Vehicle Financing

UIF is pleased to offer vehicle financing with peace of mind!

The Vehicle Financing Program is a new product offered by UIF with a very unique structure that has been approved by our Independent Sharia Advisory Board. Under this program, our customers can enjoy purchasing new or used vehicles from dealerships and private parties.

You can take advantage of this program with as little as 5% to 10% down payment.

You are a few easy steps away from getting approved to get your brand new or used vehicle.

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Vehicle Financing at a Glance

How does Vehicle Financing work?

  • Choose your desired vehicle: Select the car of your dreams and negotiate a price with a reputable dealer or a private party.

  • Joint Purchase Agreement: Once you’ve settled on a price, a Joint Purchase Agreement will be signed between you and our organization, UIF Corp.

  • Motor Vehicle Installment Sale Contract: Upon approval of your application, we will proceed to sign the Motor Vehicle Installment Sale Contract, officially granting you ownership of the chosen vehicle.

  • Convenient monthly payments: You’ll have the flexibility to make monthly payments to UIF Corp., in accordance with the agreed-upon terms and duration of the financing arrangement.

Vehicle Financing Terms

Vehicle Model Year Financing Amount Maximum Term Maximum LTV
Car, SUV – New – 2023 & 2024 $5,000 – $100,000 Up to 60 months 95%
Car, SUV – Used – 2019 – 2023 $5,000 – $100,000 0-3 Years old – up to 60 months
4-5 Years old – up to 60 months
90%
80%
Car, SUV – Used – 2015 – 2018 $5,000 – $75,000 Up to 48 Months 70%

 

Let’s begin!

To get started, simply complete the Vehicle Financing form provided below, and our team will reach out to you promptly to explore the various vehicle financing options available to you.

When completing the form below DO NOT include personal information such as your account number(s), password(s), social security number(s), etc.

1.To finance a new or used vehicle through UIF Corporation, you must live in and register the purchased vehicle in Michigan, Ohio or Illinois. You must be 18 years of age or older. All applications are subject to financing approval by UIF Corporation. Additional terms and conditions apply, such as vehicle make, age and mileage.

2. APR (Annual Percentage Rate) is the cost of financing, expressed as a yearly rate. APRs are based on your credit score, the financing amount as compared to the value of the vehicle, the length/term of the financing, and the age of the vehicle and are subject to change at any time. Your APR will include a processing fee of $349, as part of the calculation of the cost of the financing, which will make the APR higher than the profit rate when you finance.

3. When you apply for financing, your application is subject to credit approval by UIF Corporation using your full credit history, related score, income and other factors to evaluate your request and ability to repay. You must authorize UIF Corporation to obtain a credit report and to validate the information on the application. You also need to agree to provide additional personal and/or business information, if requested, such as tax returns and financial statements and certify that all information submitted in the application is true and correct.

4. Monthly payment amounts vary by term and rate. For a new 2023 or 2024 vehicle, applicant qualifying credit score of 720+, up to 95% LTV, and a financing amount of $45,000 (plus $349 upfront processing fee), the minimum payment amount is $899.36 over a 60-month term at 7.718% APR (7.39% profit rate). The financing calculation assumes 30 days in a month and a first payment scheduled 30 days after the start date to calculate a monthly payment. UIF Corporation does not guarantee your ability to receive these terms.

5. Loans cannot exceed a 36% annual percentage rate as calculated under the Illinois Predatory Loan Prevention Act (PLPA APR). Any loan with a PLPA APR over 36% is null and void, such that no person or entity shall have any right to collect, attempt to collect, receive, or retain any principal, fee, interest, or charges related to the loan. The annual percentage rate disclosed in any loan contract may be lower than the PLPA APR.