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Financing your vehicle with INOVA ensures you’re in the driver’s seat.

As a not-for-profit organization, we put our members first with low interest rates, zero sales pressure, and favorable loan terms for both new and used vehicles.

Take a look at our frequently asked questions below to help you on your car-buying journey. 


Why should I finance my new or used vehicle with INOVA instead of a dealer?

If you finance through a car dealer:

  • The best financing options may only be offered on “select models”
  • A vehicle salesperson is most likely working on commission, which can influence what type of financing they promote
  • There may be hidden fees, changing payment terms, and extras that can cost you thousands over the life of your loan
  • Your loan is typically managed by a large corporation far away, making it difficult to get answers to your questions 

INOVA is a trusted local resource where you can discuss your needs, get answers to loan questions, and learn about the smart way to purchase a great vehicle.

For example, we can show you little-known ways to prevent big out-of-pocket expenses with low-cost Guaranteed Asset Protection (GAP) and Major Mechanical Protection (MMP) coverage — available for a lot less than you’d pay at dealerships. We’re here to help! 

For a vehicle loan you’ll feel good about, get pre-approved today. 

What are my vehicle financing options at INOVA?

See our current rates and financing options. Or visit any INOVA branch and you’ll find great rates plus the flexibility to finance your vehicle on your terms:

  • Up to 125% financing on new vehicles
  • Up to 145% financing on used vehicles, including older models
  • Loan terms up to 84 months, new or used
  • Vehicle refinancing for lower payments and savings
  • 60-day deferment on your first payment
  • Financing for motorcycles, RVs, boats, classic vehicles, and more 

At INOVA, we do whatever it takes to serve our members’ best interests — whether it’s looking over purchase agreement contracts, comparing products, pulling NADA values to help you compare vehicle deals, or refinancing for lower rates or payments. We also offer convenient electronic loan applications and electronic signing for immediate loan turnaround. 

You might even be surprised to learn that we can also handle your insurance needs, helping you reduce paperwork and consolidate vehicle expenses. For example, we offer: 

  • Major Mechanical Protection (MMP) coverage
  • Guaranteed Asset Protection (GAP) coverage
  • Debt protection/cancellation coverage
  • Auto insurance for any/all of your vehicles 

To take the next step, apply online now or call INOVA today at (800) 826-5465. It’s easier than you think.

Should I get pre-approved before car shopping?

Getting pre-approved is the smart way to purchase your next vehicle. In fact, walking through the doors of an auto dealership with pre-approved financing from INOVA gives you the very same perks as paying with cash: 

  • You enjoy greater negotiating power over the final price of the vehicle
  • You can offer dealers a quick and easy sale at your “take it or leave it” price
  • You don’t have to haggle over monthly payments, loan terms, and interest rates 

With pre-approved INOVA financing in hand, you can relax and shop with confidence. You’ll know exactly what you can afford, so you can focus on finding the vehicle models and features you want without worrying about any surprises. 

Best of all, you have options. You can always go to another dealer, or even get a better deal than your pre-approved financing. And it only takes a few minutes to begin. Get pre-approved today and drive a hard bargain all the way home. 

What do I need to get pre-approved?

We don’t require a lot of detailed vehicle information to get you pre-approved for vehicle financing. As a member of INOVA you can do it in just a few minutes at no cost or obligation. 

Just have this information handy when you contact us:

  • Whether you’re looking for a new or used vehicle
  • Which type of vehicle you want (or the specific make and model, if you know it)
  • What you can afford to pay each month
  • How quickly you want to pay off the loan
  • How much you can afford for a down payment 

Is it easy to apply for an auto loan at INOVA?

You can apply in minutes with a click, a tap, or a call. All you have to do is choose your preferred way of getting started: 

  • Online
  • Via your mobile device
  • By phone, at (800) 826-5465
  • Or by visiting any INOVA branch

Whether you’re a first-time buyer or an experienced car purchaser, we put you first. If you need quick approval, we can often provide an immediate credit decision. But if you need time to discuss your options or just get a little more comfortable, we’re happy to explain every detail at your pace — or even guide you through the entire process of finding and buying a great vehicle.

Closing on your loan is easy, too. At INOVA you can receive and sign loan documents electronically with 24/7 convenience, so there are no mailing delays or lengthy branch visits. And when it’s time to buy, your loan can be paid directly into your account or to the vehicle seller so you’ll be on the road that much faster. 

How do I calculate the amount I can afford for a car?

Before you kick any tires, it’s a good idea to assess your monthly budget. Here are some tips from the U.S. Consumer Financial Protection Bureau.

  • Total up your fixed expenses: rent or mortgage, utilities, monthly bills, savings, child support payments, insurance premiums, and any existing loans or credit card debt
  • Add your estimated expenses for food, gas, entertainment, emergencies, and other variable costs
  • Then add costs for car insurance, maintenance, and registration
  • If you’ll be trading in an old car but still owe money on it, add the monthly cost of paying off that loan to get your total expense figure
  • Subtract all expenses from your take-home pay and any other regular monthly income

The remaining amount is what you can afford to pay on your car loan or lease.

Having a ballpark idea of your monthly payment is a great place to start, as is our online vehicle loans page. We also offer resources that can help you identify the right vehicle for your needs.

Contact one of our INOVA Lending Experts at (800) 826-5465. We’ll be happy to provide expert advice on insurance costs, credit scores, down payment options, and more.

Should I buy a new or used vehicle?

When you start planning a vehicle purchase, one of the key questions is should you get a new or used car? At INOVA we offer both new and used vehicle loans, so this is a great time to think about the best fit for your needs.

While a new car carries a much higher purchase price, these factors could make it right for you:

  • Your vehicle must hold up under heavy use
  • Reliability and low maintenance are a must
  • You plan to keep the car for many years
  • Appearance or custom options are important, personally or for professional use

If you’re on a budget (or you don’t want to lose up to 40% of your car’s value within a year of driving it off the lot), a used car might be the best choice. Especially if you: 

  • Use it only for short commutes
  • Want it as a backup or second family vehicle
  • Can maintain it efficiently yourself
  • Don’t want or can’t afford high monthly payments 

New or used, your purchase requires care. As an INOVA member, you’ll find many resources here to help you choose with confidence — plus the financing to buy it on your terms. Just contact our Lending Experts at (800) 826-5465. 

Can I refinance my current auto loan?

Many of our members have refinanced with INOVA to reduce monthly payments, slash years off their loan term, and save hundreds or even thousands of dollars in interest.

Refinancing your current vehicle often makes financial sense if:

  • You can save at least a point or two off your current interest rate
  • Your credit score has improved and you qualify for a lower rate
  • Your financial situation has changed and you need lower payments
  • Your car lease is expiring and you want to buy the vehicle

Is refinancing right for you? 

A good place to start is by checking our rates and comparing them to your current loan terms. If you can lower your rate by a point or more, you might pocket big savings over the life of the loan. Use our handy calculators to assess potential savings, or try the online tools at a site like

I hear a lot about zero-percent dealer financing. Is it a good choice?

Zero-percent financing from an auto dealer might sound like a great bargain, but it typically comes with strings attached. You may only be able to get zero-percent financing if you: 

  • Choose from a few select models
  • Agree to a shorter loan period requiring higher monthly payments
  • Have a great credit history
  • Pay full sticker price and give up any manufacturer or dealer rebates

For purposes of illustration, that means you might pay 0% interest on an $18,000 vehicle with a 3-year loan — instead of paying 3% for the same car with a $2,000 manufacturer rebate. Over the life of the loan, the “zero interest” option could actually cost you an extra $1,248.