AutologiQ company review and how does their financing work?

[pmsh]

When I was looking for tires online, I came across this company. They stated they offer loans on repairs, tires, rims etc. They stated their loan rate is similar to a credit card, and require no credit check. However, they place a lien on your vehicle for the amount borrowed. I explained to them I already had a lien on my vehicle with the bank. They said they can still offer $2500 loan for tires etc against the vehicle despite their being a lien on it already. How is this possible? I'm not quite sure I am understanding how their business model works exactly...

 

[helpmeimlost]

@pmsh So I needed a timing chain done on my car and was quoted 1400 from a garage which I don’t know but they have a good reputation. I didn’t have enough money so I called autologiQ because I didn’t have enough money and they put me in touch with their garage who quoted me 3300 and I had to pay part of it upfront, which worked out to like $1100 in the beginning. I would stay away from these crooks. The garage in Streetsville is called MechaniQ and is run by the same people, according to what I was told. (Edit....poor speech to text)

 

[pmsh]

@helpmeimlost 3300? Damn.. that's pretty hefty for a timing chain

 

[allysmiles3]

@pmsh They charge an exorbitant amount for four tires! When I checked the same tires online, it's just under $1300 including shipping - let's add $200 for installation and balancing.

https://imgur.com/a/XQPi9Hs

If you want repairs or parts. Find vendors that accept affirm.

 

[schrades]

@pmsh They offer high interest (credit card % similar, meaning higher, according to you), loans for you to fix/maintain your car.

 

[buithanhtruong92]

@pmsh Their program is classified as asset-based, meaning they leverage the value of your vehicle to provide credit for repairs. The advantage is that your credit score does not have any impact on your approval and there is no hit to your credit score. They also offer for you to pay the full amount within 90 days at 0% interest. If your vehicle already has a financing lien, their lien will take priority. This is a good solution for getting your car fixed if you can't pay up front. You should try to pay off the total amount within 90 days to take advantage of the 0% interest.

 

[pmsh]

@buithanhtruong92 Only downside was they wanted to charge me 2500 dollars for new tires with install and balancing. The 2500 must include their interest/profit of that 90 days. I wouldn't recommend paying that much out of pocket for low-end tires and then putting it against your vehicle. I ended up turning it down.