Navy Federal Credit Union auto loans at a glanceThere’s a reason Navy Federal Credit Union (NFCU) is by far the largest credit union in the U.S. by assets. It offers some of the most competitive loan rates on the market, features discounts for military members and provides membership benefits like free credit alerts. You don’t have to be in the military to join, though you will need a military connection. Show
Here’s what you could receive from a Navy Federal auto loan:
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Navy Federal pros and consNavy Federal Credit Union offers many auto loan perks, but you’ll first need to qualify for membership. NFCU auto loans have low starting APRs, and members of the military may be able to get even better deals. Plus, loan preapproval is available within seconds. The biggest drawback, however, is that NFCU requires you to be a member in order to apply, and membership is limited to people with military affiliations. Consumers in the following groups are eligible: Active duty, retired service members and veterans Immediate family members of NFCU members (parents, grandparents, spouses, siblings, children and grandchildren) Household members of NFCU members Department of Defense civilians In order to become a member and maintain membership, you’ll be required to open up a Membership Savings Account and keep a $5 minimum balance. A closer look at Navy Federal auto loansNavy Federal car loans are available for new and used cars bought from a dealership or a private seller. Refinancing is also available, as long as you aren’t refinancing an NFCU auto loan. The credit union doesn’t charge a loan application fee, and you can receive a decision within minutes of submitting your application online. Some other features to note:
Flexible loan optionsNavy Federal Credit Union offers very flexible loan terms and amounts. Borrowers can get 100% financing and choose a repayment term as long as 96 months (eight years). Just beware that both of these options make borrowing more expensive in the long run. The more money you borrow and the longer you take to pay it back, the more interest you’ll be charged overall. Plus, if you finance your entire purchase, you risk being upside down on your auto loan. The lowest Navy Federal auto loan rates are reserved for shorter-term payment periods. For example, the starting APR for a 36-month loan is 3.7%, but that figure jumps to 7.84% if you choose a loan repayment term of 85 months or more. Military discountsFor members of the military, an NFCU auto loan can be a great deal. That’s because Navy Federal offers several discount programs based on military affiliation. Here’s an overview:
Car-buying serviceFinding the right car in addition to the right loan can be a challenge, so Navy Federal partners with a car-buying service. TrueCar helps you filter and search for the right car, then connects you with dealerships that have that vehicle. While this limits you to purchasing through dealers, it provides membership pricing so you have less pressure to negotiate. If you ultimately don’t get a Navy Federal auto loan, many other businesses also offer this exact service, including Costco, American Express and AARP. Additional member benefitsLow APRs and rate discounts aren’t the only reasons to join NFCU. Members get additional benefits that can be useful when buying a car, including:
How to get a loan with Navy FederalYou can complete an auto loan application with Navy Federal Credit Union in just a few minutes. Applications are accepted online, over the phone at 1-888-842-6328 or at bank branches. NFCU branches are located in 30 U.S. states, the District of Columbia and abroad. Here’s an overview of the process:
Once your loan is finalized, your first payment will be due within 30 to 60 days. How Navy Federal auto loans compareIf you’re looking for reputable credit unions that cater to the military, you have several other options to choose from, including USAA. PenFed also offers special incentives for military members, but unlike NFCU and USAA Bank, anyone can join. * Rate includes an autopay discount Is a Navy Federal loan right for you?Navy Federal auto loans are great for service members and veterans, since NFCU offers special military discounts. If you don’t have a military affiliation, you’ll need to look elsewhere for an auto loan. If you are a member of the credit union or you qualify for membership, you should consider NFCU when you shop around for an auto loan. NFCU offers preapproval, so you can get a rate quote and then check to see if any other lender will beat NFCU’s low rates and various perks. Frequently asked questionsNFCU doesn’t specify the credit score you’ll need to qualify, but Navy Federal car loan rates are lowest for borrowers with high credit scores. According to Navy Federal, you can have a loan decision within minutes of submitting a complete auto loan application. You can join Navy Federal Credit Union if you — or a member of your family or household — is a service member or a veteran. Does preA mortgage preapproval can have a hard inquiry on your credit score if you end up applying for the credit. Although a preapproval may affect your credit score, it plays an important step in the home buying process and is recommended to have. The good news is that this ding on your credit score is only temporary.
How long is Navy Federal preAlthough the preapproval letter lets you know how much you can borrow, it's not a commitment to lend. This letter is good for at least 30 days and as long as 90 days if you stay in touch with your home loan advisor.
What credit score is needed for Navy Federal line of credit?The Navy Federal credit card approval requirements include a credit score of at least 700, in most cases; this is considered “good” credit. Other Navy Federal credit cards require a credit score of 750, i.e. excellent credit.
Is Navy Federal personal loan a hard inquiry?Navy Federal will also do a hard credit check when you apply, so your credit score could temporarily dip. Make a plan to repay the loan.
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