Features

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.

  • Loan Amount
    $500 - $5000
  • Payment Options
    • Automatic Payments
    • Check by mail
  • APR
    17% - 30%
  • Max Loan Term (Months)
    12
  • Clean Title Required
  • Credit Score Range
    300 - 700
  • Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
  • Maximum Vehicle Age
    22
  • Military Status
    • Active Duty Military
    • Non-Military
  • Minimum Age
    18
  • 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
  • Institution Type
    Direct Lender
  • Pre-Approved Soft Credit Inquiry
  • Funding Time
    1-2 weeks
  • Credit Bureau Reporting
"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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0 votes

I BORROWED $2,500 ONE WEEK AGO! I DID NOT UNDERSTAND THAT I WAS BEING CHARGED A FEE OF OVER $3,600 FOR INSURANCE THAT FINOVA PAYS FOR TO COVER THE AUTOMOBILE THAT I PUT A LIEN ON TO OBTAIN THE $2,500. WHEN I DOWNLOADED THE PAPERWORK IT SAID I HAD TO PAY BACK $7,500 FOR A $2,500 LOAN! I WENT TO MY CREDIT UNION (WHICH I SHOULD HAVE DONE TO BEGIN WITH) AND THEY ALSO CALLED FINOVA. WE WERE TOLD THAT EVEN THOUGH FINOVA HAD MY LOAN ... OUT WITH MY VEHICLE AS COLLATERAL WE WOULD HAVE TO PAY THE EXTRA $3600 PLUS FOR THE PAID UP INSURANCE FOR THE CAR THEY ARE HOLDING THE TITLE ON! THE CREDIT UNION PAID OFF THE TOTAL LOAN INCLUDING THE PAID UP INSURANCE FINOVA TACKED ON AND WE WERE TOLD THAT I COULD NOT GET THE AMOUNT BACK! I CAN UNDERSTAND FINOVA HAVING THE INSURANCE FOR THE LENGTH OF THE LOAN. I DO UNDERSTAND THAT! BUT I PAID THE LOAN OFF WITHIN A TWO WEEK PERIOD AND FINOVA HAD TO BE PAID $7,500 FOR A $2,500 LOAN....PLEASE DON'T HOLD THE MONEY FOR THE INSURANCE. I PAID THE LOAN OFF WITHIN A TWO WEEK PERIOD AND YOU NEVER EVEN GOT MY FIRST PAYMENT BECAUSE THE LOAN WAS PAID IN FULL! PLEASE RELEASE THE PAID UP INSURANCE ON THE CAR YOU NO LONGER HOLD A LIEN ON NOR DID YOU FOR MORE THAN ONE WEEK! I CAN'T BELIEVE THAT THIS IS A NORMAL THING! PLEASE! PLEASE! RETURN THE PREPAID INSURANCE ON THE LOAN! CORINNE STUCKEY TAMPA, FL More Less


0 votes

When I had seen Finova Financial online, I went with them and nobody else. It was very easy applying for a loan and the loan processor I worked with was great. Ms. ** was awesome! I didn’t have any trouble or difficulties at all. My experience has been great and I will highly recommend them.


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