Review: Jovia Financial Credit Union Auto Loan for New and Used Cars

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Written By

Updated on Wednesday, September 30, 2015

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Shopping for a new or used car can be a stressful experience – but it does not have to be.

In order to make an educated and simplified decision it is best to walk into the dealership with low interest financing already preapproved. Knowing that you already have financing taken care of, negotiate the price of your car and then show the dealership your financing offer.

Chances are the dealership will try to beat your financing by offering you 0% financing through the manufacturer – which could save you thousands of dollars in interest over the life of the loan. If you are offered 0% financing, take it and feel good about your savings. If not, you already shopped around for the lowest rate and you can continue on with your vehicle purchase.

The Offer

Jovia Financial Credit Union finances auto loans up to $100,000 with no origination fee and rates for new vehicles starting at 2.89%. You can choose terms of 12 to 96 months.

Membership Requirements

Because Jovia Financial is a credit union, you must be a member in order to apply for an auto loan. You are eligible for Jovia Financial if you:

  • Live in Nassau and/or Suffolk Counties
  • Work in Nassau and/or Suffolk Counties
  • Attend school in Nassau and/or Suffolk Counties
  • Family Sponsorship – An existing Jovia Financial member can sponsor in an immediate family member (mother/father, brother/sister, child, grandparent or grandchild) or any household member

How To Apply

Applying for a Jovia Financial auto loan online requires the same information that an auto loan application at a physical bank would require, you will just be providing the information online. In order to apply, you should have the following information ready:

  • Contact Information: Your address, phone number, Social Security number, email address
  • Personal References: Required in some cases. Jovia Financial will request them if necessary.
  • Financial/Employment Information: Your employer, gross income and expenses, and monthly debt payments.
  • Vehicle Information: Make, model, year, mileage and VIN of the auto you plan to purchase.

Jovia Financial allows you to apply for an auto loan online, at a Jovia Financial branch or by calling their call center.

The Fine Print

Interest rates on new and used auto loans through Jovia Financial are based upon vehicle year and loan term. Those who do not qualify may be offered a higher interest rate. You will not know your rate until you apply.

Not all borrowers will qualify for an 8-year loan term, and you are required to have and maintain a credit score of 670 or higher in order to qualify for the rates shown in the rate chart.

Used auto loans through Jovia Financial must not be older than 9 years, but there are no mileage restrictions. There are no restrictions on vehicle make or model, but Jovia Financial will not finance a purchase of a used auto from a private party seller.


  • Rates starting at 2.89%, based on creditworthiness
  • Loans up to $100,000
  • Can apply online, at a branch, or by phone
  • No prepayment penalties
  • No make or mileage restrictions for used auto loans


  • No online preapproval
  • Do not know your rate until you apply
  • Must be a Jovia Financial member to apply
  • Rate chart can be complicated


on Jovia Financial’s secure website

Lender Disclosure

How It Stacks Up

Looking for a lower APR? Capital One’s APRs start at 3.39%, and it will finance up to $40,000. Even though its maximum loan amount is lower than Jovia Financial’s, it offers online preapproval, loan terms of 36 to 84 months, and no origination fee. With rates topping out at 11.25% for new car loans, Jovia Financial’s interest rates can be fairly steep, but Capital One is a good alternative.

Capital One


on LendingTree’s secure website

If you’re looking for the personalized experience of a credit union, but are not eligible to join Jovia Financial, then consider PenFed Credit Union. Anyone can join PenFed Credit Union with a contribution to one of two designated charitable organizations. Its rates range from 1.39% to 17.99% and it will finance loans up to $100,000. PenFed does not allow you to obtain online preapproval, but it charges no origination fee and offers terms of 36 to 84 months.

Check a Variety of Lenders for Your Auto Loan

Credit Unions are now financing more auto loans than traditional banks because of their more personalized customer experience, more competitive rates, and focus on the customer. When shopping for your auto loan, consider shopping credit unions such as Jovia Financial for a more flexible, lower interest auto loan.

Compare other auto loans here.