Wippy review
- APR Range
- 0% - 18.95%
- Loan Amount
- $500 - $10,000
- Loan Term
- 3 - 48 months
Our verdict
Get fast and easy financing for car repairs and upgrades, but you could lose your car if you can't repay what you borrow.
Wippy is the company behind Wippy Pay, a Buy Now Pay Later service specifically designed to help you pay for vehicle repairs and upgrades. Using your car as collateral, you can borrow up to $10,000 to cover the cost of automotive expenses. There are no credit checks, and you can use Wippy Pay to shop at a large network of retail partners.
However, a Wippy payment plan is essentially a car title loan, so you're putting your car at risk. High interest rates and loan fees also apply, and you can only use your loan to pay for automotive repairs and upgrades at retail partners across Ontario.
Pros
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No credit checks
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Easy online application
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Shop at over 1,000 retail partners
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Early repayment allowed
Cons
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You're putting your car at risk
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Only for vehicle-related expenses
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Watch out for high rates
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Ontario only
What is Wippy?
Wippy is a Canadian Buy Now Pay Later provider that specializes in financing for automotive repairs and upgrades. It lets you use your vehicle as collateral to qualify for loan amounts ranging from $500 to $10,000.
Is Wippy legit?
Wippy was founded in 2017 and is headquartered in Toronto. It maintains active social media profiles, while its website includes important legal documents such as a privacy policy.
Wippy was formerly known as Go To Loans, which was recognized by the Canadian Lenders Association as the 2021 Canadian Auto Lending Platform of The Year.
What services does Wippy provide?
Wippy offers Wippy Pay as a payment method to auto shops and repair businesses across Ontario. Wippy Pay is a Buy Now Pay Later option that allows customers to cover the cost of repairs, upgrades and mods to their vehicle, then pay the funds back over a term of up to 48 months.
How does Wippy Pay work?
Wippy Pay is essentially a car title loan, allowing you to use your car as collateral for the money you borrow. When you sign up for a Wippy account, you enter the details of your vehicle to find out the loan amount you qualify for (up to $10,000).
The next step is to sign up for a Wippy Pay payment plan to have Wippy pay for an automotive repair or upgrade at one of its partner retailers. You then pay back your loan, plus interest and fees, over a term ranging from 3 to 48 months.
Features of Wippy loans
- Terms of 3 - 48 months. Wippy Pay plans come with terms ranging from 3 to 48 months.
- Borrow up to $10,000. Loan amounts range from $500 to $10,000.
- Use for vehicle repairs and upgrades. You can use the funds from a Wippy Pay plan to cover the cost of vehicle repairs, upgrades and modifications at Wippy’s partner retailers.
- Flexible payment options. You can choose from weekly, bi-weekly, semi-monthly or monthly payments.
What we like about Wippy
- No credit checks. Wippy doesn’t carry out credit checks, so a poor credit score won’t stop you from accessing finance. Learn more about no credit check loans.
- Shop at over 1,000 retail partners. You can use Wippy to pay for car repairs and upgrades from a large network of retail partners.
- Easy online application process. You can apply for a Wippy payment plan online in a matter of minutes.
- Early repayment allowed. All Wippy Pay plans are open, which means you have the option to pay your loan off early if you can afford to do so.
- Leased or financed vehicles accepted. It’s possible to qualify for a Wippy Pay plan even if your vehicle is leased or financed.
What to watch out for
- Your car is collateral. You provide your car as collateral when you sign up for a Wippy Pay plan, so you risk losing your vehicle if you can’t make on-time payments.
- High rates. High interest rates apply, so check the loan agreement carefully before signing up to a payment plan.
- Fees. Wippy Pay plans include a $99 administration fee, a $30 insurance verification fee, and a lien registration fee of $59 to $129 depending on the length of your repayment term.
- Only for vehicle-related expenses. If you want financing for non-vehicle-related expenses, you’ll need to consider other loan options.
- Ontario only. Wippy partners with automotive businesses in Ontario only, so you’ll need to consider other options if you don’t live in Ontario.
- Doesn’t report to credit bureaus. Wippy doesn’t report your loan repayments to the credit bureaus, so making on-time payments won’t help you improve your credit score.
Alternatives to Wippy
How much do Wippy loans cost?
There are several factors that affect how much your payment plan will cost, including the amount you borrow, the interest rate, fees and repayment term.
On its website, Wippy says it offers rates from 0%. But when we had a play around with its payment calculator using different collateral vehicles and loan amounts, we were quoted an annual interest rate of 18.95%.
Wippy Pay plans include a $99 administration fee, a $30 insurance verification fee, and a lien registration fee of $59 to $129 depending on the length of your repayment term, so the APR of your loan will end up being higher than the interest rate quoted.Summary of Wippy reviews
| Site | Details |
|---|---|
| Trustpilot | 2 out of 5 stars based on 10 Wippy reviews |
| 4.1 out of 5 stars based on 971 Wippy reviews | |
| BBB accreditation | No |
| BBB rating | B |
| BBB reviews | 1.03 out of 5 stars based on 29 Wippy reviews |
| Reviews as of | January 3, 2024 |
Am I eligible?
To qualify for a Wippy Pay plan you will need to:
- Be 18 years or older
- Be a Canadian resident
- Have a valid driver’s licence
- Own a vehicle (eligible leased and financed vehicles are also accepted)
- Have a valid Canadian bank account
How to access Wippy’s services
You can apply for a payment plan from Wippy by completing the following steps:
- Navigate to the Wippy website and click on “How much can I spend?”.
- Enter your licence plate and vehicle mileage, then click “Continue”. Alternatively, you can find your vehicle by entering its make and model or typing your VIN.
- You will be shown the Wippy spending limit you qualify for.
- Next, you can select the retail partner you want to shop with and provide details of the work being done on your car, or you can skip this step for later.
- Enter the invoice amount you want to pay and review the interest rate, term and monthly payment amount.
- Verify your email address.
- Provide your personal details and contact information.
- Provide a photo of your driver’s licence and proof of vehicle ownership.
- Review and sign your loan agreement.
How is Wippy related to GoTo Loans?
Wippy was formerly known as GoTo Loans. However, it rebranded to Wippy in June 2022 to offer its Wippy Pay Buy Now Pay Later service.
What to expect once you’ve received financing from Wippy
Once your Wippy Pay plan is approved, Wippy will pay the retailer directly to cover the cost of your vehicle repair or upgrade.
Payments will be taken from your bank account via pre-authorized debit. Check the frequency at which payments will be deducted to make sure you always have sufficient funds in your account. You also have the option to make additional payments if you want to pay your loan off ahead of schedule.
Please note that NSF fees will also apply to missed payments.
Bottom line
If you need to borrow money to pay for repairs or upgrades to your car, Wippy could be the answer. It’s easy to use, offers flexible payment plans, and you can get funded even if you have bad credit. But high rates and fees apply and you’ll need to use your car as collateral, so make sure you can afford repayments before taking out a loan.
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