Home FINANCE Navy Federal Auto Loan Review | Requirements & How to Apply

Navy Federal Auto Loan Review | Requirements & How to Apply

Navy Federal Auto Loan Review | www.navyfederal.org
Navy Federal Auto Loan Review

Navy Federal Auto Loan Review

Since its founding as a credit union for navy personnel in 1933, Navy Federal has provided services to military personnel and their families. 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 online.

Pros and cons of Navy Federal Auto Loans

Before completing an application, think about these advantages and disadvantages of a loan from Navy Federal.

Pros 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: You can compare MSRPs, get price offers on nearby inventory, and even have your car delivered through Navy Federal’s Car Buying Service via TrueCar.

Cons of Navy Federal Auto Loans

Membership required: Only those who meet the requirements for Navy Federal membership—active duty service members, members of their immediate families, veterans, and anyone working for the Department of Defense—are eligible for auto loans. You must also keep a Navy Federal savings account open with a minimum balance of $5 in order to join Navy Federal.

Maximum APRs not disclosed: Navy Federal does not disclose its highest interest rates, despite having incredibly low starting APRs. It’s probable that Navy Federal won’t be the most cheap choice for you if you have bad credit.

Restrictions for older used vehicles: While used cars with model years 2020, 2021, and 2022 are eligible for rates as low as 2.19 percent, any vehicle older than that or with more than 30,000 miles on the odometer starts at 3.79 percent.

Who is Navy Federal best for?

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 Auto Loans offered by Navy Federal

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 

Navy Federal does not promote a discount for setting up automatic payments, in contrast to the majority of other lenders. Your creditworthiness, financial situation, and the proposed loan period will all affect your interest rate.

How to Apply for Navy Federal Loan

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 phone number and email (and those of your co-applicant, if applicable).
  • Your current housing, employment and income information (and that of your co-applicant, if applicable).
  • Your car’s trade-in information, such as title and registration.
  • The amount you expect to finance.
  • Your requested loan term.
  • 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.

See Also:

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 Customer service  

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.


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