FiWize auto loans review September 2019 | finder.com

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FiWize auto loans review

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It offers the option to cancel your loan before you're done paying it off — but it will cost you.

This online lender and connection service might be best for borrowers who want the flexibility of canceling their car loan before they’re done paying it off. But there’s not much information out there about FiWize, which makes it difficult to know what you’re getting into before you apply.

$10,000

Min. Loan Amount

$50,000

Max. Loan Amount

Varies

APR

Details

Product NameFiWize auto loans
Min. Loan Amount$10,000
Max. Loan Amount$50,000
APRVaries
Interest Rate TypeFixed
RequirementsGood to excellent credit, vehicle no more than 5 years old, over 18 years old

First, do I qualify?

You must meet the following minimum criteria to qualify for any FiWize auto loan:

  • Good to excellent credit
  • Vehicle no more than five years old
  • Over 18 years old

Some states and lenders might have additional requirements.

What makes FiWize auto loans unique?

FiWize works as a lender and connection service to offer users the best deal they’re able to qualify for. Its Value Plus Loan also offers the option to return your car and cancel the loan after paying down a portion of your balance.

What types of car loans does FiWize offer?

FiWize offers two different types of car loans, which you can use to buy a new or used vehicle, buy out a lease or refinance a current car loan:

  • FiWize Conventional Loan. A standard term loan from $10,000 to $50,000 to finance a new or used car from a dealership, buy out a lease or refinance an existing car loan.
  • FiWize Value Plus Loan. Your standard term loan with the option to walk away from your loan after paying off a portion of your balance. This loan comes with a fee of up to $595 to borrow and another $195 fee if you decide to return the vehicle and cancel your loan. You might also be on the hook for excess mileage fees of $100 for every 1,000 miles over your limit. However, this all depends on the mileage allowance you selected when you first took out the loan.

What are the benefits of a FiWize auto loan?

From its flexible Value Plus Loan to the convenient live-chat feature on its website, here are a few perks of borrowing from FiWize:

  • Option to walk away. FiWize’s Value Plus Loan allows you to cancel the loan before the term is up if you decide you don’t want the car.
  • No fees on Conventional Loan. You won’t have to pay any fees if you go for the standard car loan option.
  • Live chat. You can get relatively quick answers to any questions or concerns by using the live-chat feature on its website.

What to watch out for

Potentially high fees and little transparency are just some of the drawbacks to consider with this lender:

  • Lack of transparency. FiWize doesn’t disclose what rates and terms it offers on its website.
  • Dealership financing only. You need to look elsewhere if you plan on buying a car from a private seller.
  • Potentially high fees. You might have to pay up to $595 to take out a Value Plus Loan — and another $195 if you decide to cancel your loan.

Compare more car loan options

Updated September 16th, 2019
Name Product Filter Values Minimum credit score Loan term Requirements
300
Varies by lender
Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
600
Varies by lender
Fair to excellent credit, an income source, US citizen or permanent resident, 18+ years old
Find an offer and get rates from competing lenders without affecting your credit score.
300
Varies by lender
Must be employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.
Get connected with an auto lender near you, even if you have bad credit.
Good to excellent credit
2 to 7 years
Good or excellent credit, enough income or assets to afford a new loan, US citizen or permanent resident, 18+ years old
Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
Fair or better credit
From 2 years
Car must be less than 10 years old with fewer than 120,000 miles. Current loan must have a balance between $5,000 and $55,000 and at least 24 months left in its term.
Lower your monthly car payments and save on interest through a fast and easy online application process.
510
Varies
Income of $2,000+/month, vehicle has less than 150,000 miles and is no older than 8 years, loan balance is between $10,000 and $100,000, debt-to-income ratio is less than 50%
Connect with a network of over 150 lenders to refinance your car loan.
Good to excellent credit
Varies by lender
18+ years old, good to excellent credit, US citizen
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.

Compare up to 4 providers

What do borrowers say about FiWize?

Almost nothing as of September 2019. The Better Business Bureau (BBB) gives it an A- rating based on the short time it’s been around — it only opened its doors in 2018.

But there are no customer reviews on its BBB page or on Trustpilot. This is likely due to the fact that it’s a new business — but it’s difficult to tell if this is a good or bad thing.

How do I apply?

You can apply online or over the phone by calling 877-434-9493. Follow these steps to get started online:

  1. Go to the FiWize website.
  2. Click See My Payment Savings.
  3. Select the type of financing you’re interested in and click Next.
  4. Enter information about the vehicle you plan on purchasing or refinancing and click Next.
  5. Fill out the form with your personal contact information.
  6. Read and check the box agreeing to the disclosure and click Submit.

After you submit your application, a FiWize specialist should get in touch with you to discuss your potential loan offers and guide you through the rest of the application process.

What documents do I need to apply?

The documents you need can vary depending on your lender and whether you’re buying a new or used car, buying out a lease or refinancing.

Typically, you need to provide a government-issued ID and proof of income, like a recent pay stub. Your loan specialist should inform you of the documents you need after you complete the application.

I got the FiWize auto loan. Now what?

It’s time to start paying back your loan. How repayments work depends on your lender — you can find details about when your first payment is due and how often you need to make repayments in your loan documents.

If it’s an option, consider signing up for autopay. Many lenders offer interest rate discounts for signing up, and it makes it easier to stay on top of your repayments. If you have any questions or concerns, reach out to your lender’s customer service team.

Bottom line

Good-credit borrowers who want the option to cancel their loan before the term is up might want to consider FiWize. But with little information available on its website and no customer reviews, it can be difficult to tell what you’re walking into. You can find out how it compares to other lenders by checking out our guide to car loans.

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