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FiWize Review

by | Jun 25, 2020


FiWize provides residual auto loans for refinancing, purchasing used and new cars, and buying out leases. Read our FiWize auto refinance review to discover the pros and cons of its low-payment refinancing option and decide if it’s the right choice for you.  

FiWize Loan Features 

Loan Amount: $10,000 – $50,000

APR: Varies

Repayment Terms: Up to 84 months

With FiWize, you can buy, lease or refinance. It’s not your conventional refinancing loan, and it comes with plenty of benefits.  

  • The website features a handy tool that lets you calculate how much you’ll save with FiWize.
  • You can search for rates and monthly payments without conducting a hard search that could impact your credit score. 
  • If you’re outside of New York state, you can buy optional wear and tear coverage and gap courage. 

FiWize Application Terms

To qualify for a FiWize loan, you’ll need to supply the following:

  • Proof of residence
  • Government-issued photographic ID
  • Proof of residence permit or citizenship
  • Proof of insurance
  • Driver’s license 
  • Loan payment statements
  • Proof of income

FiWize Loan Options

The terms and conditions of FiWize’s refinancing loans are relatively straightforward. Some of their notable options include:

  • It allows you to sell your car and pay off the loan simultaneously
  • You can trade-in with a dealer and leave them to pay off the balance

What Are the Repayment Options?

There are two types of affordable auto refinancing loans available from FiWize. 

Conventional

With its conventional loan option, you pay off the balance in equal monthly installments until you’ve paid the entire sum. 

Value Plus

Its value plus option has low monthly payments with a balloon payment at the end of the contract. Once you’ve paid a certain amount, you get the opportunity to keep the car and continue paying or return it without paying the lump sum at the end. You will pay higher fees for a Value Plus loan, compared to the conventional option.  

Pros and Cons

FiWize has decent customer service and some flexible options for refinancing, here are some more advantages of borrowing with them: 

Pros

  • Live chat on the website for a fast response to customer service queries
  • You don’t have to pay fees on its conventional loan option
  • There’s the option to cancel the loan and walk away if you change your mind about wanting the car

Keep in mind when you choose a refinancing loan from FiWize:

Cons

  • Potentially high fees if you select the value Plus option or decide to cancel your loan
  • It would help if you used the calculator tool to find out the rates
  • FiWize only offers 

All in all, you can get a good deal with FiWize, but you’ll need to plan carefully to ensure you can afford the fees and repayments. 

To find out more tips on getting the right loan for you, visit our Auto Refinance section today.

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