FiWize Auto Refinance

FiWize Auto Refinance Review

FiWize auto refinance is an auto loan refinance offering by FiWize, based in Scottsdale, AZ. Founded in 2017, FiWize offers auto refinance loans in 24 states across the USA.

Key Takeaways

• APRs starting at 2.94%. The starting rates for FiWize Auto Refinance are on the lower end of the spectrum.
• Lease buyouts. Offers refinancing to buyout an expensive lease or purchase a company car.
• Fair credit accepted. The credit score needed for FiWize Auto Refinance is relatively low. Borrowers with a credit score as low as 640 may qualify for FiWize Auto Refinance.
• Vehicle requirements. Vehicles must have less than 100,000 miles and a maximum age of 10 years.
• Refinancing for large loan amounts. You can refinance auto loans of up to $100,000 with FiWize Auto Refinance.
• No origination fee. FiWize Auto Refinance does not charge an origination fee for processing your loan application.
• Cosigner and coborrower applications accepted. A cosigner or coborrower can help you qualify for better rates and terms when applying for FiWize Auto Refinance.
• Long loan terms. FiWize Auto Refinance offers loan terms of up to 84 months. Most auto refinancing loans have a maximum term of 60 months.

FiWize auto refinance Pros & Cons

FiWize auto refinance FAQ

How much can you borrow via FiWize auto refinance?

Auto refinance loan amounts start at $7,500 and go up to $100,000.

What are the auto loan refinancing rates offered through FiWize auto refinance?

FiWize auto refinance offers a fixed APR car loan refinancing product that ranges from 2.94% APR up to 15.99% APR.

What is the maximum loan term you can get with FiWize auto refinance?

FiWize auto refinance offers auto refinancing with terms ranging from 36 to 84 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your auto refinancing loan, the more interest you will pay.

Does FiWize auto refinance charge an origination fee on auto refinance loans?

No, FiWize auto refinance does not charge a loan origination fee for refinancing a car loan.

A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount.

Does FiWize auto refinance charge a late fee?

Yes, auto refinance loans via FiWize auto refinance are subject to late payment penalty fees.

Does FiWize auto refinance charge prepayment fees?

No, there is no prepayment penalty.

What do you need to qualify for FiWize Auto Refinance?

FiWize Auto Refinance does not have or does not disclose a minimum annual income eligibility requirement. FiWize Auto Refinance will consider borrowers regardless of their employment status if they can prove their ability to repay their obligations. Note that borrowers can add a cosigner or a co-borrower to either meet eligibility requirements or qualify for lower interest rates.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via FiWize Auto Refinance. Their rates fall within the limits of The Military Lending Act.

U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by FiWize Auto Refinance. An uncommon feature is for lenders to offer their services to non-residents. FiWize is one of the few that does.

To qualify, applicants may need to provide the following documentation:

• Loan payoff statements
• Proof of income
• Recent bank statements
• Proof of insurance
• Driver's license
• Government issued photo ID
• Proof of identity
• Proof of citizenship or residence permit
• Proof of residence
• U.S. tax identification number

What is the maximum mileage to refinance with FiWize?

FiWize is an option for high-mileage vehicles. They will consider car loan applications for vehicles with up to 100000 miles on the odometer.

What is the maximum car age to refinance with FiWize?

Only vehicles that are 10 years old or less can qualify for an auto refinance.

Does FiWize Auto Refinance report your account activity to credit bureaus?

FiWize Auto Refinance does not report to any of the major credit bureaus. Creditors are not required to report payment activity to credit bureaus. However, making regular on-time payments to a creditor that reports to one or more credit bureaus may help improve your credit.