FiWize Review

ByBestmoney StaffDec. 31, 2020
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In a Nutshell

FiWize is an online lender specializing in residual auto loans. Also known as balloon financing, residual financing involves low monthly payments with a large “balloon” payment at the end. FiWize offers this type of auto loan for purchasing new and used cars, refinancing, or buying out a lease.

pros

  • Lower monthly payments than a standard loan
  • Option of returning vehicle at end of lease without buyout
  • Low minimum credit score

cons

  • Large “balloon” payment at end
  • Process isn’t done entirely online
  • Gap coverage not offered in New York state

In a Nutshell

FiWize is an online provider specializing in low payment auto loans available through their exclusive network of trusted lenders. FiWize offers these innovative auto loans, some of which are not even available at other lenders or dealers, for purchasing new and used cars, refinancing an existing loan, or buying out a current leased vehicle.

Pros

  • Variety of loan options, all focused on low monthly payments. Some options are unavailable at other providers
  • Low minimum credit score
  • No credit impact to prequalify in their easy online process
  • Personal loan consultant will find the right loan for each borrower, based on individual needs

Cons

  • Process isn’t done entirely online
  • Not all borrowers will qualify
  • Only available in select states (additional states coming soon)

FiWize at a Glance

Loan types Purchase loan, refinance, lease buyout financing
Loan amount $10,000 - $150,000
Repayment terms 36 to 82 months
APR 2.24%
Minimum credit score 620
Suitable for Low monthly payments

Overview

FiWize offers its auto loans for purchase, refinancing, or leasing of new or used vehicles. They offer multiple loan options to choose from depending upon how long you wish to keep your vehicle. Any option they offer will be focused on providing the borrower the lowest possible monthly auto payment.

Suitable for?

A FiWize loan is a great choice for anyone who wants a low payment loan to purchase a new or used car  or refinance an existing vehicle.

Features

FiWize offers multiple loans options for purchase, refinancing, or leasing of new and used cars. FiWize’s loans contain a number of unique features that makes this lender stand out from the crowd. Lower monthly payments are only the beginning with this auto lender.

Here are some of the most notable features of FiWize’s financing services:

  • Reduced monthly payments, with potential savings of up to hundreds of dollars per month
  • Friendly and helpful loan consultants to guide you through the application process
  • See rates and monthly payments without impacting your credit score
  • A variety of loan options depending how long borrowers want to keep their vehicle and the age of that vehicle

Application Process

Getting a car loan shouldn’t be an exhausting process, and luckily FiWize gets the job done quickly. To get a quote, simply select from one of these three options: purchase, refinancing, or lease buyout. Fill out your name, contact details, and vehicle information, including make, model, trim, and mileage. Hit submit and wait for an agent to call or email you back.

A FiWize representative will clarify any questions and make you an offer. If you accept the offer, FiWize will then run a credit check to determine whether it can go ahead and finalize your auto loan. FiWize promises to handle the contract, the payoff (if you’re refinancing), purchase funding, title, and other paperwork.

Loan Types and Terms

The terms and conditions are fairly simple and FiWize is transparent about all that’s involved. Depending on whether you’re purchasing, refinancing, or leasing a vehicle, FiWize offers the following options:

  • You can sell or trade your vehicle yourself and pay off the loan balance at any time.
  • No prepayment penalty.

Repayment Options

Customers may choose from loan terms of 36 to 84 months (3 to 7 years). Like any other car loan, longer terms translate to lower monthly repayments and shorter terms translate to lower total interest. Thanks to FiWize’s multiple loan offerings, some loans have even lower monthly repayments than most other auto financing.

How Safe Is It?

FiWize is a privately held fintech company incorporated in Delaware and headquartered in Scottsdale, Arizona. It is open and transparent about its services, terms, and conditions. FiWize offers a secure and affordable way of financing your vehicle.

Help & Support

Every FiWize financing application involves a call with an agent who will then guide you through the entire process. FiWize’s website contains plenty of information on how its loans work and how to apply, along with useful calculators to help estimate your savings ahead of time.

Phone: 877-4-FIWIZE (877-434-9493)

Email: Direct contact form on website

How FiWize Compares


FiWizeLendingTree
Minimum credit score 620 600
Loan amounts $10,000 - $150,000 $7,500 - $300,000
Loan term 24-72 months 12-72 months
Suitable for Low monthly payments Comparing auto loan offers

Summary

If monthly payments are the main thing stopping you from purchasing or refinancing a vehicle, FiWize may be for you. Thanks to FiWize’s auto loan options, borrowers can now obtain a loan with significantly reduced monthly payments.

Physical Address

8901 E Pima Center Parkway

Suite 230

Scottsdale, AZ 8525

FiWize customer testimonials

GreatReviews 15
TrustPilot is the world’s most powerful review platform, free and open to all.
Excellent
73%
Great
13%
Average
7%
Poor
7%
Bad
0%
  • author
    AN
    Dec 29, 2020
    They did a great job.

    They did a great job.

    ...

  • author
    Denise Jones
    Dec 22, 2020
    I received great service and the…

    I received great service and the promised rate for the refinance of my vehicle. Thanks for a positive experience FiWize.

    ...

  • author
    Diana Price
    Dec 22, 2020
    Follow up

    Had to do allot of follow up with them regarding documents. Should not send documents through regular mail, FEDEX is the most effective way to handle especially when coming across country. Staff was friendly, but the University Credit Union was too slow. It was not clear why I had to join other than now I realize I need to transfer money each month to an account in order to pay for loan. Statements would have been a better option, then I could have used my own bill pay account.

    ...

  • author
    Steve
    Nov 23, 2020
    Everyone was nice and polite and follow…

    Everyone was nice and polite and follow up was timely. I just didn't appreciate having to submit some documents twice because the process was taking longer than anticipated. Overall the process was pretty smooth.

    ...

  • author
    Victor Aguilar
    Nov 23, 2020
    Car Loan Refinancing

    Thanks for refinancing my car loan. It was way and semi-quick. I never thought I could do such a thing, but your team walked me through everything. Appreciate your help. Well recommended.

    ...