Navy Federal Credit Union auto loans review | finder.com

Navy Federal Credit Union auto loans review

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Take to the road with an auto loan from a lender that’s dedicated to serving military members and their families.

A new car — even if it’s just new to you — can be extremely exciting. More often than not though, it’s undercut by the reality of just how expensive a vehicle is. Likely you’ll want to find a lender that can meet you where you’re at, and has rates and terms to match your needs.

Established in 1933, Navy Federal Credit Union has developed products and services, including auto loans, to address the needs of service members.

Product NameNavy Federal Credit Union Auto Loans
Min Loan AmountVaries
Max. Loan AmountVaries
APR2.89% (As low as)
Interest Rate TypeFixed
Maximum Loan Term8 years
RequirementsBe credit union member, US citizen or permanent resident, have age of majority.
  • A member of Navy Federal Credit Union

First, do I qualify?

To be eligible for a Navy Federal auto loan, you’ll first need to be eligible for a Navy Federal Credit Union account.

Loan applicants must also be at least 18 years old and a permanent resident or citizen of the US.

What types of car loans does Navy Federal Credit Union offer?

  • New car loans. Terms up to 96 months.
  • Late-model used car loans. Terms up to 72 months.
  • Used car loans.Terms up to 72 months.
  • Auto loan refinancing. Refinancing terms and rates reflect those of new and used car loans.
  • Motorcycle, boat and recreational vehicle loans. Boats have terms up to 180 months. Motorcycle loans have slightly shorter terms.
Navy Federal 2018 definitions for new, late-model used and used cars.

  • New cars are models from 2017 and up with 7,499 miles or less.
  • Late-model used cars are models from 2017 with 7,500 to 30,000 miles.
  • Used cars are models from 2016 and earlier, or any car with over 30,000 miles.

What are the benefits of Navy Federal Credit Union auto loans?

  • Discounts for active duty and retired military members. If you sign up for the Navy Federal Direct Deposit program, active-duty and retired military members will receive a 0.25% APR discount on their new car, motorcycle or boat loan.
  • Customer support, day and night. A member-services phone line is open 24 hours a day, 7 days a week. You’ll also have access to your account online at any time.
  • Coapplications. Navy Federal allows joint ownership, which can be important when it comes to big assets — especially if you’re married.
  • Preapproval. If you’re still shopping for a car, you may be able to qualify for preapproval to give yourself a negotiating tool.

What to watch out for

  • Limited availability. Though it’s expanded its membership criteria, it’s still fairly narrow compared to other lenders. Even if you do qualify for membership, you may not meet the underwriting requirements to take out a loan.
  • Poorly rated customer service. The general sentiment around the customer support provided is rather poor despite the 24-hour availability.
  • Past debt collection issues. In 2016, the Consumer Financial Protection Bureau (CFPB) ordered Navy Federal to pay over $28 million in settlements to members and penalties for “improper debt collection actions.”

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Rates last updated October 16th, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Minimum Credit Score Term of Loan Requirements
car.Loan.com Car Loans
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
300
Varies by lender
Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Auto Credit Express Car Loans
Get connected with an auto lender near you, even if you have bad credit.
300
Typically 3 to 6 years
Must be employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.
LendingClub Auto Refinancing
Lower your monthly car payments and save on interest through a fast and easy online application process.
Fair or poor credit
Minimum of 2 years
Car must be less than 10 years old with fewer than 120,000 miles. Current loan must have a balance between $5,000 and $55,000 and at least 24 months left in its term.
MotoRefi Car Loan Refinancing
A car loan connection service for borrowers looking to refinance.
525
1–6 years
Must have an income of at least $2,000/month and have a vehicle with less than 100,000 miles.
myAutoloan.com Car Loans
Get up to four offers in minutes through one simple application. Multiple financing types available including new cars, used cars and refinancing.
550
24 to 84 months
Must have a Social Security number; make $24,000+/year; have no open bankruptcies.
LendingTree Auto Loans
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.
670
Typically 1 to 7 years
Must be a US citizen and 18+ years old. Must have good to excellent credit.
Capital One Auto Financing
You could qualify for a car loan of up to 40000, but not all dealers accept this bank's financing.
Good to excellent credit
36 to 72 months
Valid street address; existing Capital One accounts in good standing. Car must be a 2006 model or newer with less than 120,000 miles.

Compare up to 4 providers

How do I apply?

If you’re not already a member of Navy Federal Credit Union, you’ll need to apply for membership. In order to qualify, you’ll need to be a past or present servicemember or DoD employee, or a family or household member of one.

For a motorcycle, boat or leisure vehicle loan, you’ll need to call Navy Federal or visit a branch. Yo can also apply for auto loans online by following these steps:

  1. Visit the Navy Federal Credit Union website.
  2. Hover your cursor over Loans & Credit Cards.
  3. Select Auto Loans.
  4. Select Apply Now.
  5. Sign into your online account.
  6. Complete the required information.

You may need to submit additional documentation. Turnaround times will vary based on several factors, including whether you’re fully applying or just seeking preapproval.

What documents do I need to apply?

To apply for an auto loan when you’ve already selected a car, you’ll need the following:

  • Vehicle Identification Number (VIN) of the vehicle.
  • Vehicle’s exact mileage.
  • State where you’ll register the vehicle.
  • Dealer or seller’s name.
  • Trade-in information, if applicable.
  • Full amount that you’re financing.
  • Term of the loan.

If you’re applying with a co-applicant, you’ll also need to provide:

  • Coapplicant’s name, phone number and email.
  • Coapplicant’s housing, employment and income information.
Double check the full price.
Remember to include taxes, tags, title, warranty and any other relevant applicable fees.

I got the Navy Federal Credit Union auto loan. Now what?

You’re ready to hit the road, but it may be best to first set up payments to keep you rolling. Payments can be made through the Navy Federal app or online using the website. You can also set up automatic payments via ACH.

Fees vary, so make sure you look over your loan document to find out just how much you might get stuck with for late or returned payments. Should you have a question about your loan, a bill or anything else related to Navy Federal, you can contact customer service by live chat, email, phone or in person. You’ll also find Navy Federal on Facebook, Twitter, Instagram and YouTube if you want to get social.

Bottom line

Low starting rates, potential discounts and long terms can be appealing for those who qualify. Keep in mind that not all members will qualify for the best rates, if any at all. Those looking for outstanding customer service may also have a hard time finding it with Navy Federal. Take your time and compare your options with our guide to car loans before you settle on any one provider.

Interested in other loans offered by Navy Federal? Members can apply for a host of different loans, including several types of auto loans, and may qualify for special discounts.

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