Finova Financial is an online lender that is transforming the $5.3 billion US title loan industry. The Palm Beach company was founded in 2015 and is using modern technology and advanced analytics to change how title loans are financed and processed. Finova Financial calls its product a car equity line of credit, C-LOC for short.

How Does Finova Financial Work?

Finova Financial offers loans to consumers with poor to good credit who need money fast or don't qualify for traditional prime loans. The borrower's car is used as collateral for the loan. If the borrower default's on the loan, Finova Financial may keep the vehicle to cover the cost of the loan. Once borrowers successfully repay a loan, they access a revolving credit line. 

Finova's clients can apply online or over the phone. Once borrowers fill out a short form and provide details about their car's make, brand, and mileage, they get instantly pre-approved (or denied). They then have to log on to Finova's platform and fill a short application form to cash out their loan. 

What Are Finova's Rates And Terms? 

Finova's terms vary depending on the credit history of borrowers. Rates are 50% lower than the national average, according to Finova. Finova charges up to 30% APR on its C-LOC loans.

Borrowers have up to 12 months to repay the loan, and there are no prepayment penalties. Finova charges a $25 origination fee and a $25 credit investigation fee. 

How Is Finova Financial Better Than Other Lenders?

- Finova Financial does not require a credit check to determine eligibility because it uses proprietary risk assessment software. However, it may report to credit bureaus when borrowers default on payments. Borrowers who have shown a pattern of paying on time may qualify for lower rates and deferred payments if they go through financial difficulties.

- Finova's Car Equity Line of Credit costs up to 70 percent less than the national average.

- Customers receive around-the-clock access to capital.

- 12-month term.

- Payments can be made online or at 32,000 US retail locations.

- Every time Finova Financial borrowers pay on time, they receive Finova Points. Finova Points can be used to postpone payments (when you are going through financial difficulties) or lower rates for future loans.

- Finova Financial reports payments to at least one credit bureau. Borrowers who make regular and on-time payments may see their credit score improve over time.

- Applicants can find out instantly whether they qualify and there is no credit check required.

  • Institution Type
    Direct Lender
  • Clean Title Required
  • Credit Score Range
    300 - 700
  • Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Other
    • Retired
    • Self-Employed
    • Unemployed
  • Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
  • Joint Loan Applications Accepted
    Only Individual Applications
  • Maximum Vehicle Age
  • Military Status
    • Active Duty Military
    • Non-Military
  • Minimum Age
  • Supported Income Types
    • 1099 Misc. Income
    • Cash / Other
    • Direct Deposit (W2, SSA, SSDI)
    • Payroll Check or Prepaid Card
  • Vehicle Requirements
    • Clear title
    • Minimum equity
    • Vehicle paid off
  • Verification Documents Required?
    • Recent Pay Stubs
    • Driver License (or other photo ID)
    • Proof of citizenship/residence
  • No Prepayment Fee
  • Funding Time Range (in days)
    7 - 14
  • Payment Options
    • Automatic Payments
    • Check by mail
  • Pre-Approved Soft Credit Inquiry
  • Loan Amount
    $500 - $5000
  • Loan Term (Months)
    Up to 12
  • APR
    17% - 30%
"To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and terms are subject to change at any time without notice and are subject to state restrictions."
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