information: name, email address, phone number, postal code, street address.
• Identity and eligibility: date of birth, residency status, preferred language.
• Financial information: employment status, income, housing cost, down payment, existing vehicle trade-in details.
• Credit information: credit bureau reports from Equifax Canada and/or TransUnion Canada, obtained with your consent to evaluate your application.
• Vehicle preferences: body style, price range, intended use.
• Application metadata: IP address, device and browser details, approximate location, referring URL, pages viewed, and timestamps — collected automatically for security, fraud prevention, and service improvement.
• Communications: records of emails, SMS, and phone calls between you and RateDrop advisors, including call recordings where permitted and disclosed.

Why we collect it

We use your personal information to:

• Evaluate your application and match you with dealer and lender partners most likely to approve your specific profile.
• Share your application with those matched partners so they can extend a financing offer.
• Communicate with you about your application, available offers, required documents, and next steps — by phone, SMS, or email.
• Verify your identity and prevent fraud, duplicate applications, or misuse of the Service.
• Comply with applicable laws and respond to lawful requests from regulators or law enforcement.
• Analyze and improve the Service and our marketing (on an aggregated or de-identified basis wherever possible).

Who we share it with

RateDrop's business model depends on introducing your application to third parties who can finance your vehicle. By submitting an application, you authorize us to share your information with:

• Dealer partners we believe can source and deliver a vehicle that fits your approval.
• Lender partners (including banks, credit unions, and non-bank auto lenders) that underwrite the loan.
• Credit reporting agencies (Equifax Canada and TransUnion Canada) to obtain and contribute to your credit file.
• Service providers that host our systems, send communications, verify identity, process payments, or analyze site performance. These providers are contractually limited to using your information only for the services they provide to us.
• Legal and regulatory bodies when required by law, court order, or to protect the rights, property, or safety of RateDrop, our partners, or the public.
• A successor in the event of a merger, acquisition, financing, or sale of all or part of our business, subject to the acquirer honouring this policy.

We do not sell your personal information to third parties for their independent marketing purposes.

Your consent

Submitting an application through RateDrop is your express consent to:

• RateDrop and its dealer and lender partners contacting you by phone, SMS, and email about your application, offers, and related services, consistent with Canada's Anti-Spam Legislation (CASL).
• RateDrop obtaining one or more credit reports about you from Equifax Canada and/or TransUnion Canada for the purpose of evaluating and routing your application.
• RateDrop sharing the personal information in your application with the dealer and lender partners we match you with.

You can withdraw this consent at any time — see "Your choices" below. Withdrawing consent may mean we can no longer provide the Service to you.

Cookies and tracking

We use cookies, local storage, and similar technologies on ratedrop.ca to keep the Service working (e.g., remembering where you are in an application), to measure how the site performs, and to run and measure our advertising. We may use third-party analytics and advertising partners (for example, Google Analytics, Meta, and TikTok pixels) that set their own cookies. You can control cookies through your browser settings; turning them off may limit parts of the Service.

How long we keep it

We keep your personal information only as long as needed for the purposes above or as required by law. Inactive application records are typically retained for up to seven years to meet record-keeping, audit, tax, and dispute-resolution obligations, after which they are deleted or de-identified.

How we protect it

We use administrative, technical, and physical safeguards proportionate to the sensitivity of the information, including encryption in transit (256-bit TLS), access controls, logging, and vendor due diligence. No method of transmission or storage is perfectly secure, so we encourage you to use strong passwords and secure devices when interacting with the Service.

Where your information is processed

Your information is primarily processed in Canada. Some of our service providers operate in the United States or other jurisdictions and may be subject to foreign laws, including lawful-access laws. We require appropriate contractual protections from those providers.

Your choices and rights

Subject to applicable law, you have the right to:

• Access the personal information we hold about you.
• Correct inaccurate or outdated information.
• Withdraw your consent for ongoing use or sharing of your information.
• Unsubscribe from marketing emails (use the link in any email) or opt out of SMS (reply STOP).
• Request deletion of your information, subject to our legal and regulatory retention requirements.
• Complain to the Office of the Privacy Commissioner of Canada or your provincial privacy regulator.

To make a request, email us at privacy@ratedrop.ca. We'll respond within 30 days.

Children

The Service is not directed at individuals under the age of majority in their province and is intended only for adults eligible to enter into a binding credit agreement in Canada. We do not knowingly collect personal information from minors.

Changes to this policy

We may update this policy from time to time. The "Last updated" date at the top reflects the most recent version. Material changes will be posted prominently on this page.

Contact us

Privacy questions, access requests, or complaints can be sent to our Privacy Officer at privacy@ratedrop.ca.