Wippy (www.wippy.com) is a Canada-based auto loan company. Wippy’s main offering, WippyPay, is a Buy Now Pay Later wallet that allows users to pay for their car’s repair, upgrade, and maintenance services to businesses across Ontario. Wippy’s business model is based on membership plans that allow you to use your vehicle as collateral to qualify for car repair loans ranging from $500 to $10,000 at 0% to 25.95% interest rate (you read that right, you can qualify for 0%!).
Wippy is popular for their no-credit-check financing. Also, just like Prefera, Canada Drives, or Quantifi, they are certified by the Canadian Lenders Association. This technically means that Wippy follows good practices in lending. But do the no-credit-check policy and CLA-certified status make Wippy the right choice for your car repair expenses?
In this article, we will discuss Wippy’s plans, processes, and customer feedback to help you make a better financial decision.
Brief Overview
- Official Name: Wippy
- Website: https://wippy.com/
- Headquarters: Thornhill, Ontario, Canada
- Phone Number: 647-956-0662
- Email: support@wippy.com
- Google Reviews: 4.1/5 stars (1300+ reviews)
- Trustpilot: 1.9/5 stars (10+ reviews)
Headquartered in Thornhill, Ontario, Wippy is a company that offers car repair, upgrade, and modification loans. They call themselves a digital-first company because their primary product is WippyPay, a wallet that allows users the Buy Now Pay Later (or Repair Now Pay Later) facility for car owners.
Users can register for WippyPay by opting for one of five plans. Three of the five plans offer loans at 0% interest rate, while the rest are at 18.95% and 25.95%, respectively. All of these plans are designed to offer a flexible payment schedule to vehicle owners. Owners can pay off their loans within 90 days or 48 months, depending on their plan.
Plans Provided by Wippy
Wippy offers loans for car repair, upgradation, and maintenance. It has five plans, all of which differ based on their payback period and interest rate.
Take 90 Days
Wippy’s Take 90 Days plan is one of the 0% interest rate plans. This plan is best for moderate repair expenses, new tires, or a need for quick support on repairs. Under this plan, the borrowing range is $500 – $10,000, and customers don’t have to pay interest if they return the amount within 90 days.
0% for 10 Months and 24 Months
Wippy’s “0% for 10 months” and “0% for 24 months” plans are slightly more expensive than the 90-day plan because they add admin fees to this plan. This plan is for people who don’t intend to make repayments in the short-term. The plan has a $500 to $10,000 borrowing range.
Payments Your Way
Under this plan, the customer has the freedom to customize the payment schedule based on what works best. The customer can opt for weekly, bi-weekly, or monthly payments for 24 months. This plan has a $500 to $10,000 borrowing range, and the interest rate is 18.95%.
Don’t Pay for 100 Days
Wippy’s “Don’t pay for 100 days” plan is one of its most popular for larger repair expenses or unexpected emergencies. However, because this plan offers a deferred payment flexibility, the interest rate is much higher than other plans.
Loan Process at Wippy
The application process for a Wippy loan is easy and can be done online. Here’s how it works:
Select a Payment Plan: The first step is to select a payment plan from the five given plans.
Upload Vehicle Details: In order to decide how much you can borrow, Wippy has a way of determining your vehicle type. You can enter your license plate and mileage after you pick your plan to see how much you can spend. Other ways to track your car on the Wippy app are by manually entering the vehicle details like the make, model, year, and style or entering the VIN number.
Get a Spending Limit: After the check, customers get a spending limit for their vehicle. Since this limit is based on the value of your car, older cars do not get a big spending limit.
Create a Profile: The next step is creating a profile where customers add a few details and upload their photos.
Use WippyPay: Once the profile is created and the vehicle is added, the customer can use WippyPay to pay for car repairs, modifications, maintenance, and upgrades at over 1,000 Wippy retail partners.
Customer Feedback and Reviews
To get a genuine overview of the customer experience with Wippy, we gathered some reviews from customers who have used Wippy for their vehicles.
Google Reviews: 4.1/5 Stars
Wippy has a 4.1 rating on Google based on over 1300 reviews by customers. The company’s quick customer service was the theme of the majority of the positive reviews. On the flip side, the single-star reviews show that Wippy can be troublesome for those who miss their payments. Although customer service is quick to resolve complaints, Wippy charges extensively for missed payments. So, borrowing with Wippy is great till you’re paying what you’ve promised.
Trustpilot Reviews: 1.9/5 Stars
On Trustpilot, Wippy’s reviews are below average. Based on thirteen reviews, the company has gotten 1.9/5 stars and vehicle possession by the company is a common complain amongst the bad reviews.
Since the car is the collateral for your loan, Wippy can seize your car after missed payments. In some cases, even a small missed payment has caused consumers a lot of distress. To regain possession of the car, customers have to clear the full loan amount, interest amount, and the expenses incurred for the car’s possession. These expenses include tow fees and storage charges.
Advantages of Choosing Wippy
Interest-free Loan Options: Unlike its competitors, Wippy offers a range of 0% interest plans. These plans are perfect for customers who want to pay a minimal fee for taking out vehicle repair or maintenance loans.
No Credit Check: Wippy is perfect for people who want to take out loans for their vehicles without impacting their credit score.
Flexible Payment Plans: Wippy offers payment plans that allow customers to pay back between 3 and 48 months.
Ease of WippyPay: Wippy boasts the ease of WippyPay with a network of over 1000 dealers across Ontario and a seamless payment system.
Disadvantages of Choosing Wippy
Higher Interest Rates: The interest rates on deferred plans are quite high.
Risk of Losing Your Car: Since your car is the collateral for the loan, there is a risk of losing your car if you miss out on payments or cannot pay back the amount due on you before the expiration date. After the expiration date, Wippy can sell your car to make up for the amount due.
Customer Service Issues: While customer service is quick in most cases, they can be quite unhelpful if you’ve missed your payments.
Final Thoughts: Is Wippy Right for You?
With its 0% interest loans, Wippy is a great pick for people who are looking for an easy car financing solution. The loan application process is quite simple, and the customer service is responsive. But beware of missed payments, as they can become troublesome for you and add up to your loan amount. You might even lose your car if you fail to pay back the promised amount within the due time.
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.
