FiWize Review

ByTop10.com StaffMay. 06, 2019

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

FiWize FiWize Visit Site

FiWize at a Glance

Loan types: Purchase loan, refinance, lease buyout financing

Loan amount: $10,000 - $100,000

Repayment terms: 24-72 months

APR: 2.94% - 18.00%

Minimum credit score: 600

Best for: Low monthly payments

Overview 

A FiWize auto loan is not like a traditional auto loan. With a conventional auto loan, borrowers pay the same monthly payment across the life of the loan. But with a FiWize car loan, borrowers pay reduced monthly payments and a large, or “balloon” payment at the end of the loan. FiWize offers its residual auto loans for purchase, refinancing, or leasing of new or used vehicles. 

FiWize’s APRs, loan amounts, and repayment terms aren’t all that different from conventional auto lenders. However, its residual repayment model is very different from the repayment model used by traditional lenders.

Best for?

A FiWize residual loan is a solid option for anyone who needs a vehicle but can’t afford the monthly payments charged by traditional auto lenders. With a FiWize loan, borrowers can drive their new or used car out of the lot straight away for a reduced monthly payment. The main catch is that you’ll pay a balloon payment at the end. If that worries you, we have good news: the balloon payment is calculated at the start of the loan and stated in your contract. 

Features

FiWize offers loans for purchase, refinancing, or leasing of new and used cars. FiWize’s residual 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 savings of up to $100 to $300 per month compared to a conventional car loan.
  • Large “balloon” payment at the end, with the amount determined at the start of the loan and clearly stated in your contract.
  • Buy Back Guarantee that gives you the option of returning your vehicle at the end of the lease without paying the final balloon payment (subject to certain terms and conditions).
  • Free lease buyout calculator and auto refinance calculator to help you calculate the savings you’ll make with your vehicle financing.
  • See rates and monthly payments without impacting your credit score.
  • Option of purchasing gap coverage (not available to New York state residents) and excess wear and tear coverage.

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 3 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 you back. 

During the phone call, a FiWize representative will ask you a few more 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:

  • With leasing, there’s a Buy Back Guarantee that lets you return your vehicle without paying the Future Value balloon payment (subject to certain conditions).
  • You can sell your vehicle yourself and pay off the loan balance at the same time.
  • You may trade the vehicle in with a dealer and have them pay off the loan balance.
  • Of course, you may keep the vehicle and pay off the loan balance according to the Future Value stated in your contract.

Repayment Options

Customers may choose from loan terms of 24 to 72 months (2 to 6 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 residual financing model, even the shortest terms have lower monthly repayments than most conventional 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. Before financing your vehicle with FiWize, make sure to learn about how residual financing works. The main benefit is lower monthly payments. The main drawback is the large balloon payment at the end. This type of loan can be very beneficial to some people, but can cause problems for people who never have much cash on hand. As long as you know what you’re in for, 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


FiWize
LightStream
LendingTree
APR
2.94% - 18.00%
3.09% - 7.94%
Starts from 1.85%
Minimum credit score
600
660
600
Loan amounts
$10,000 - $100,000
$5,000 - $100,000
$7,500 - $300,000
Loan term
24-72 months
24-84 months
12-72 months
Best for
Low monthly payments
Borrowers with excellent credit
Comparing auto loan offers

FiWize FiWize Visit Site

Summary

If monthly payments are the main thing stopping you from owning a vehicle, FiWize may be for you. Thanks to FiWize’s residual auto financing model, borrowers can get themselves into a vehicle with significantly reduced monthly payments. The main catch, and FiWize is completely transparent about it, is that you’ll need to pay off a large balloon payment at the end. This model is certainly unique and presents an interesting alternative to conventional auto financing.

Physical Address

Residual Finance Partners, Inc., dba FiWize

10643 N Frank Lloyd Wright Blvd Suite 102

Scottsdale, AZ 85259


FiWize