Shift Gears to Better Rates: Jovia Financial Auto Loans

Company Overview

Jovia Financial Credit Union, founded in 1938 by a group of teachers in Long Island, NY, has evolved into a comprehensive financial cooperative serving a diverse membership base. Established as the Valley Stream Teachers Credit Union, they were rebranded to Jovia Financial Credit Union to reflect their broader service offerings and community focus.

Jovia offers a range of loan options to help you with your car purchase, including leasing, buying, and refinancing. They also provide warranties and GAP coverage for your car. In addition to auto loans, Jovia offers personal loans, mortgage loans, and Home Equity Lines of Credit.

Jovia aims to offer financing with a 100% maximum Loan to Value (LTV). Members can only get funding on personal-use vehicles from 2012 or newer. The featured rates start at 2.59% APR for a 36-month term and up to 2.78% for a 72-month term. It’s essential to specify that Jovia only covers personal-use vehicles. Unfortunately, commercial, delivery, taxicab, or rideshare vehicles are not eligible for financing. 

To qualify for an auto loan with this provider, borrowers must have and maintain a credit score of 670 or higher. The higher the credit score, the better the chances of getting approval. Furthermore, the rates and terms are subject to credit approval, so applicants with a good credit history get lower interest rates than those with a bad credit history.

Jovia emphasizes compliance with credit union regulations, ensuring their lending practices are transparent and fair. Additionally, they provide tools to help members find the right vehicle through their dealer network and offer warranties and Guaranteed Asset Protection (GAP) insurance for added security.

Regarding reputation, Jovia has received recognition for their commitment to member satisfaction and community engagement. Based on member feedback, independent research firms have ranked it among the top credit unions in New York State. Furthermore, Jovia holds an A+ rating from the Better Business Bureau (BBB), indicating a generally favorable standing within the industry but no accreditation. 

Features & Services

Purchasing a new vehicle
When purchasing a new car with this provider, you can start by selecting the make and model, then refine your search with filters like price, features, and specifications. You'll be provided detailed information on each car’s safety features, warranties, and crash test ratings, allowing you to make a well-informed decision. Once you’ve narrowed your choice, you can compare it with other models, save your selection for later, or begin the loan pre-approval process to streamline your purchase.

Purchasing a pre-owned car
The process for pre-owned vehicles is similar, with the added ability to specify the years the car was in use. You can filter your search to include mileage, vehicle history, and ownership records. This lets you compare options thoroughly, ensuring you get the best value. Like with new cars, you can save potential choices, compare them to others, and get pre-approved for a loan, making the process easier and more transparent.

Refinancing
Refinancing with this provider seems straightforward; you input your remaining loan balance, current monthly payment, interest rate, and desired new term. A comparison tool will show you the differences in monthly payments, total interest, and remaining months on your loan, helping you evaluate potential savings. This gives you a clear picture of how refinancing might reduce your financial burden and whether it’s right for you.

Jovia auto lease buyout
If you’re nearing the end of a vehicle lease and want to purchase the car, this provider's auto lease buyout option allows you to finance the remaining lease balance. This option gives you flexibility with terms and interest rates, letting you smoothly transition to ownership. The process is simple, and you can manage payments and application status through the mobile banking platform, ensuring a convenient way to secure the vehicle.

Plans & Prices

Jovia Financial Credit Union offers competitive auto loan rates starting at 2.59% APR (Annual Percentage Rate) for a 36-month term, with rates going up to 2.78% for a 72-month term and as high as 8.82% for a 96-month loan. Loan terms range from 36 to 96 months, depending on whether the vehicle is new or used, with minimum vehicle loan amounts of $15,000 for a 6-year term, $25,000 for a 7-year term, and $30,000 for an 8-year term. 

Monthly payments vary based on the loan amount, interest rate, and term length—for example, a $15,000 loan at 2.59% APR over 36 months would result in a monthly payment of around $430.44, while the same loan over 72 months would be about $232.29. Borrowers with a credit score of 670 or higher are eligible to qualify for the best rates, with higher scores typically leading to lower interest rates.

Advantages 

Flexible loan terms
Jovia provides a variety of loan terms to suit different financial situations and preferences. Whether you're looking for a short-term loan with lower overall interest or a longer-term option that reduces your monthly payments, Jovia’s flexible terms are designed to accommodate your needs. This adaptability helps borrowers manage their budgets more effectively and ensures you can choose a repayment plan that fits comfortably within your financial goals.

Promotional offers
This provider enhances the appeal of their auto loans with attractive promotional offers, such as a cash bonus of up to $100. These promotions make the borrowing process more financially rewarding and add value to your loan by providing immediate cash incentives. Such offers can be particularly beneficial for new borrowers or those refinancing existing loans, as they offer extra financial relief and can be used towards the cost of your vehicle or other expenses.

Added coverage and protection options
Jovia offers additional coverage and protection options with their auto loans to safeguard your investment further. These options might include extended warranties, gap insurance, and credit life insurance. Extended warranties protect against unexpected repair costs; gap insurance covers the difference between your loan balance and the vehicle's value if totaled; and credit life insurance ensures that your loan payments are covered in unforeseen circumstances. By offering these protection options, Jovia helps you secure peace of mind and financial stability.

Online application
They streamline the loan application process with their online application system. You can conveniently apply for an auto loan and manage your payments directly from your Jovia checking or savings account through their app and mobile banking features. This seamless integration allows for easy tracking of loan status, direct payment options, and efficient management of your finances. Additionally, if you prefer an external bank account, you can link it through the app to make payments, providing further flexibility and convenience.

Possible Drawbacks

Membership requirements
Like most credit unions, Jovia requires potential members to meet specific eligibility criteria. This might include living in a designated geographic area, working for an affiliated employer, or being related to a current member. These requirements can limit access for individuals not meeting these criteria, making it less accessible for those outside the defined community or affiliation.

Limited branch availability
Jovia operates fewer physical branches compared to larger national banks. This reduced branch network can be a disadvantage if you prefer face-to-face interactions or live outside their service area. For those who rely on in-person banking for complex transactions or personal advice, this limitation might require adapting to online or telephone services.

Customer Reviews

While they have a long history in the industry, they have many mixed reviews; they have a 2.9 out of 5-star rating on Trustpilot based on two reviews, and on the Better Business Bureau (BBB), they have a 1.8 out of 5-star rating based on 8 reviews. However, on their BBB business profile, they have an A+ rating with no accreditation. 

It's important to note that since they offer various loan services, the online reviews may not solely be about their auto loan services.

Positive reviews
Several customers have expressed satisfaction with Jovia's competitively low rates, responsiveness, and resolution of their issues. For instance, a customer reported a hard inquiry on their credit report due to a suspected fraudulent loan application. After contacting Jovia's fraud department and filing a report with the appropriate authorities, the customer was pleased to find that Jovia promptly removed the hard inquiry from all three credit bureaus. This swift action helped alleviate the customer’s concerns about potential damage to their credit score. Another customer experienced problems with late payments reported inaccurately because of an ACH payment error. Jovia's senior management effectively addressed the concern by removing the erroneous late payments from the credit report by their terms of use and financial institution standards.

Negative reviews
However, there are notable complaints regarding Jovia’s handling of credit report inaccuracies and customer service issues. Some customers have struggled with fraudulent accounts appearing on their credit reports. Despite providing evidence and requesting the removal of these inaccuracies under the Fair Credit Reporting Act, they reported delays and difficulties in resolving their issues. One individual cited repeated failures by the credit bureaus to address the errors, leading to ongoing financial distress and impacting their monthly budget. Additionally, problems with customer service have been highlighted, such as a customer experiencing prolonged delays in resolving a debit card deposit issue. The lack of effective communication and resolution left them feeling frustrated and dissatisfied with the financial institution’s service, especially when dealing with affiliates of Jovia and their handling of such matters.

Company responses
Jovia FCU has generally been proactive in addressing complaints. The company has taken steps to investigate and correct reported issues regarding fraud-related inquiries, such as removing hard inquiries from credit reports and resolving billing discrepancies. Regarding late payments, Jovia’s management has intervened to ensure corrections are made according to their terms of use and financial institution policies. Despite these efforts, some responses have not fully resolved the issues for all customers, particularly in cases where detailed explanations and further follow-up are required. The company has also been addressing complaints about external websites and their affiliated dealerships, striving to improve their overall service. However, ongoing concerns about service and accuracy suggest room for improvement in customer support and handling credit report inaccuracies.

Customer Support

Jovia Financial provides several customer support options, including phone at (516) 561-0030  and email at [email protected] for direct assistance, a knowledge base and FAQs for quick self-help, and social media for updates and interaction. For those who prefer in-person support, branch visits are also available, ensuring flexible help options to suit your needs.

Final Verdict

Jovia Financial Credit Union offers a robust array of auto loan options, catering to various needs with competitive rates and flexible terms. Their commitment to providing comprehensive loan services, including buying, leasing, refinancing, and auto lease buyouts, makes them a viable choice for many potential borrowers. With promotional offers and additional coverage options like extended warranties and GAP insurance, Jovia enhances the value of their loans.

However, prospective borrowers should consider some limitations, such as membership requirements and limited branch availability, which might impact accessibility for some. Additionally, customer reviews present a mixed picture, highlighting positive experiences with responsive service and negative feedback on customer service and credit report handling.

If you're contemplating an auto loan and Jovia's offerings align with your needs, contacting them directly for more personalized information and to ensure their services fit your specific situation. 

For those who need a more detailed comparison of auto loan options, you can explore our comparison tool, where we stack providers against each other to find the best fit for your financial goals. You can also read our detailed reviews of auto loan companies. Our blog posts offer more information and insights into the world of auto loans.