Join millions of Canadians who have already trusted Loans Canada
Find A LenderWippy: Overview
Wippy is an online lender that provides Canadians with financing solutions to cover the cost of vehicle repairs and upgrades. The cost of having your car fixed or updated can be substantial. With Wippy, you can finance these additional costs without having to come up with the money out-of-pocket.
Our Verdict
| Who is Wippy best for? | Car owners who need extra cash to repair or update their vehicles |
| What we like about Wippy | Flexibility in loan amounts, interest rates, & repayment terms No credit check required Simple online application process |
| What we don’t like about Wippy | High rates compared to other loan options Loans amounts may not be enough to cover major repairs |
What Does Wippy Offer?
Wippy offers financing to cover the cost of automotive repairs and upgrades. Borrowers can qualify for loans from $500 to $10,000, with terms from 3 to 48 months.
Loan qualification is based on the equity in the vehicle. Funds can be used to repair their cars, purchase tires or rims and for other car-related expenses.
Wippy pays the retailer or vendor directly for the work they do on your car, rather than provide you with the funds. If you need to cover a car expense and have bad credit, Wippy can be a good option, as they provide financing without credit checks or income verification.
Wippy Overview
| Loan | Auto equity loan |
| Loan Purpose | Wippy can be used to cover various car upgrades, repairs or maintenance. |
| Loan Amount | $500 – $10,000 |
| Loan Terms | 3 – 48 months |
| Interest Rate | Offers starting from 0% |
| Fees | Multiple fees may be charged (details below) |
How Does Wippy Work?
To use Wippy, follow these steps:
Step 1: Create A Wippy Account
To start using Wippy, you’ll first need to sign up for an account.
You can enter the details of your vehicle in one of three ways:
- Enter your license plate number and mileage (in km)
- Select your vehicle details from the options provided
- Manually enter your Vehicle Identification Number (VIN)
Once you enter these details, you can find out how much you can qualify for.
Step 2: Add Wippy Pay
The next thing you need to do is to sign up for a Wippy Pay payment plan and create your profile.
Step 3: Choose Your Vendor And Repair Information
Once your profile is set up, you’ll choose from one of Wippy’s partner retailers and input the information about the repairs or upgrades you require. Then, you sign the agreement, and Wippy will pay for the requested repair or upgrade.
You can set up multiple payment plans and vehicles. As long as you don’t exceed your spending limit, you can add as many loans as you require.
Step 4: Repay Your Loan
Once the loan has been granted, you’ll be required to pay back what you borrowed over the specified loan term.
WippyPay Payment Plans
Wippy offers simple loan products and features, including the following:
Take 90 Days To Pay
- Cost: 0%
- Loan term: 90 days
- Payments: Loan must be settled within loan term
- Ideal for: Small to moderate expenses (regular maintenance or new tires)
- Suggested loan ranges: $500 – $2,000
0% For 10 or 24 Months
- Cost: 0% for 10 months (**Plans include a $4.95 per month fee plus a $89 lien registration fee.)
- Loan term: 10 or 24 months
- Payments: Monthly installments
- Ideal for: Moderate expenses and longer repayment periods
- Suggested loan ranges: $2,000 – $5,000
Payments Your Way
- Cost: Interest rate varies (*Plans include a lien registration fee of $59-$129 (depending on the term) plus a $129 admin fee)
- Loan term: 24 – 48 months
- Payments: Customized based on your needs (ie. weekly, bi-weekly, or monthly)
- Ideal for: Various expenses and flexible repayments
- Suggested loan ranges: $1,000 – $7,000
Don’t Pay for 100 Days
- Interest: 25.95% (*Plans include a lien registration fee of $59-$129 (depending on the term) plus a $129 admin fee.)
- Loan term: 24 – 48 months
- Payments: No payments for the first 100 days
- Ideal for: Larger expenses, unexpected emergencies, and deferred payments
- Suggested loan ranges: $1,000 – $10,000
How Can I Qualify With Wippy?
To qualify for a payment plan from Wippy, you must meet the following criteria:
- Be a permanent Canadian resident and at least 18 to 19 years of age
- Have a valid driver’s license
- Own a vehicle with sufficient equity
- Have an active bank account
How Do I Apply With Wippy?
To apply for a Wippy financing plan, start by telling Wippy about your car, as well as the types of vehicle costs you’re looking to cover. You can do this in one of three ways:
- Enter your licence plate and mileage
- Enter your Vehicle Identification Number (VIN)
- Manually enter your vehicle details
Once all your vehicle information is verified and it’s determined that your car has enough value, you can complete the application process entirely online within a few minutes without a credit check. Afterward, all loan payments are sent directly to the authorized Wippy vendor of your choosing.
What Documents Do I Need to Apply With Wippy?
While you won’t have to provide any personal information during the first part of the loan approval process, Wippy may request the following documents when you apply:
- A copy of your driver’s license
- A Pre-Authorized Debit Agreement or VOID cheque
- Proof of vehicle ownership
- Proof that Wippy is added as the First Loss Payee on your car insurance policy
- Mechanic’s documents that show the estimated repairs and costs
- Your most recent bank statements or other proof of income (optional)
What Costs Could I Encounter With Wippy?
Before applying for any type of loan, vehicle repair or otherwise, it’s extremely important to tally up all the associated costs so you can factor them into your budget. Here are some of the costs to consider when applying with Wippy:
Interest
While some Wippy plans charge 0% interest, others come with a rate that will be charged against the principal amount. The rate varies according to your loan amount, repayment plan, vehicle value, and financial health.
Fees
Although your loan payments and interest rate will make up the most significant portion of your debt, Wippy does charge some a handful of fees when you borrow from them, including but not limited to:
| $4.95/month | This is a monthly fee charged for borrowers who choose the ‘0% For 10 or 24-month’ payment plan. |
| $129 | This is an administration fee for borrowers who choose the ‘Payments Your Way’ or the ‘Don’t Pay for 100 Days’ payment plans. |
| $59 – $129 | Lien Registration fee |
| $49.95/month | No Insurance/Insurance Cannot be Verified |
| $3.95 – $19.95/monthly | If you can’t add Wippy to your insurance policy, then you’ll be charged a monthly fee (amount depends on your loan amount). |
| $99 | If you break a promise or arrangement, you’ll be charged a penalty fee. |
| $125 | Lien discharge fee |
| $249 | For Bank Notification of “Agreement Revoked” |
| $299 | For cost of Furnishing any Notices or Demands |
| $250 | Administering Insurance Claims |
| $99 | Insurance Cancellation Notice |
Penalties
You should also be careful to consider any penalties that you can incur during your loan term. For instance, you could be charged for every late, short or missed payment. Although early payments (otherwise known as prepayments) are accepted, you may have to pay penalties on them as well.
What Are The Advantages and Disadvantages of Wippy?
It’s important to weigh the benefits and drawbacks that come with Wippy’s vehicle repair loans before applying:
Advantages of Wippy
- Transparency — Most loan information is present on Wippy’s website, such as loan amounts, rates, and fees, to help you make an informed decision.
- Simple application process — Wippy’s user-friendly platform and simple application process makes applying for financing quick and easy.
- Easy approval — Approval requirements are less strict than with other vehicle-based lenders.
- Flexibility — Wippy offers a wide range of loan amounts, and flexible interest rates and repayment terms.
- Various needs covered — Loans can finance a wide range of vehicle repairs and maintenance costs.
- No credit check required — You don’t need good credit to get approved for financing with Wippy, as no credit check is needed when you apply.
- Vehicle equity helps you get approved — Loan approval is based on the equity in your vehicle and not on your credit health.
Disadvantages of Wippy
- High interest rates — While interest rates are generally lower than credit cards, they can still be relatively high, which can make your loan expensive.
- Fees may be included —Wippy charges a handful of fees, which may apply during and after your loan repayment plan.
- Additional debt — Defaulting can result in severe debt and the repossession of your vehicle.
- Small loan amounts — A $500 to $10,000 loan may not be enough to fully cover an accident or major repair.
Final Thoughts
If you need to fix your car or want to upgrade it, you may need hundreds or even thousands of extra dollars to cover these costs. Rather than taking out an expensive payday loan, consider a 0% rate financing option from Wippy.
