What differentiates a FiWize Value Plus loan from a FiWize Conventional loan?
FiWize Conventional loans are the kind of loans that you are likely familiar with. You make equal monthly payments on the loan through the term of the loan until it’s paid off.
On the other hand, FiWize Value Plus loans don’t fully amortize, so you pay low monthly payments until you the loan balance reaches a certain point (timing based on borrower’s terms). You then get to decide if you want to keep the car and pay the remaining loan amount, or simply return the car to the lender without paying the final loan balance!
With either loan type, you can sell or trade your vehicle at any time during the loan. We love choices and think you will too.
How can I determine how much I will save with FiWize?
Start the process from the website or call us at 877-4-FIWIZE right now. We will determine your monthly payments by factoring in (among other things) total amount borrowed, vehicle age, mileage, and the current effective interest rate.
We’ll also see which loan option may be a fit for you and your vehicle. Auto loans are uniquely tailored to individual circumstances. Not everyone will qualify, but find out if you do today!
Who should consider a loan through FiWIze?
Our loans are best suited for good to excellent credit borrowers.
Are there any fees I should know about?
For refinance Conventional loans, you may incur a documentation processing fee of up to $129 (this fee does not apply for California customers; New York customers may be charged a fee up to the lesser of 0.5% of the loan amount or $129). This fee, if imposed, can be paid directly to FiWize or through your loan proceeds. Your loan consultant will advise you whether your loan will incur this fee.
For a Value Plus loan, there is a fee of $595 paid as part of the loan. This amount is included as an additional finance charge which impacts your loan APR. (In California, this fee is imposed by the lender. In New York, this fee will be 0.5% of the total loan amount, up to $595). There is also a $195 fee (subject to lender terms and conditions) paid to the lender, but only if you decide to return your vehicle by activating your Buy Back Guarantee.
For a lease buyout or lease-end vehicle purchase, FiWize charges a $249 documentation processing fee.
What does “FiWize” mean?
FiWize is simply another way to say we think that we can help you “finance wisely.”
We hope that puts a smile on your face, as it does on ours.
Are there excess mileage charges?
There are no excess mileage charges with FiWize Conventional loans.
For FiWize Value Plus loans, mileage limits ONLY impact the loan if you elect to return your car to the lender:
Each excess mile above your total mileage allowance that you select in the loan process, incurs a charge of $0.10/mile or $100 for every 1,000 miles over your limit.
Annual mileage terms allow for 12,000, 15,000, or 18,000 miles
throughout the loan term, measured from where your odometer reads at the time of loan approval.
One more thing: If you return your car to the lender and it fails to meet a reasonable maintenance and condition standard, some additional charges may apply.
Remember, these limits ONLY apply if you return you car to the lender.
How soon will I know if I qualify?
FiWize can prequalify you within minutes, and will reach a funding decision within 24-48 hours’ time.
Does FiWize offer a lease?
No. We offer loans only. With any loan through FiWize, you own the vehicle.
Who handles the loan after I’ve signed the papers?
FiWize works with a variety of lenders to bring you the best deal for your situation. To simplify the process, we will electronically* handle the majority of the paperwork. Once the documentation is complete, the lender who approved your auto loan happily welcomes you to their family.
*Some states do require physical paperwork to be submitted…even nowadays!
Will my insurance costs increase with a FiWize Value Plus loan?
Not at all. The insurance coverages are the same with either loan type from FiWize. Of course, you need auto insurance to get a loan and must maintain your policy during the term of the loan.
Will my credit be impacted if I have a Value Plus loan and return my car to the lender?
Rest assured, it’s one of the many benefits of a FiWize Value Plus auto loan! As part of the contract process, you will receive a rider that entitles you to the Buy Back Guarantee coverage and it will explain terms on how to use it correctly (you can also call us, we are happy to explain in more detail!).