Lender
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

FIX4 Review

Advertiser Disclosure

About lender

FIX4 Capital, a financial company in Canada, has made significant strides in revolutionizing access to automotive repair financing. Specializing in car repair loans, FIX4 endeavors to bridge the gap between car owners and the often costly necessity of vehicle maintenance. Through their platform, FIX4 offers affordable and flexible financing options tailored to the needs of the auto repair sector, providing a lifeline to those in need of quick loan services for their vehicle repairs.

Founded on the principle of fair and responsible financing, FIX4 aims to alleviate the financial burden often associated with unexpected car repairs. FIX4 is giving car owners access to maximum eligible loans, ensuring that essential repairs can be undertaken without delay. Their commitment to fair financing extends beyond mere accessibility, offering competitive interest rates and flexible repayment terms, thereby fostering a mutually beneficial relationship between borrowers and lenders in the automotive repair landscape.FIX4

Features

  • Quick Loan Service. FIX4 offers a swift and efficient loan approval process, enabling car owners to access financing for their repairs promptly.
  • Flexible Car Repair Loans. FIX4 provides financing options that are tailored to suit the diverse needs and financial situations of car owners, ensuring affordability and flexibility.
  • Maximum Eligible Loan Amount. Leveraging the value of the vehicle, FIX4 determines the maximum loan amount available to car owners, empowering them to cover the costs of necessary repairs without delay.
  • No Credit Check. Unlike traditional lenders, FIX4 does not require a credit check for loan approval, instead using the vehicle's value as collateral to secure responsible financing.
  • Competitive Borrowing Costs. FIX4 offers interest rates that are in line with major credit cards, ensuring that borrowers receive fair financing terms for their auto repair loans.

Pros and cons

Pros

Wide Range of Repair Coverage. FIX4 finances all types of automotive repairs, including mechanical, electrical, collision, exhaust, emissions, rust, rims, and tires, providing comprehensive coverage for car owners' needs.

Convenient Application Process. Car owners can easily apply for a FIX4 loan through a quick, safe, and secure online application process, streamlining the financing experience.

Authorized Service Centers. FIX4 existing service repair partners with a network of trusted service centers, ensuring that car owners have access to reputable repair facilities for their automotive needs.

Cons

Limited Provincial Availability. At present, FIX4's services are only available in the province of Ontario, restricting access to car owners residing in other provinces who may also require auto repair financing.

Potential Dependency on Vehicle Value. Since FIX4 determines loan amounts based on the value of the vehicle, car owners with vehicles of lower value may be limited in the amount of financing they can access, potentially constraining their ability to cover costly repairs.

Setup Fees. Car owners are required to pay a small loan setup fee upon approval, which adds to the overall cost of borrowing and may impact the affordability of the loan for some borrowers.

Reliability

While the company's commitment to fair and responsible financing, as evidenced by its adherence to policies such as no credit checks and competitive borrowing costs in line with major credit cards, underscores its credibility, the scarcity of customer reviews presents a challenge in forming a comprehensive understanding of its reliability. However, FIX4 Capital's focus on transparency and accessibility, as well as its affiliation with reputable organizations like Canadian Black Book™, provide a foundation for trust. As with any financial institution, prospective borrowers may benefit from thorough research and due diligence to ensure that FIX4 Capital aligns with their individual needs and preferences.

How to apply for a FIX4 Capital loan?

  1. Visit the FIX4 Capital Website. Start by visiting the FIX4 Capital website using a web browser on your computer or mobile device.

  2. Begin the Application Process. Click on the "Get Started" button to initiate the application process. You will be directed to a secure online application form where you can provide the required information.

  3. Fill Out the Application Form. Complete the online application form by providing accurate and relevant information about yourself and your vehicle. This may include personal details such as your name, contact information, driver's license number, vehicle registration details, insurance information, and banking details.

  4. Submit Required Documentation. Along with the application form, you may need to submit supporting documentation, such as a copy of your driver's license, proof of vehicle insurance, vehicle registration documents, and photos of your vehicle (front, rear, odometer, and VIN).

  5. Review and Confirm. Once you have filled out the application form and submitted the required documentation, take a moment to review all the information you have provided for accuracy.

  6. Wait for Approval. After submitting your application, you will typically receive a notification within minutes regarding the status of your loan application. FIX4 Capital utilizes a quick approval process, allowing you to know promptly whether your loan has been approved.

  7. Review Loan Terms. If your loan application is approved, carefully review the loan terms, including the approved loan amount, interest rate, repayment terms, and any associated fees.

  8. Sign Loan Documents. Upon acceptance of the loan terms, you will be required to electronically sign the loan documents. This may involve e-signing documents within the FIX4 Capital online platform.

  9. Receive Funds. Once the loan documents are signed, FIX4 Capital will transfer the approved loan amount directly to the authorized service center designated for your repairs. You can then proceed with the necessary repairs on your vehicle.

Conditions

  • Loan Amount. FIX4 Capital offers auto repair loans ranging from $250 to $10,000, providing borrowers with flexibility to cover a wide range of repair expenses.
  • Loan Terms. Borrowers can choose from various loan durations, including 12, 24, 36, or 48 months, allowing them to select a repayment term that aligns with their financial situation and preferences.
  • Interest Rates. FIX4 Capital aims to offer competitive interest rates that are in line with major credit cards, ensuring that borrowers receive fair financing terms for their auto repair loans.
  • No Credit Check. Unlike traditional lenders, FIX4 Capital does not require a credit check for loan approval. Instead, loans are approved based on the value of the borrower's vehicle, making financing accessible to a wider range of individuals.
  • Flexible Repayment Options. FIX4 Capital provides borrowers with flexible repayment options, allowing them to make payments through pre-authorized debits from any Canadian bank account, simplifying the repayment process.

Requirements

  • Vehicle Eligibility. To qualify for a loan from FIX4 Capital, borrowers must own a vehicle with a minimum wholesale value of $3,000 as determined by Canadian Black Book™. The vehicle must be registered in the borrower's name, and the borrower must possess valid vehicle registration documentation.
  • Documentation. Borrowers are required to submit various documents during the loan application process, including a valid driver's license, proof of vehicle insurance, vehicle registration documents, photos of the vehicle (front, rear, odometer, and VIN), and verification of a Canadian bank account using online banking credentials.
  • Residency. Borrowers must reside in the province of Ontario to be eligible for a loan from FIX4 Capital. At present, FIX4 Capital's services are only available in Ontario, with plans for expansion into other provinces in the future.
  • Age Requirement. Borrowers must be of legal age to enter into a loan agreement in their province of residence, typically 18 years or older.
  • Ability to Repay. While FIX4 Capital does not require a credit check for loan approval, borrowers must demonstrate their ability to repay the loan amount within the specified terms. This may involve providing proof of income or other financial resources.

Ways to receive the money

  • Direct Transfer to Service Center. Once the loan application is approved, FIX4 Capital transfers the approved loan amount directly to the authorized service center designated by the borrower for the auto repairs. This option streamlines the process, allowing borrowers to access funds promptly and initiate the necessary repairs without delay.
  • Electronic Funds Transfer (EFT). In some cases, borrowers may have the option to receive the approved loan amount through an electronic funds transfer (EFT) directly into their Canadian bank account. This method provides flexibility for borrowers who may prefer to manage the repair expenses themselves or utilize the funds for additional purposes related to their vehicle maintenance.

Products

  • Auto Repair Loans. FIX4 Capital's flagship product, auto repair loans, provides borrowers with access to financing specifically designed to cover the costs of automotive repairs.
  • Preventative Maintenance Loans. In addition to auto repair loans, FIX4 Capital offers preventative maintenance loans to help car owners proactively address maintenance needs before they escalate into more significant issues.

Reasons you may be denied a FIX4 Capital loan

  • Insufficient Vehicle Value. FIX4 Capital determines loan amounts based on the wholesale value of the borrower's vehicle. If the vehicle's value is below the minimum threshold required for loan approval, the application may be denied.
  • Inaccurate or Incomplete Documentation. Providing accurate and complete documentation is essential for loan approval. If any required documents are missing, inaccurate, or incomplete, FIX4 Capital may be unable to process the application, resulting in denial.
  • Unverifiable Information. FIX4 Capital verifies the information provided by applicants during the loan application process. If any information provided cannot be verified or appears to be inaccurate, the application may be denied.
  • Financial Ineligibility. While FIX4 Capital does not require a credit check for loan approval, applicants must demonstrate their ability to repay the loan within the specified terms. If the applicant's financial situation does not meet the eligibility criteria, the application may be denied.
  • Residency Restrictions. FIX4 Capital currently offers its services exclusively in the province of Ontario. If the applicant resides outside of Ontario, the application may be denied due to residency restrictions.

How to repay a FIX4 Capital loan

  1. Understand Loan Terms. Before beginning the repayment process, it's essential to familiarize yourself with the terms of your loan, including the loan amount, interest rate, repayment schedule, and any associated fees.

  2. Automatic Debit Setup. FIX4 Capital offers automatic debit payments, allowing borrowers to set up pre-authorized debits from their Canadian bank accounts for seamless loan repayment. Contact FIX4 Capital or log in to your account to set up automatic debit payments.

  3. Ensure Sufficient Funds. Ensure that your bank account has sufficient funds to cover the loan payments on the scheduled payment dates. This helps prevent any potential issues with insufficient funds and ensures timely repayment of the loan.

  4. Monitor Payment Schedule. Keep track of your loan repayment schedule to ensure that payments are made on time. You can refer to your loan agreement or online account portal for details on the payment schedule and amounts.

  5. Review Statements. Periodically review your bank statements or online account portal to verify that loan payments are being processed correctly. This helps identify any discrepancies or issues with loan repayment that may need to be addressed.

  6. Additional Payment Options. In addition to automatic debit payments, FIX4 Capital may offer alternative payment options, such as online payment portals or payment by phone. Explore these options to find the most convenient method for making loan payments.

  7. Complete Loan Repayment. Once you have made all scheduled loan payments according to the terms of your loan agreement, your loan will be considered fully repaid. You will receive confirmation of loan repayment from FIX4 Capital, and any applicable liens or encumbrances on your vehicle will be released.

Editorial opinion

FIX4 Capital presents a compelling solution to address the financial challenges associated with auto repairs, offering accessible financing options tailored to the needs of car owners. By leveraging the wholesale value of vehicles and providing quick loan services without the need for credit checks, FIX4 Capital aims to bridge the gap between car owners and necessary repair services. While its competitive borrowing costs and transparent loan terms enhance its appeal, potential borrowers should carefully consider their individual financial circumstances and obligations before committing to a loan with FIX4 Capital.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Verify that the lender is registered with the appropriate regulatory authorities in Canada, such as the Financial Consumer Agency of Canada (FCAC), or is licensed to operate in your province.
  2. Check if the lender is a member of reputable industry associations in Canada, such as the Canadian Bankers Association (CBA) or the Canadian Lenders Association (CLA).
  3. Thoroughly review all terms and conditions outlined in your loan agreement. Understand the repayment schedule, interest rates, fees, and any penalties for late payments or defaults.
  4. Ensure that the contract clearly states the annual percentage rate (APR) and the total cost of borrowing, including any administrative fees or additional charges.
  5. Familiarize yourself with your rights regarding loan cancellation or early repayment. Canadian consumers have the right to cancel a loan within two business days after signing the agreement, without penalty.
  6. Research the lender's reputation by checking customer reviews, complaints, and feedback on reputable online platforms, as well as through resources provided by organizations like the Better Business Bureau (BBB).

Methodology

At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional resources

  • FIX4 Online Banking
  • How to Apply for FIX4 Loan
  • How to PayOff FIX4 Debt
  • FIX4 Customer Reviews

Sources

FAQ

What is FIX4 Capital?

FIX4 Capital is a financial institution specializing in providing accessible and flexible financing solutions for auto repairs in Canada. Through its innovative platform, FIX4 Capital offers car owners quick access to loans specifically tailored to cover the costs of automotive repairs, ranging from minor maintenance tasks to major overhauls. By leveraging the wholesale value of vehicles and eliminating the need for credit checks, FIX4 Capital aims to empower car owners to address their repair needs promptly and responsibly, ensuring their vehicles remain safe and operational.

How quickly the funds can be received?

The speed at which funds can be received from FIX4 Capital depends on the efficiency of the loan approval process and the borrower's chosen disbursement method. FIX4 Capital prides itself on its quick loan service, with loan applications typically processed within minutes.

Once approved, borrowers can expect to receive the funds swiftly, either through direct transfer to the authorized service center designated for repairs or via electronic funds transfer (EFT) into their Canadian bank account. This ensures that car owners can access the financing they need promptly and initiate the necessary repairs without delay.

How do you qualify for FIX4 Capital?

To qualify for a loan from FIX4 Capital, car owners must meet certain eligibility criteria, including owning a vehicle with a minimum wholesale value of $3,000 as determined by Canadian Black Book™. Additionally, borrowers must reside in the province of Ontario, as FIX4 Capital's services are currently available exclusively in Ontario. While FIX4 Capital does not require a credit check for loan approval, borrowers must demonstrate their ability to repay the loan within the specified terms.

This may involve providing proof of income or other financial resources during the application process. By meeting these requirements, car owners can access the financing they need from FIX4 Capital to address their auto repair needs effectively and responsibly.

How much can you borrow from FIX4 Capital?

FIX4 Capital offers auto repair loans ranging from $250 to $10,000, providing borrowers with flexibility to cover a wide range of repair expenses. Whether it's minor repairs or major overhauls, car owners can access financing tailored to their specific needs and budgetary constraints.

By leveraging the wholesale value of vehicles, FIX4 Capital determines the maximum eligible loan amount for each borrower, ensuring that essential repairs can be undertaken without delay.

Is FIX4 Capital a legitimate company?

Yes, FIX4 Capital is a legitimate company operating in the financial sector in Canada. With a focus on providing accessible financing solutions for auto repairs, FIX4 Capital has established itself as a reputable institution in the industry. The company's commitment to fair and responsible financing demonstrated through policies such as no credit checks and transparent loan terms, contributes to its legitimacy.

While individual experiences may vary, FIX4 Capital's track record and adherence to regulatory standards underscore its credibility as a trustworthy provider of fair car repair loans for car owners in need of assistance with repair expenses. 

We believe everyone should have equal access to affordable and flexible financing when it comes to having their automobile repaired and safely back on the road.

© FIX4 Capital Inc.
Your comment has been added
Error
Your complaint has been recorded
Invalid username or password
comment.alert.error-reg
Please log in to like/dislike
Invalid SMS code has been entered
All FIX4’s reviews by july 2024
Leave feedback
Similar companies
Simple Credit
2001 boul. Robert-Bourassa, suite 1700, Montréal (Québec) H3A 2A6
+1 (514) 904-40-28
Micro Click Loans
-
+1 (800) 933-09-60
Loonie Financial
1329-B Arena Road, Lot 110, Kahnawake Mohawk Territory Via:Quebec, Canada J0L 1B0
+1 (833) 423-22-08
Magik Cash
4180 Boul Henri-Bourassa E, Montreal, QC, H1H1L3
Prêt en ligne
-