Navy Federal auto loan | Navy Federal Credit Union auto loan | Requirement for Navy Federal auto loan | Pros and Cons for Navy Federal auto loan…See more details below.
Navy Federal Credit Union
Navy Federal Credit Union has provided services to military personnel and their families, Since its founding as a credit union for navy personnel in 1933. To its 11 million members, it currently provides checking accounts, savings accounts, loans, credit cards, and more.
The organization is still driven by the objective of Navy Federal, and in order to apply for any of its goods, you must be a member of the armed forces, a veteran, a close relative of a service member, or a civilian employed by the Department of Defense.
For new car loans, used car loans, and auto loan refinancing, Navy Federal provides affordable rates and high maximum borrowing amounts if you qualify. Additionally, Navy Federal and TrueCar have collaborated to develop their Car Buying Service, which may assist you in finding and thoroughly comparing vehicles.
Pros and cons of Navy Federal auto loans
Variety of term lengths: With durations of up to 96 months, Navy Federal offers more than five repayment options. With a maximum that is far greater than that of competitors, you can choose a payment method that suits your demands and budget.
Low APR: You may be eligible for an APR as low as 3.79 percent if you want to buy a new car or refinance your existing auto loan. This is much less expensive than many other lenders’ minimal APR.
Car Buying Service: Through TrueCar, Navy Federal’s Car Buying Service lets you compare MSRPs, receive price offers on local inventory and even have your car delivered to you.
Membership required: With durations of up to 96 months, Navy Federal offers more than five repayment options. With a maximum that is far greater than that of competitors, you can choose a payment method that suits your demands and budget.
Maximum APRs not disclosed: You may be eligible for an APR as low as 3.79 percent if you want to buy a new car or refinance your existing auto loan. This is much less expensive than many other lenders’ minimal APR.
Restrictions for older used vehicles: Through TrueCar, Navy Federal’s Car Buying Service lets you compare MSRPs, receive price offers on local inventory and even have your car delivered to you.
Who is Navy Federal best for? | Who benefits most from Navy Federal?
For service personnel and their families, an auto loan with Navy Federal is probably their best bet, especially for those with good credit who can qualify for some of the lowest rates in the industry. The maximum loan amount from Navy Federal is $500,000, making it a perfect option for people looking to buy expensive new cars. This means you might drive away in a brand-new car with all the bells and whistles.
Types of Navy Federal auto loans offered
Along with refinancing auto loans, Navy Federal provides financing for both new and used cars. The loan amounts available for both new and used cars range from $250 to $500,000.
Navy Federal does not indicate a maximum loan amount for refinancing; the minimum loan amount is $5,000. You can select a period between 36 and 96 months for new car purchases as well as refinancing a new automobile. You can pick between 36 and 72 months for used car purchases and refinancing a used car.
Navy Federal Interest rates and terms
Unlike most other lenders, Navy Federal does not advertise a discount for setting up automatic payments. Your interest rate will depend on your creditworthiness, finances and requested loan term.
|Loan product||Interest rate|
|New car purchase||Starting at 3.79% APR|
|Used car purchase||Starting at 3.79% APR|
|Auto loan refinance||Starting at 3.79% APR|
How to apply for a loan with Navy Federal
Applying for a vehicle loan with Navy Federal is possible online, using the Navy Federal app, by phone, or in person at a branch.
Typically, you should hear back from us shortly after submitting your application.
You will need the following details to apply:
- your email and phone number (and those of your co-applicant, if applicable).
- Information about your current residence, employment, and income (and that of your co-applicant, if applicable).
- Title and registration information for your trade-in vehicle.
- The sum you intend to borrow.
- Your desired loan period.
- You will also need to provide the vehicle VIN number, the registration state, the precise mileage, and the dealer name if you already have a vehicle in mind or if you are refinancing.
Following approval, you can either pick it up at a Navy Federal location or have your check mailed to you.
Navy Federal Auto Loan Requirements
No specific credit or income requirements are listed by Navy Federal. But you’ll have to sign up with Navy Federal. If you fall under one of the following criteria, you might be eligible:
- Active-duty member of the Army, Marine Corps, Navy, Air Force, Coast Guard, National Guard or Space Force.
- Delayed Entry Program.
- DOD Officer Candidate/ROTC.
- DOD Reservist.
- Veteran, retiree or annuitant.
- Parent, grandparent, spouse, sibling, child, grandchild or household member of one of the above categories.
- DOD civilian employee.
- U.S. government employee assigned to a DOD installation.
- DOD contractor assigned to a U.S. government installation.
- DOD civilian retiree or annuitant.
Additionally, a savings account with Navy Federal with a $5 minimum balance must be opened and kept active.
Navy Federal Consumer Service / Assistance
For its members, Navy Federal offers a variety of customer service choices. You can reach member representatives at any time by calling 888-842-6328, or you can use the website’s live chat tool to ask questions. If you would rather speak to someone in person, Navy Federal has 350 locations across the world where you may do so.