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FiWize auto loans review

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.

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Min. Loan Amount


Max. Loan Amount




Min. Loan Amount$10,000
Max. Loan Amount$50,000
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.

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CarsDirect auto loans
No minimum credit score
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Must provide proof of income, proof of residence, and proof of insurance.
Save time and effort with this lending service specializing in beginner-friendly or subprime car loan.
No minimum credit score
3.9% to 27.9%
1 to 6 years
18+ years old, annual income of $4,000+, no active bankruptcies
Get pre-qualified for used car financing and receive competitive, personalized rates.

FiWize reviews and complaints

BBB accredited Yes
BBB rating A
BBB customer reviews
Trustpilot Score 3.9 out of 5 stars, based on 5 customer reviews
Customer reviews verified as of 19 October 2020

FiWize is accredited by the Better Business Bureau (BBB), and earns an A rating from the agency. However, it doesn’t have any reviews or complaints.

There are also only a handful of reviews on its Trustpilot profile, though they’re mostly positive. This is likely due to the fact that it’s a fairly 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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