1.To finance a new or used vehicle through UIF Corporation, you must live in and register the purchased vehicle in Michigan. 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 $295, 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 example, for a new 2021 or 2022 vehicle, applicant credit score of 740+, 80% LTV, and a financing amount of $25,295 (this includes the $295 processing fee), the minimum payment amount is $471.46 over a 60 month term at 4.972 % APR (4.49% 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.