As Wisr is an online-only neo-lender, it may appeal to borrowers who prefer managing their car loans digitally. Borrowers may not find Wisr suitable if they prefer face-to-face interaction, as this lender has no branches. Additionally, this lender does not offer variable rate loans, so it may not suit those looking for flexibility in their loan.
Wisr charges a one-off establishment fee and no ongoing fees. Customers generally won’t be penalised if they pay out their loan early.
Because Wisr does not have the large overheads of a traditional bank, it is able to offer moderate car loan interest rates for applicants with a strong credit record.
Note that this lender personalises its car loan rates depending on the borrower’s credit risk profile. Those with a poor credit history may only be able to borrow funds on a high interest rate.
It is generally advised that borrowers compare interest rates, fees and features from different lenders before signing up for a car loan.