Auto Loans
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Jovia vs PenFed
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- Flexible loan terms
- Online application
- Bonus cash offers on select car models
- GAP Insurance & ADR
- Low APR rates
- Approval within 48 hours
- Competitive APR (annual percentage rate) as low as 2.09%
- Great deals with huge discounts when purchasing a car through its auto-buying service
- Offers for credit union members
- Auto loans can go up to 110% of the vehicle value
- Simple and straightforward online application
- Membership is required
- Limited branch availability
- Membership required to get a loan
- Social Security number required with initial application
- Best rates are available only for excellent credit scores
- You need to open a saving account before you can get a loan
Jovia Financial Credit Union, established in 1938 and headquartered in Westbury, New York, is one of the largest credit unions in the state, serving nearly 227,000 members. Specializing in various financial services, Jovia stands out for its competitive auto loan offerings. With rates starting as low as 2.39% APR and terms extending up to 96 months, Jovia provides flexible financing options for new and used vehicles from 2012 and newer. Unique features include a trusted dealer network that assists members in finding their ideal vehicle and the option to receive a cash bonus for financing electric or hybrid cars. Jovia also offers a straightforward online application process, allowing for quick approvals. While some customer feedback highlights concerns regarding service quality, many members appreciate the low monthly payments and comprehensive support throughout the loan process. Jovia Financial is federally insured and holds strong industry credentials, making it a reliable choice for auto financing. With its commitment to member satisfaction and financial empowerment, Jovia encourages potential borrowers to explore their auto loan options further.
Pentagon Federal Credit Union (PenFed) was established in 1935 and is headquartered in McLean, Virginia. As the second-largest credit union in the United States, PenFed serves nearly three million members, offering a range of financial products, including auto loans for both purchasing and refinancing vehicles. PenFed's auto loan offerings feature competitive starting Annual Percentage Rates (APRs) ranging from 5.44% for new cars to 6.19% for used cars, with loans up to $150,000 and terms between 36 to 84 months. Unique to PenFed is their online car-buying service, which allows members to find vehicles and potentially receive discounts or rebates when financing through the credit union. Additionally, they offer pre-qualification with a soft credit check, making it easy for potential borrowers to explore their options without impacting their credit scores. Customer feedback highlights the ease of the online application process and the benefits of credit union membership. However, some users note that membership requires an initial deposit and that there are no discounts for automatic payments. Overall, PenFed's auto loans are well-regarded for their favorable rates and member-focused services, appealing particularly to those who leverage their car-buying platform.
- Loan Terms : Undisclosed
- Minimum Accepted Credit Score : Undisclosed
- APR : Undisclosed
- BBB Rating : A+
- Loan Terms : 84 Months
- Minimum Accepted Credit Score : 550
- APR : 2.09%
- Promotional offers
- Added coverage and protection options
- Bonus cash offers on select car models
- GAP Insurance & ADR
- Competitive APR (annual percentage rate) as low as 0.99%
- Approval within 48 hours
- Great deals with huge discounts when purchasing a car through its auto-buying service
- Lease Buyout—Undisclosed
- Loan Refinancing
- New Vehicle
- Private Party—Undisclosed
- Used Vehicle
- Lease Buyout
- Loan Refinancing
- New Vehicle
- Private Party
- Used Vehicle
- Extended Warranty
- GAP Insurance
- Limited Warranty—Undisclosed
- Mobile Application—Undisclosed
- Online Account Management—Undisclosed
- Return Policy—Undisclosed
- Extended Warranty
- GAP Insurance
- Limited Warranty—Undisclosed
- Mobile Application
- Online Account Management
- Return Policy—Undisclosed
- Hard Credit Check
- Income
- Minimum Credit Score—Undisclosed
- Pre-qualification With Soft Check
- Hard Credit Check
- Income—Undisclosed
- Minimum Credit Score
- Pre-qualification With Soft Check
- Documentation/Processing Fee—Undisclosed
- Late Payment Fees—Undisclosed
- Origination Fee—Undisclosed
- Prepayment Penalties—Undisclosed
- Title Transfer Fee—Undisclosed
- Upfront or Application Fees—Undisclosed
- Documentation/Processing Fee—Undisclosed
- Late Payment Fees—Undisclosed
- Origination Fee—Undisclosed
- Prepayment Penalties—Undisclosed
- Title Transfer Fee—Undisclosed
- Upfront or Application Fees—Undisclosed
- Automatic Payments
- Cash—Undisclosed
- Check—Undisclosed
- Debit or Credit Cards
- In-Person Payments—Undisclosed
- Mail-In Payments—Undisclosed
- Online Payments
- Phone Payments
- Automatic Payments
- Cash—Undisclosed
- Check—Undisclosed
- Debit or Credit Cards
- In-Person Payments—Undisclosed
- Mail-In Payments
- Online Payments
- Phone Payments
- Articles and Videos
- FAQs
- Help Guides—Undisclosed
- Live Chat—Undisclosed
- Phone
- Articles and Videos
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- Phone—Undisclosed
Jovia vs. PenFed
Service range and offerings
Jovia Financial Credit Union has a localized service model, primarily serving Long Island, NY residents. They offer various auto financing options, including loans for new and used vehicles, refinancing, and auto lease buyouts. Members can access loan terms of up to 96 months for personal-use cars from 2012 or newer. Additionally, Jovia provides extra protections, like GAP insurance and extended warranties, to help members safeguard their vehicle investments. However, Jovia’s services are limited to personal-use vehicles, excluding options like rideshare or commercial vehicles.
On the other hand, the Pentagon Federal Credit Union (PenFed) offers a more expansive service model nationwide. Initially established for military personnel, PenFed now serves a broad membership base. They provide loans for new and used vehicles, financing options, and a unique car-buying service through a partnership with TrueCar, allowing members to access discounts on their purchases. PenFed finances vehicles with up to 125,000 miles, offering flexibility for members interested in older used cars. This broader vehicle range makes PenFed accessible to more diverse borrowers than Jovia.
Pricing and terms
Jovia offers attractive rates starting at 2.59% APR for a 36-month term, extending up to 96 months for longer loans. Members need a credit score of at least 670 to qualify, with better rates for higher scores. Promotional offers, such as occasional cash bonuses, add to Jovia’s appeal by making loans more cost-effective. However, Jovia's financing is limited to specific vehicle types and geographic locations, which can restrict options for some borrowers.
PenFed’s APRs for new cars start at around 5.24%, and used car financing begins at 6.49%, with terms up to 84 months. Members can borrow up to $150,000, which is helpful for those needing higher loan amounts. Unlike Jovia, PenFed requires borrowers to open a savings account with a $5 deposit to finalize their loans. Both credit unions offer prequalification without impacting credit scores, allowing members to compare terms before committing. PenFed’s rates may be higher, but their extensive loan options and higher loan limits provide more choices for those with diverse needs.
Security and compliance
Both Jovia and PenFed prioritize secure and compliant lending practices. As federally insured credit unions, they follow industry standards to protect member data and adhere to federal lending regulations. Jovia has an A+ rating with the Better Business Bureau (BBB), reflecting their commitment to customer satisfaction, although they are not BBB-accredited. PenFed also holds an A+ rating, with a reputation for transparency and effective complaint resolution. Both credit unions utilize data encryption and secure online platforms, enabling members to apply for and manage their loans safely.
Advantages and drawbacks
Jovia offers flexible loan terms of up to 96 months, providing borrowers with lower monthly payments, promotional cash bonuses, and added protection options like GAP insurance and extended warranties. However, their services are limited to Long Island residents and only finance personal-use vehicles from 2012 or newer. PenFed, on the other hand, provides nationwide access and finances vehicles with up to 125,000 miles, offering extensive protection options such as extended warranties and debt protection. Yet, their rates are higher than Jovia’s, requiring members to open a savings account, adding an extra step to the process.
Conclusion
In conclusion, Jovia Financial Credit Union is an excellent choice for Long Island residents seeking flexible loan terms and a range of protective coverage options. Their promotional offers and low starting rates make them particularly appealing to members within their service area. However, their limited vehicle and regional focus may not suit everyone.
On the other hand, PenFed Credit Union provides national coverage and a wide range of vehicle financing options, making them ideal for members nationwide seeking flexibility in vehicle choice and extensive protection. Though their APRs are generally higher, PenFed’s broader service offerings and higher loan limits cater to members needing larger financing amounts.