FREQUENTLY
ASKED
QUESTIONS
1. WHAT IS A CAR REPAIR LOAN?
A car repair loan is intended for body and mechanical damage repairs on your vehicle or for preventative repairs, including the replacement of tires and rims.
It is not intended for the financing of vehicle accessories such as audio systems, mats, lift kits, window tints, etc.
2. HOW CAN I APPLY FOR A CAR REPAIR LOAN?
Simply click Get Started and follow the instructions. The FIX4 application process is quick, easy, safe and secure.
3. AM I ELIGIBLE FOR A CAR REPAIR LOAN IF I HAVE A LOW CREDIT SCORE?
Yes! FIX4 loans are approved based primarily on the value of your vehicle. However, we reserve the right to perform a credit check to increase the amount available to you.
• Your vehicle will be used as collateral to a maximum loan amount of $10,000 CDN.
• You are not required to own your vehicle outright.
4. HOW DO I KNOW IF MY VEHICLE IS ELIGIBLE OR NOT?
A FIX4 loan is based on the value of your vehicle as determined by Canadian Black Book™. The minimum requirement is that your vehicle’s wholesale value is $3,000 or more, based on the year, make, model, trim and mileage of your vehicle.
Click Get Started to see if your vehicle is eligible for a FIX4 repair loan.
5. WHAT IF THE VEHICLE IS NOT IN MY NAME?
Your name must be on the Ontario vehicle registration documentation to be eligible for a FIX4 repair loan.
6. WHAT PHOTOS AND INFORMATION DO I NEED TO SUBMIT TO FIX4?
The following are required to be submitted through our secure web-application:
• A valid driver’s license.
• Proof of vehicle insurance.
• Vehicle Registration document with your name on it.
• Photo of the front, rear and odometer of your vehicle (Turn on your vehicle when taking a picture of your odometer. We require accurate mileage).
• Clear photo of the vehicle’s ‘vehicle identification number’ (VIN) or scan of VIN bar code usually located near the inside of the driver’s door.
• Verification of your Canadian bank account using your online banking credentials or a picture of a void cheque.
7. WHEN WILL I KNOW IF I AM APPROVED FOR A LOAN?
Once you have captured all necessary information and submitted in the application, you will be notified in minutes of your loan status by SMS and email.
8. ONCE I’M APPROVED, WHAT HAPPENS?
*If the service center you want to use to repair your car is not registered on our platform, please type in there name when selecting your service center and we will contact them and register them. They can also easily sign up at service.fix4.com, or call FIX4 Capital at 855-831-1186. The process is quick and simple.
After the work is done, the Service Center will upload the final invoice to the FIX4 system for your review and approval in the app. You will then pay our small setup fee and e-sign the loan documents in the app. We pay the Service Center directly!
9. WHAT IF I NEED MORE MONEY TO COVER THE COST OF THE REPAIRS ON MY VEHICLE?
Please make the necessary arrangements with the FIX4 Service Provider directly to pay for any repairs exceeding the maximum approved loan amount.
10. CAN I STILL APPLY FOR A LOAN IF I DON’T RESIDE IN A PROVINCE WHERE FIX4 CAPITAL IS AVAILABLE?
At this time we cannot provide loans for customers located outside the province of Ontario. More provinces will be coming soon!
1. HOW CAN I MAKE MY PAYMENTS?
Payments are automatically processed through pre-authorized debits from any Canadian bank.
2. CAN I TAKE OUT ANOTHER LOAN IF I NEED ADDITIONAL WORK DONE ON THE VEHICLE?
You may be eligible to apply for an additional loan based on the difference between the value of your car and the amount of the initial loan amount to a maximum of $10,000 CDN. Of course, your first loan must be in good standing or paid off entirely.
3. HOW DO I CONTACT YOU FOR MORE INFORMATION?
1. WHAT IS A FIX4 CAPITAL ASSET BASED CAR REPAIR LOAN?
FIX4 provides secured car repair loans to individuals regardless of their credit scores or employment status. The maximum amount of available funds is determined by the Canadian Black Book™ wholesale value of the customer’s vehicle. FIX4 Capital approves car repair loans between $500 and $10,000 CDN depending on the value of the car.
2. HOW IS FIX4 CAPITAL DIFFERENT FROM OTHER FINANCING PROGRAMS AND CREDIT CARDS?
FIX4 Capital does not require references, background or credit checks from customers. FIX4 Capital loans are fully collateralized using the value of the customer’s car. The customer maintains ownership of the car.
3. HOW CAN FIX4 CAPITAL BE HELPFUL TO MY BUSINESS?
• FIX4 drives more customers into your service center by providing affordable and flexible financing to 40% of consumers who cannot afford a vehicle repair over $400 at any given time.
• Providing a FIX4 payment option on every repair estimate will reduce necessary declined repair work.
• Your business will be displayed in our app as a FIX4 Authorized Service Center at no cost to you.
• You’ll save on Merchant Fees; we don’t charge any.
• Our interest rate of 19.9% is in line with all Major credit cards, so you can offer our financing to all customers.
4. IS THE FIX4 PROCESS EASY?
The FIX4 process is quick and easy for customers and Service Centers with very little involvement from you or your service staff. The entire process is paperless. You will need access to the internet via a mobile phone or a desktop computer.
5. DO YOU OFFER ANY LIVE DEMOS AND TRAINING?
Of course…and it’s fast too! We offer this via online on ZOOM or in person with your FIX4 Business Development Manager.
6. WHAT DOES THE TRAINING ENTAIL?
We’ll introduce FIX4’s program features and procedures to the service center staff.
Our objectives are to:
• Explain how the process works: how your customer apply’s, how the loan originates, and how the FIX4 Service Center gets paid.
• Highlight the features of the FIX4 program to understand how we can help you grow your business and help your customers.
• Take you through the demo of our online dashboard so you are familiar with its ease of use. Of course, we are available when you need us for additional training.
1. CAN A SERVICE CENTER REPRESENTATIVE FILL OUT THE FIX4 LOAN APPLICATION FOR A CUSTOMER?
No. Neither a Service Center nor FIX4 Capital representative may complete nor submit a loan application on behalf of a customer. Why?
1. The customer must be fully aware of the terms and conditions of the loan for which they are applying.
2. FIX4 Capital must ensure the authenticity of the applicant. This may include personal questions that only the customer can answer.
2. WHAT IF THE CUSTOMER DOESN'T HAVE ACCESS TO A MOBILE DEVICE?
Currently the only onboarding method for new customers is through our web application on a mobile device with internet and SMS functionality. The customer also requires a valid email address since documents are signed electronically and emailed to the customer.
3. WHAT IF THE CUSTOMER CAN PAY FOR SOME BUT NOT ALL REPAIRS THEMSELVES?
Based on the maximum approved loan amount, customers may choose to use as much or as little of the loan as they wish. If they wish to pay for part of the repairs out of pocket, they are welcome to do so, simply modify the final invoice amount in the portal.
4. DOES FIX4 PAY FOR TOW SERVICES, EVEN IF THEY ARE NECESSARY TO GET THE VEHICLE INTO THE SERVICE CENTRE FOR NECESSARY REPAIRS?
No. FIX4 only finances necessary auto repairs and preventative maintenance.
5. WHAT KIND OF REPAIRS DOES FIX4 CAPITAL APPROVE FOR A LOAN?
If the repairs are necessary for operation of the vehicle or for preventative maintenance, FIX4, will approve the repair loans based on the Canadian Black Book™ wholesale value of the vehicle.
6. WHEN CAN THE SERVICE CENTER RELEASE THE VEHICLE?
The service center can release the vehicle once repairs are completed and the customer’s loan documents are electronically signed. The customer payment of the one-time loan setup fee will be processed at that point. Once the customer has signed, a large message “Good to go!” will appear in the web portal and an email and optional SMS message is sent.
7. HOW DOES THE SERVICE CENTER KNOW IF A CUSTOMER HAS SIGNED THEIR FIX4 LOAN DOCUMENTS?
The service center will receive an email and optional SMS confirming that the customer has signed the loan documents. You can also log into your web portal at service.fix4.com to view the status of the repair.
8. HOW DOES FIX4 TRANSFER FUNDS TO THE SERVICE CENTER?
Standard EFT (Electronic Funds Transfer) is the funding method for FIX4. Depending on your bank, funds may take up to 5 business days to be credited, but is often much faster.
9. CAN THE SERVICE CENTER ADD ON OTHER FEES AFTER THE FIRST LOAN IS APPROVED AND FUNDED?
No. FIX4 complies with all federal and provincial financial regulations which require us to disclose all fees to the customer during the loan process. Therefore, additional fees may not be added after the loan is funded. Please make sure all your costs are clearly outlined in your repair invoice.
10. CAN THE CUSTOMER PAY FOR REPAIRS OUT-OF-POCKET AFTER THE LOAN IS APPROVED?
Yes. The service center simply needs to cancel the loan in the web portal.
1. IS THERE SOMEONE I CAN CALL AT FIX4 CAPITAL WHO PICKS UP THE PHONE AND IS DEDICATED TO SUPPORTING OUR SERVICE CENTER?
2. WE NEED ADDITIONAL TRAINING FOR NEW EMPLOYEES?
Your FIX4 Business Development Manager is there to support you and your team, and will provide any additional training needed.
3. DOES FIX4 CAPITAL OFFER PROGRAM INFORMATION IN FRENCH?
À ce moment, malheureusement, non. Mais, ne vous inquiétez pas, nous y travaillons! While we plan to offer French language services in the future, we do not at this moment in time.
1. OUR BUSINESS IS CHANGING NAMES, OWNERSHIP, ETC. WHAT HAPPENS NEXT?
The service center can contact their Business Development Manager or our customer excellence team if any changes are required to your business profile. FIX4 will update your account to reflect these changes.s.
2. WE OWN OTHER SERVICE CENTERS. CAN WE JUST ADD THEM TO OUR FIX4 ACCOUNT?
While these additional service centers are under the same ownership, FIX4 will create new accounts for each service center with their individual name and location. They should contact FIX4 to get started as quickly as possible