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Finova Financial Consumer Loan on Car Review

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Finova Financial is an alternative for borrowers of varying credit profiles who are seeking to avoid the high rates that are often associated with car title loans.

The lender only serves seven states, but approved borrowers who reside in those states can secure a consumer loan on car (CLOC) — an alternative to a car title loan — with a maximum APR of 30.00%. However, the lender’s fees and terms may make this loan option less affordable.

Learn more about Finova Financial from our review below.

Finova Financial loan highlights

  • Borrow from $750: You may be able to borrow more than $5,000 depending on the value of your car.
  • Fast funding time: Loans can be funded the same day as approval.
  • No prepayment: Paying off a loan early will not result in prepayment penalties.
  • Collateral required: Finova Financial ‘s loan is a secured loan that requires borrowers to use their vehicles as collateral.
  • Loans only available in seven states: Finova Financial’s CLOC is only available in Arizona, California, Florida, New Mexico, South Carolina, Tennessee and Oregon.

Finova Financial at a glance

  • APR range: Maximum 30.00%
  • Minimum credit score: Varies
  • Terms: 12 to 24 months
  • Origination fee: Varies by state

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Terms Fees and penalties
  • Terms: 12 to 24 months
  • APR: 30.00% maximum
  • Loan amounts: $750 to more than $5,000
  • Time to funding: Same day
  • Credit check: Soft pull when applicant checks their rate; hard pull when the application is submitted
  • Origination fee: Varies by state
  • Prepayment fee: No
  • Late payment fee: Not Specified
  • Other fees: DMV lien fee and document stamp tax fee, which are rolled into your loan or included in a “finance charge.” You may also see a filing fee and credit investigation fee.

Eligibility requirements

  • Minimum credit score: Varies.
  • Minimum credit history: No current bankruptcy.
  • Maximum debt-to-income ratio: Not specified.

To start, applicants must be at least 18 years old with a valid driver’s license. Finova Financial will require proof of income and proof of residency. Adequate equity in your vehicle is necessary, and the vehicle being used to secure the loan must be in the applicant’s name, have a lien-free title and have comprehensive and collision insurance.

What borrowers are saying about Finova Financial

Finova Financial has earned a rating of 3.7 stars out of 5 over 10 reviews. Borrower reviews are thin but generally positive.

Mackalin from Warm Springs, Ore., said, “I am building up my own business with the loan they are providing me with. It’s a fast process!”

When comparing lenders, be sure to read consumer reviews to get a sense of how each company conducts itself. Take extra note of any recurring themes to help you determine which lender sounds like they’d treat you best.

Applying for a loan from Finova Financial

The application process can be started by visiting the lender’s website or by calling 844-576-0862. Finova Financial will collect information on your vehicle to calculate the potential loan amount and to determine if you prequalify for a loan.

If you prequalify, you’ll proceed with the rest of the application, providing any necessary documents. (The lender website is unclear on what kind of documentation you may need to provide.) Once approved for a loan, borrowers can receive their funds that same day.

Pros Cons
  • Open to borrowers of varying credit profiles: Finova Financial accepts borrowers of varying credit profiles, including those with bad or poor credit.
  • Fast funding time: Borrowers can receive their loan funds the same day they are approved for a loan.
  • No prepayment fee: There is no prepayment fee charged to borrowers who pay off their loans early.
  • Various fees to watch: Finova Financial’s CLOC comes with many different kinds of fees.
  • Limited loan terms available: Borrowers will be given only for 12 to 24 months to pay off their loans.
  • Comprehensive and collision insurance required: For each vehicle used to secure the loan, comprehensive and collision insurance with a deductible of $500 or less is required.
  • Limited loan availability: Loans are only available to residents of Arizona, California, Florida, New Mexico, South Carolina, Tennessee and Oregon.

Who’s the best fit for a Finova Financial loan?

Finova Financial’s CLOC does come with numerous fees, but it also provides OK rates that are competitive when compared to other bad credit loans. It’s a secured form of credit, meaning if you fall behind on payments, you can lose your car. That can put your financial situation in jeopardy if you use the same car you drive to get to and from work as collateral.

You can find bad credit personal loans that don’t require collateral, but depending on your credit, they may come with high rates (even into the triple-digits).

If possible, take time to improve your credit before taking out a loan, such as by taking out a secured credit card, making on-time monthly payments and paying down existing debts. Improving your credit score can help improve the rates you qualify for, and may allow you to get a loan from a lender with stricter credit requirements and fewer fees.

Alternative loan options


  • APR: 15.49% to 35.99%
  • Minimum credit score: 585
  • Terms: 24 to 48 months
  • Origination fee: 0.00% - 6.00%

Borrowers with fair credit can apply for a LendingPoint personal loan between $2,000 and $25,000. If approved for a loan, funding will take at least one business day. LendingClub may charge borrowers an origination fee, but you’ll likely find few fees than than you may find with Finova Financial. A personal loan from LendingClub also doesn’t require collateral, which is a huge plus.

OneMain Financial

  • APR: 18.00% to 35.99%
  • Minimum credit score: Not specified
  • Terms: 24 to 60 months
  • Origination fee: 1.00% - 10.00%

A personal loan from OneMain Financial is for borrowers who need between $1,500 to $20,000 in a reasonable amount of time. Borrowers may appreciate the fast funding, which can occur within one business day of approval. Loans are to be repaid within 24 to 60 months, but if borrowers choose to repay their loans early, there’s no penalty. Although OneMain Financial has stellar rates compared to Finova Financial and isn’t a secured loan, the lender website doesn’t specify a minimum credit score requirement. You’ll need to apply with a soft pull to check rates and your eligibility.


  • APR: 6.94% to 35.97%
  • Minimum credit score: 620
  • Terms: 36 or 60 months
  • Origination fee: 2.90% - 8.00%

Upgrade is a loan marketplace where fair credit borrowers may qualify for loans between $1,000 and $35,000. Terms are limited and longer than with Finova Financial, which translates to lower monthly payments. (Although you should have a plan to pay off your debt as quickly as possible to minimize borrowing costs.) There is an origination fee but fewer fees to consider.


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