What you need to know about vehicle loan rates ft. Melainee Glass
July 23, 2020
Summer is here and we know you want to get out and enjoy it while it lasts. If you’re looking to purchase a new or used vehicle to help make the most of this summer, whether an RV for camping or a boat for cruising at the lake, you’re in luck because Sunova has some great vehicle loan rates available for you (as low as 3.69%* for new purchases.)
There can be a lot that goes into getting a loan, so we asked Melainee Glass, lending associate, to answer a few questions about how you can
get financing for your new summer toy.
Why should I come to Sunova instead of a dealership for my loan?
When you come to Sunova, you can get so much more than just a loan for your vehicle. We offer personalized service based on your future financial goals. We get to know you personally and help figure out what’s going to be best for you now, and in the future. For example, if you want to buy a vehicle, but you are also saving for your first home, we can ensure that the vehicle loan payments won’t get in the way of making that dream a reality. You would also have easier access to your balance owing and ability to make extra payments whenever you choose. Did I mention there’s no need to call a centralized 1-800 number at Sunova? You can call your lender, like me, at any time!
What kinds of vehicles can I get a loan from Sunova for?
The sky’s the limit. Car, boat, ATV — if you can drive it, we can finance it.
How is my interest rate determined for a vehicle purchase?
Your interest rate is determined by the year and type of vehicle you’re buying, as well as your strength as a borrower (your credit history). That’s why when you see a rate advertised, ‘as low as’ or ‘starting at’ are often included. The rate displayed is the best rate anyone getting a loan could get, but, depending on the factors above, you might be offered a different rate.
Are there any fees I have to worry about?
In addition to your loan payments, we’ll add a small processing fee to each payment, as well as a one-time registration fee so Sunova can use the vehicle as collateral. That’s it. There are no application fees or hidden fees with Sunova loans.
Can I consolidate my other loans when I finance my new purchase?
Yes, you can. At Sunova, we’re always looking at the whole picture. If you have other debt outstanding, we are open to consolidating it into one loan with one manageable payment.
What’s the process for getting a loan and how long does it take to get an approval?
To start, you can call or visit one of our branches, or apply online. We would need to collect (or, if you’re a member already, update) your personal information, employment information, assets and liabilities, and see a piece of ID. We strive to approve loans within 24 hours, as long as all of the relevant information is received, so you can start enjoying your new purchase as soon as possible.
If you’re not a member at Sunova yet, you will need to purchase a $5 share to become one.
Can I get a loan if I am purchasing something used from an individual, rather than a dealership?
Yes, of course! It’s the same process as above, plus we will ensure that the serial number on the item you are purchasing is free of liens (like another loan on it), as well as do a black book search to confirm the value (so you’re not overpaying).
Do I need to have a down payment for a vehicle purchase?
Down payments are not required for a vehicle purchase.
Can I pay off the loan early or make a large payment during my term?
You certainly can. All personal loans at Sunova are open for repayment at any time without penalty. You also have the ability to adjust your payment to match your budget as long as the minimum contracted payment is met.
Get started on your loan. Contact a lender.
The Sunova lending team is waiting to help you fund your new (or new to you) vehicle! Find a lender near you or start your loan process online now.