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Finova Financial Logo

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  • Direct Lender
  • Borrow Up To $5,000 (Depends on State)
  • Loan Terms Up To 24 Months
  • No Prepayment Penalty
  • Minimum Income Of $800



Notice: The company’s website has been hacked and is out of business. If you are interested in a title loan, view our #1 recommended company Max Cash Title Loans.

Finova Financial was an up-and-coming name in consumer car title loans. The company has a fast and easy application process that lets borrowers receive money sooner than through the traditional lending process. Applicants can have the money they need the same day via computers, mobile devices, or one of 32,000 US retail locations.

The financial lender you choose affects the entire loan process. Understanding a loan’s terms, rates, and features can make all the difference in out-of-pocket costs. If you are considering applying for an auto equity loan with Finova Financial, here is everything you need to know.


See Also: Looking For The Best Title Loan Service? Check Out the best companies for online title loans.


What Does Finova Financial Offer?


The company is a financial lender specializing in car equity loans. This Florida-based company provides users with a lump sum of money to address immediate financial needs. Borrowers can then pay back the loan over 12 or 24 months.

The lump-sum loan lets borrowers receive the money they need all at once. While this style of financing comes with higher rates and fees, it compensates for speed. Unlike revolving credit, which borrowers build over time, they will lend up to $5,000 the same day you submit your application, even if you have poor credit.

Additionally, they offer auto equity loans, which differ from auto title loans. While both are major forms of credit borrowing, auto equity loans allow you more time to repay the money. However, if you don’t repay the loan, the company can take ownership of your vehicle.


How Do I Apply?

Finova Financial Application

The entire application process is online. You can apply for a loan of up to $5,000 by filling out the necessary information and placing your vehicle as collateral. Note that the borrowing amounts will vary depending on where you live.

Start by visiting the website. Enter your name, phone number, email address, and car model into the available fields. During this step, you can also select the amount of money you want to borrow.

Continue filling out the application. They will also ask for information about your car’s make and model. The value of your vehicle directly influences how much money the company will lend you.

Finally, submit your application. Finova Financial reviews the information, and a representative will contact you to discuss your application. If you do not qualify, you can take a few steps, which we’ll discuss later.


Eligibility Criteria

Every loan comes with detailed eligibility criteria. This information helps lenders filter candidates to whom they can provide financing. To borrow from this institute, you must meet these qualifications:

  • You must own a car under your name
  • You must be 18 years or older
  • You must be a US citizen or permanent resident
  • You must have a car insurance policy with prepaid comprehensive and collision coverage. If you do not have proper insurance, you can buy additional coverage.
  • You must live in Arizona, California, Florida, New Mexico, Oregon, South Carolina, or Tennessee.


Users must also have an established credit history, though Finova Financial accepts poor scores. However, you must have a minimum credit score of 350. The quality of your credit profile will influence the interest rates during the repayment process.

It is possible to fulfill these criteria and still get rejected. If this happens to you, the most likely problem is your credit score. A direct lender will typically avoid giving money to applicants with low scores because the company does not believe it will get its money back. Put another way: it is a risky investment for the lender.

Fortunately, there are ways to improve your credit score. The first step is to get a copy of your report from one of the three national credit bureaus: EquifaxExperian, and TransUnion. You’re legally entitled to one free report per year per company.

A credit report will show any accounts, inquiries, or public records in your name over the past decade. If you notice any errors, contact Equifax, Experian, and TransUnion to correct them. For instance, you may find an account incorrectly attributed to your name, dragging down your score.

Meanwhile, minimize your debt obligations. That can mean paying off existing debts or making current payments on time. The goal is to improve your credit utilization ratio, which measures how much you spend against your available credit line.

For example, if you spend $1,000 monthly and have a credit line of $5,000, your credit utilization ratio would be 20 percent. Lenders want to see that borrowers have ratios below 30 percent. Typically, lower rates mean the individual is reliable with money and likely to repay a loan.

While Finova Financial accepts a wide range of credit histories, it never hurts to improve your score. Higher credit scores give borrowers more leverage when it comes to loan terms. That can include lower rates, longer borrowing periods, and more flexibility.


Required Information

The application process takes only a few minutes and requires relatively little documentation. Finova Financial typically responds to applications within a matter of hours or days. If you get approval, you should know the loan’s pros and cons.



The fast processing speed is the most notable benefit for borrowers. Few institutions provide money at the same rate. This ability is a tribute to the company’s short application and streamlined lending processes.

Finova Financial is also accepting of poor credit. The company casts a wide net regarding approval, which can save borrowers needing financial assistance. You don’t even need a bank account to qualify.



Finova Financial has two significant drawbacks: high rates and limited availability. Borrowers must pay small fees throughout the borrowing process, quickly adding to bottom-line expenses. These fees will depend on residency.

Additionally, the loan terms are hardly favorable. Part of that is because Finova Financial lends to people who may not have a strong track record of repayment or refinance. As a result, the company charges higher interest rates to cover potential losses.

Even though people can apply to Finova Financial online, the company has limited availability. Currently, it only lends to borrowers in six states. You cannot use the service if you don’t live in one of the abovementioned areas. If you live outside their service area, we recommend using Max Cash Title Loans, as they service 48 states nationwide.

Secondly, the total loan is relatively small. While $750 to $5,000 might seem like a sizeable amount, other comparable institutions have the lending strength to extend credit lines to tens of thousands of dollars. Finova Finance may not have the financial flexibility you need to purchase a home or second vehicle.


Fees/Locations/Available States They Work In

Finova Financial will lend people anywhere from $750 to $5,000 per auto equity loan, even on Sundays. The company requires people to pay that money back within a minimum of one year and a maximum of two. Any transgressions from borrowers will result in additional fines or fees.

The first add-on is a $75 filing fee. It serves as a lien on the car to show you will take responsibility for the loan payment. Finova Financial also charges $25 during the first payment for a credit check and a $25 to $30 origination fee. The fee amount depends on which of the qualifying states you live in.

Also, Finova Financial may require additional car insurance, depending on the value of your comprehensive and collision coverage. One option is to buy more insurance from Finova Financial if your deductible is less than $500. Borrowers can voluntarily sign a debt cancellation addendum, too.

Finova Financial may charge MoneyGram fees if the borrower does not have a bank account. Moneygram, which has 350,000 locations worldwide, is a money-transferring service. The company charges an $11.50 fee for any payments below $900.

Here is an example. Let’s say Finova Financial approves you in Florida for a $2,000 loan, and you don’t need additional coverage. The loan will come with a 17 to 30 percent APR. As an example, let’s look at a 30 percent APR.

The amount Finova Financial is financing is $2,157.70. This amount translates to a monthly payment of $105.13 over two years. The total payments will be $2,523.42, which means borrowers are paying $523.42 to borrow money before fees.


The Bottom Line

The high fees and limited availability make Finova Financial a last-resort option. While the company processes and loans money quickly, the total cost of the transaction puts the borrower at a disadvantage. Finova Financial may be an option if users have poor credit scores but a clean driving history.

Fortunately, there are alternative ways to obtain a secured loan in person, like going to Check Into Cash, LoanMart, or even using a direct title loan lender like Loan Center. The best place to start is with friends, family, and social organizations or charities in your network. You can also contact credit unions or ask your current employer for a paycheck in advance.

Finova Financial - Out Of Business




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