To apply, you will need some information on hand: In most cases, you should receive a decision within a few minutes of submitting your application. You can apply for an auto loan with Navy Federal online, via the Navy Federal app, over the phone or at a branch. How to apply for a loan with Navy Federal Your interest rate will depend on your creditworthiness, finances and requested loan term. Unlike most other lenders, Navy Federal does not advertise a discount for setting up automatic payments. For used car purchases and refinancing a used car, you can choose between 36 and 72 months. Refinancing has a minimum loan amount of $5,000, but Navy Federal does not specify a maximum.įor new car purchases and refinancing a new car, you can choose a term between 36 and 96 months. The loan amounts offered for new and used vehicles are the same, falling between $250 and $500,000. Navy Federal offers financing for new and used vehicles, along with auto loan refinancing. It’s also a great choice for drivers looking for expensive new cars Navy Federal’s maximum loan amount is $500,000, meaning you could drive off in a brand-new vehicle with all the bells and whistles. While used vehicles with 2020, 20 model years qualify for rates as low as 2.19 percent, any car older than that or any car with over 30,000 miles has starting rates of 3.79 percent.Īn auto loan with Navy Federal is likely the best option for military members and their families, especially those with good credit who can qualify for some of the lowest rates in the business. If you have poor credit, it’s possible that Navy Federal may not be the most affordable option. Though Navy Federal has extremely low starting APRs, it does not list its maximum interest rates. To become a member of Navy Federal, you must also maintain a Navy Federal savings account with at least a $5 balance. Auto loans are available only to those who qualify for Navy Federal membership: active duty service members, immediate family members, veterans and Department of Defense employees. 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. This is significantly lower than the minimum APR of many other lenders. If you are looking to purchase a new vehicle or refinance your current auto loan, you may qualify for an APR as low as 1.79 percent. This wide range means that you can choose a payment option that fits your budget and needs, with a maximum that’s much higher than that of competitors.
Navy Federal offers more than five repayment terms, with terms of up to 96 months. Pros and cons of Navy Federal auto loans Pros What to do when you lose your 401(k) match Should you accept an early retirement offer? How much should you contribute to your 401(k)?
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