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Innovate Auto Finance Review

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Innovate Auto Finance buys car loans from lenders and dealers. If your auto loan was through another lender, it may have sold your loan to Innovate where you’ll now make payments.

It’s part of a larger business, Innovate Loan Servicing, which collects payments for car lenders across the country. Innovate specializes in subprime auto loans, loans made to those with impaired credit. Here’s more about Innovate, how to make a payment and some other options if you decide it isn’t the right fit for you.

How does Innovate Auto Finance work?

Based in Fort Worth, Texas, Innovate Auto Finance buys auto loans from dealerships, credit unions and finance companies. You might receive notice that your auto loan was taken over from your original lender by Innovate. If that happens, you don’t have to do anything special, other than change where you’re making payments. If Innovate is your new lender, you’ll now make your auto loan payments to it.

How to make a payment to Innovate Auto Finance

You could make payments to Innovate Auto Finance in several ways:

  • Online each month through Innovate’s customer portal
  • Drafted from your account through Innovate autopay
  • Text-to-pay through third-party company Paymentus, which may charge a fee for each transaction.
  • On the phone, either agent-assisted or self-service at 888-904-4777
  • Through Moneygram, using your Innovate account number. Reference “Innovate Loan Servicing.” The receiver code is 7312. MoneyGram does charge fees.
  • By mail to the Innovate loan servicing corporate address: Innovate Auto Finance, PO Box 164803, Fort Worth, TX 76161.

There is a $3.95 fee for online payment and self-service payment on the phone, and a $5.95 fee for agent-assisted payment on the phone; there is no fee for autopay.

What about “My Innovate Loan?” A main way Innovate used to accept payment was through, but that address now redirects to the Innovate auto loan website.

Other FAQs

Here are the answers to some common questions about Innovate Finance.

What if my car is repossessed?

If your car was repossessed, the first thing you should do is call the lender. Find out why Innovate Auto Finance repossessed the car. There could be several reasons, such as missed payments or not carrying enough auto insurance coverage.

And while your first reaction might be wanting to get the car back, that might not be best if you can’t afford it. If you’d like help, you could look for a credit counselor near you who is certified by the National Foundation for Credit Counseling.

What if I need a lower payment?

If your car is in danger of repossession, or a lower car payment would just make things a lot easier, check out five ways to lower your car payment. You could also request to skip or defer a payment by calling 888.904.4777.

Could I refinance with Innovate Auto Finance?

Innovate doesn’t originate any type of auto loan. But you may be able to get another company to refinance your Innovate auto loan — see the next question.

How could I get out of my Innovate Auto Finance loan?

If you don’t care for Innovate Auto Finance as a lender, or you’re interested in refinancing as a way to potentially lower your car payment, it’s possible to refinance — even with bad credit.

Here’s an additional lender to consider:

PenFed Credit Union

To become a PenFed member, you only have to have a Social Security number or Tax ID number and keep a balance of $5 in your savings and checking account. PenFed has the same terms starting APRs for refinance loans as it does for its traditional new and used car loans.

  • New car APRs from 1.39%
  • Used car APRs from 2.99%
  • 36 to 84 month terms
  • Loan amounts between $500 to $100,000
  • 610 or higher credit score preferred

If you’re looking for a new lender, it’s always a good idea to apply to more than one. Potential places to find auto financing or refinancing include your bank, credit union or online lender. You could also fill out an online form at LendingTree and get up to five potential loan offers for your car loan, depending on your creditworthiness.


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