Finova Financial is an online lender that is transforming the $5.3 billion US title loan industry. The Palm Beach Gardens 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. Interest rates are 50% lower than the national average. Finova charges up to 30% interest on its C-LOC loans.

Borrowers have up to 12 months to repay the loan, and there are no prepayment penalties. Finova does charge fees for processing their loans, which are disclosed in the loan contract.

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 to skip payments if they go through financial difficulties.

- 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 interest 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.





  • Max Loan Term (Months)
  • Lend to military?
  • Institution Type
    Direct Lender
  • Approval Speed (Hours)
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