Jovia Financial Review

Jovia Financial Credit Union was founded eight decades ago in Valley Stream, Long Island by a group of Nassau Educators. Today, Jovia has more than $3 billion in assets and a network of more than 55,000 ATMs around the world. Its mission is to provide financial services and products to members with ease and a vision to be the leading credit union in the country based on innovation, convenience, and value.

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How do Jovia Financial auto loans work?

Jovia offers financing with a maximum LTV equal to 100%. Vehicles eligible for financing are from 2012 or newer and are only for personal use. Its featured rates start at 2.590% APR for a 36-month term up to 2.790% APR for a 72-month term.

Credit score

Not all loan applicants will qualify. Borrowers must maintain a 670 or higher credit score to be considered. The higher the score, the better chances of approval. Moreover, the rates and terms are also subject to credit approval and applicants with good credit history get the lowest interest rates.

How much can you borrow?

The minimum loan amount for a six-year term is $15,000, for a seven-year term is $25,000, and for an eight-year term is $30,000. The maximum loan to value is at 100% for an eight-year term.

What types of vehicles are eligible for financing?

Jovia Financial only finances personal use vehicles. Vehicles used for commercial, delivery, taxicab, or rideshare purposes are not eligible for financing.

How do I qualify?

Upon loan application, membership is not required. However, the disbursement of your loan requires you to become a member. To be considered a Jovia member, you must be a resident, employee, or student in the Suffolk or Nasau counties. Family members of an existing Jovia member are also welcome to join. Moreover, you need to open a share account and be the primary owner.

What documents do I need?

The required documents for loan application aren’t specified on the website. Moreover, upon checking its online application portal, the link is broken (checked as of November 30, 2020).

What are the fees?

Loan applications don’t have processing or admin fees. The website’s fee schedule also doesn’t include prepayment penalties. Late payments, however, have a fee of $25 and inactive accounts are charged $5 per month.

How long does the loan process take?

Since the website’s online application link is broken, it’s difficult to assess how long it takes to apply. Usually, online application only takes a few minutes to accomplish and the loan decision arrives in less than three days. To learn more, it’s best to speak with one of its representatives.

How to apply for an auto loan?

The website provides an online application; however, the link is broken. Hence, it’s best to call its office or visit a branch near you to apply.

What payment methods are supported?

You can pay using any of the following methods:

Bill Pay
Credit card
Automated telephone system
Zelle peer-to-peer payments

Jovia Financial Pros And Cons

Pros

No prepayment penalties
100% financing
NCUA insured

Cons

Membership is required
Only finances personal use vehicles
Online application portal is broken
Has late payment fees

Is Jovia Financial right for you?

The interest rates offered at Jovia Financial for auto loans is quite okay at 2.59% APR. However, its website indicates that the credit union doesn't qualify all borrowers and only those with credit scores 670 or higher will be considered.

If you’re not satisfied with the rates, terms, and merits offered by Jovia Financial, apply for an auto loan at My Auto Loan. It only requires a credit score of 500. Borrowers with low income are also welcome to apply. APRs start at 2.49% and you’ll get fast approvals.