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Frequently Asked Questions

Looking for answers? This is the place!

You probably have a few questions. That’s terrific! We have many answers. If you don’t see your question here, contact us via phone or email. One of our loan consultants will be more than happy to help you.

  • 01. 

    What differentiates a FiWize auto loan from a typical car loan?

    It’s residual based financing (doesn’t fully amortize) which means we can offer lower monthly payments on a shorter term. Plus it has an end of term Buy Back Guarantee. Really.

    You pay low monthly payments until you pay the loan down to a set Future Value (or residual value) of the vehicle. Now you have choices for what to do next (see FAQ below!).  We love choices and think you will too.

  • 02. 

    What is the Future Value of the vehicle?

    The Future Value amount is the final loan payment that will be due at the end of the auto loan term.  It is a higher amount than the typical monthly payment and will be specified clearly in your loan contract so you’ll know exactly what to expect. There are many options on how to handle the Future Value payment, in fact, returning the vehicle and not paying the Future Value is one of them! Read on.

  • 03. 

    What are my options at end of loan term?

    Excellent question. Here’s our excellent answer.  You have several options!

    1. With the end of term Buy Back Guarantee, you can simply return your vehicle. This means you don’t need to pay the final Future Value payment! The guarantee pays the auto loan balance so you don’t have to (subject to contractual terms/conditions).
    2. You can sell your vehicle yourself and pay off the loan balance.
    3. You can trade it in with a dealer (who pays off the loan balance).
    4. Or, if you want to keep your vehicle, simply pay off the loan balance with one payment or refinance it.

     

    The choice is completely yours.

  • 04. 

    What if I want to get rid of the car before the end of loan term?

    Not a problem. You can trade it at a dealer or sell your vehicle at any time during the loan. As with any other auto loan, the loan balance will need to be paid off.  Want to payoff your loan or refinance before end of term? You can do that too.

  • 05. 

    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. Auto loans are uniquely tailored to individual circumstances. Not everyone will qualify, but find out if you do today!

  • 06. 

    Who should consider a FiWize loan?

    1. You leased your car. Now you want to purchase it and need financing.
    2. You have an existing auto loan but want to:
      • lower your monthly payment
      • shorten your loan term without increasing your current monthly payment,
      • do both (a) and (b).
    3. You want to purchase a new or late-model used car and need financing at a lower monthly payment than what conventional financing can provide.

    Our loan is best suited for good to excellent credit borrowers looking to finance their purchase of a new or late-model vehicle (no older than five years), acquire their off-lease vehicle, or refinance an existing loan.

  • 07. 

    Are there any fees I should know about?

    FiWize’s fee is $595 and is, in most cases, paid out of the loan proceeds. There is also a $195 fee (subject to lender terms and conditions) paid to the lender if you decide to return your vehicle by activating your Buy Back Guarantee at end of term.

  • 08. 

    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.

  • 09. 

    Why do I select an “annual mileage” figure when applying?

    Determining the Future Value of your vehicle requires an understanding of how many miles you expect to drive during the auto loan. The higher the mileage, the lower your vehicle’s value over time which  impacts the amount of your monthly payment.

  • 10. 

    Are there excess mileage charges?

    1. Although you do agree to an annual mileage limit within the loan term, it impacts your auto loan ONLY if you elect to activate the Buy Back Guarantee at end of term. Each excess mile above your total mileage allowance incurs a charge of $0.10/mile or $100 for every 1,000 miles over your limit. However, you only pay for excess miles if you return the car. If you decide to trade or sell the car, none of this applies.
    2. 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. For example, if you pick the 15,000-mile option on a four-year loan, that’s 60,000 additional miles from your starting odometer.
    3. One more thing: You need to keep the car in good condition. There
      are additional charges assessed if your car fails to meet a reasonable maintenance and condition standard. But, again, this only matters if you execute the Buy Back Guarantee option.
  • 11. 

    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.

  • 12. 

    What if I don’t qualify for a FiWize loan? Are there other options?

    Yes. FiWize may also be able to arrange a conventional auto loan for you. We’re happy to do so…and with no accompanying fee.

  • 13. 

    Is a FiWize loan the same thing as a lease?

    No. We offer a loan program only. This is not a lease; with FiWize, you own the vehicle. Call us and we’ll happily explain.

  • 14. 

    Who handles the loan after I’ve signed the papers?

    FiWize works with a variety of lenders to bring you the best deals. 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!

  • 15. 

    Will I be the vehicle owner?

    Yes, you own the vehicle subject to encumbrance by the lender. Actually, a FiWize residual based loan is identical to a conventional auto loan in this respect.

  • 16. 

    Will my insurance be negatively impacted by my borrowing through FiWize?

    Not at all. Better yet, there are no high limit insurance coverage requirements, as is the case with a lease. Just meet your state’s minimum comprehensive and full collision coverage requirements (subject to deductible). And by the way, you need auto insurance to get a loan and must keep it during the term of the loan.

  • 17. 

    Will my credit be impacted if I use the Buy Back Guarantee?

    Rest assured, it’s one of the many benefits of a FiWize 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!).

    Keep in mind that if you decide to use the Buy Back Guarantee option and there are charges assessed for excess mileage or wear and tear on your vehicle, those charges still remain your responsibility.

  • 18. 

    This seems too good to be true. Is it?

    No, there are no gimmicks here!   If you meet the loan parameters, you will be simply amazed at your low monthly payments. Just think about what you can do with the savings!