Econommi is a financial technology company that provides consumers with innovative automotive finance solutions. As a CLA-certified lender, Econommi promises to maintain a high level of ethics when it comes to its lending practices. A major selling point is its interest-free leasing option. This sounds enticing but how does it work practically? In this article, we will take a deeper look at the company and provide you with a comprehensive review of Econommi to help you make up your mind when it comes to choosing a lender for your auto loan.
Brief Overview of Econommi
As a company that was established with the mission to help Canadians get auto financing, Econommi offers leasing services without relying heavily on credit scores. The company is suitable for people with no or low credit scores. The company utilizes alternative credit risk assessment techniques and gives a chance to everyone to avail an auto loan.
Key Information About Econommi:
- Official Name: Econommi Auto Finance
- Website: www.econommi.io
- Phone Number: 1-877-794-6060
- Google Reviews: 4.8/5 stars (30+ reviews)
- Headquarters: Burnaby, British Columbia
How Econommi Works
Econommi sets itself apart from other lending providers by offering some unique services that include an interest-free car leasing option. Here’s a step-by-step breakdown of how the process works:
Online Application: Potential buyers first have to fill an online questionnaire on the Econommi website. Unlike most other auto loan service providers, Econommi does not place much emphasis on credit scores. However, they use other financial information to determine the eligibility of applicants.
Eligibility and Approval: Once the application is submitted, Econommi employs its own methods of risk assessment to determine if the applicant meets leasing qualifications. It usually only takes about 24-48 hours to receive approval, and customers are notified immediately of their status.
Vehicle Selection: Upon getting approval, the customer is allowed to select a car from Econommi’s list of affiliated dealers. Econommi helps customers navigate through the process of choosing a car that will be affordable and align well with the financial conditions of the customer.
Interest-Free Leasing: A key feature of Econommi’s model is the option for interest-free leasing. Customers pay small amounts of money towards the lease of the car without incurring interest charges. This makes it a more affordable option than many traditional auto loans.
Risk Absorption: Econommi absorbs the risk of loss in cases where the vehicle is stolen or totaled. Customers aren’t required to purchase gap insurance, which can save them significant costs.
Pros of Using Econommi
There are several advantages to choosing Econommi for your auto leasing needs, especially for those seeking alternative financing options:
Interest-Free Leasing
The interest-free leasing model is one of the most significant advantages of using Econommi. By eliminating interest, customers can make affordable monthly payments and avoid the financial strain that often comes with traditional auto loans.
Available to People with a Bad Credit Score
Econommi comes with an unconventional credit scoring system and makes leasing available to individuals with low or no credit scores.
Quick and Easy application process
The application process is very simple, takes a short amount of time and makes Econommi ideal for those who require financing urgently. It usually takes less than 48 hours for approvals to go through.
Risk Absorption
Econommi’s decision to take full responsibility for the risk of theft or any harm to the vehicle is also beneficial to customers. The company does not charge for gap insurance and hence saves a lot of money for clients.
Flexibility in Lease Terms
This flexibility in leasing terms means that customers can choose the plan that suits their financial position. Customers can choose a short term or a long term lease as per their needs.
Cons of Using Econommi
While Econommi offers several appealing features, there are some potential drawbacks to consider:
Limited Information on Website
There is not enough information on the Econommi website. Details such as specific vehicle options, pricing structures, and more in-depth explanations of the leasing process are not readily available. Customers might need to contact the company directly to get full transparency on these matters.
Small Review Base
The company is relatively small compared to other auto lenders and is reflected in the small number of reviews. This along with limited information on the website, means that potential customers would need to do thorough research before availing a loan from the company.
Customer Feedback and Reviews
Econommi has received good comments from its customers, especially concerning usability and customer support:
Google Reviews: 4.8/5 Stars
Econommi has been well received by its customers, boosting a 4.8 rating on Google. Customers have applauded the convenience of the application process and the flexibility of loan terms. The structure of repayment is also regarded as transparent. Users appreciate how the company’s model allows them to manage their finances without the pressure of high-interest payments.
Is Econommi Right for You?
Econommi is a perfect fit for those who have had a hard time getting auto finance. The company’s unique credit assessment method and interest-free leasing policies make it stand out compared to competitors. If you are in need of a quick and convenient way to lease a car then Econommi may be a good choice for you.
Final Thoughts
Econommi provides a unique and easy solution for auto leasing in Canada, especially for people with bad credit scores. The company is preferred by many consumers due to flexibility in loan, and the short time taken to approve the lease. However, it is important to do thorough research as the sample size of available reviews is small, and the information on the website is not detailed.
Saqib has a Masters Degree from Wilfrid Laurier University in Ottawa. He has a robust background in accounting and finance. Mohammed started his career three years ago working as an investment analyst at a sell-side firm. He has extensively covered publicly-listed companies using fundamental analysis as the cornerstone of his approach. Mohammed has been published on SeekingAlpha, InvesorPlace, Yahoo! Finance and others.
