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Navy Federal Credit Union loans

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Some seriously cute commercials have come out of Navy Federal Credit Union. But cute doesn’t really communicate what it offers. If you’re a servicemember, a Department of Defense (DoD) employee or a family member, you may qualify for a loan with Navy Federal. Choose from loans for auto, personal, mortgages and even student loans, all with fair rates.

What types of loans does Navy Federal Credit Union offer?

Navy Federal hosts a variety of loans for its members, no matter if you’re looking to buy a new car or refinance your student loans. Interest rates and term lengths vary dramatically depending on the type of loan you’re looking for, but its rates are fairly solid when compared to traditional banks. Take a look at the different loan products Navy Federal has on offer to see if it can help you get the financing you need.

Auto loans

You’ll find options with Navy Federal to buy new or used cars, or to refinance your current auto loan. Up to 100% financing is available for as much as Varies. Auto loan terms are as high as 8 years with rates from 2.89% (As low as) APR. Though terms from 85 to 96 months need a minimum amount of Varies.

Read Navy Federal Credit Union auto loan review

Motorcycle, boat and leisure vehicle loans

  • New and used boat loans. Terms go up to 180 months, with a starting APR of 5.35% for a new model. A $25,000 minimum is required for terms of 61 to 84 months, and a $30,000 minimum is required for any terms over 84 months.
  • New and used motorcycle loans. APR starts at 6.55% for a new motorcycle, with terms of up to 84 months. A $25,000 minimum is required for terms of 61 to 72 months, and a $30,000 minimum is required for terms over 73 months. Financing over 72 months is not available for used motorcycles.
  • Collateral loans. Up to 180 months with APRs starting at 7.89%. A $25,000 minimum is required for terms of 61 to 84 months, and a $30,000 minimum for any terms over 84 months.

Business loans

Navy FCU offers several types of business loans, including unsecured business term loans. These don’t require any collateral and range from $2,500 to $100,000. Rates on unsecured term loans run from 11%–18% APR with terms up to 5 years. Your APR includes an origination fee that varies based on the amount you borrow.

Read Navy Federal Credit Union business loan review

Personal loans

Navy Federal offers three types of personal loans:

  • Unsecured personal loan. Borrow up to $50,000, with APRs between 7.99%–18.00% for loans up to 36 months. Terms go as high as 15 years, with a $25,000 minimum for terms between 61 and 84 months, and a $30,000 minimum for terms over 84 months.
  • Shares Secured loan. Secured by shares in your Navy Federal account start as low as 2% APR plus Navy Federal’s share rate. Terms go as high as 180 months.
  • Certificate Pledged loan. Allows you to borrow against your certificate’s principal balance. Terms are shorter for this loan, only going up to 60 months. The lowest APR is 2% plus Navy Federal’s certificate rate.

Read Navy Federal Credit Union personal loan review

Mortgages

You can choose from seven different mortgage options with Navy Federal:

  • VA loan. Get 100% financing with a fixed-rate loan backed by the Department of Veterans Affairs (VA). APRs start at 4.149% with terms between 10 to 30 years. No down payment or mortgage insurance (MI) is required for this type of loan.
  • Military Choice loan. Apply for 100% financing with this fixed-rate mortgage with APRs starting at 5.547% and loan terms between 16 to 30 years. No down payment or private mortgage insurance (PMI) is required.
  • Conventional fixed-rate loan. With a minimum down payment of 5%, this fixed-rate mortgage has APRs starting at 4.010% with terms between 10 to 30 years. No PMI is necessary, and jumbo loan options are also available.
  • 100% Financing HomeBuyers Choice loan. A great option for first-time homebuyers, this fixed-rate loan offers 100% financing with APRs starting at 5.252% and terms between 10 to 30 years. No down payment or PMI is required.
  • FHA loan. Backed by the Federal Housing Administration (FHA), this option is ideal for first-time homebuyers looking for a low down payment. Fixed and adjustable rates are available with APRs starting at 4.888% with terms between 10 to 30 years. Buyers will need a 3.5% minimum down payment for this loan.
  • Adjustable rate mortgage (ARM). With terms of 10 to 30 years, the APR for an ARM starts at 4.544%. The minimum down payment could be anywhere between 0% and 10%, with no PMI required for many loans. Jumbo, conforming and interest-only options are available.
  • Interest-only mortgage. A 30-year loan available in both fixed and adjustable rates, with a minimum down payment of 20% and no PMI required. You’ll need to contact Navy Federal for its rates.

Refinancing, second home financing and investment property loans are also available. Investment property loans are at a fixed rate with a 15-year term and no prepayment penalties.

Home equity loans

Navy Federal offers loans and line of credit based on equity in your home.

  • Fixed-rate equity loan. Allows you to borrow up to 100% of your property’s value and can be taken out for 5, 10, 15 or 20 years. Rates can be as low as 4.87% APR for qualified borrowers.
  • Interest-only fixed-rate equity loan. Available for 15- and 20-year terms and allows you to borrow up to 80% of your property’s value. The lowest rate for this loan is 7.75% APR for those who qualify. These aren’t available in Texas.
  • Home equity line of credit. Borrow up to 95% of your property’s value, with APRs starting at 5% for qualified borrowers. Rates are variable and can change on the first business day of every month. You’ll only be charged interest on the money your withdraw from your credit line. These aren’t available in Texas.
  • Interest-only home equity line of credit. Allows you to borrow up to 80% of your property’s value, up to $250,000. Similar to the Home Equity line of credit, rates are variable but start at 6% APR. Additional payments can lower the principal balance. (Not available in Texas)

Student loans

Private student loans and consolidation loans are available for Navy Federal customers.

  • Private student loan. Choose between a variable rate starting at 4.96% (As low as, with autopay) or fixed interest rate starting 6.03% APR. Undergrads can borrow up to $120,000 a year, while graduate students can borrow up to $160,000 a year.

Read Navy Federal Credit private student loan review

  • Consolidation or refinancing loan. Pick from variable rates between 4.58% (as low as) and fixed rates as low as 4.70% APR. Both federal and private student loans may be consolidated. Undergrads can refinance up to $125,000 of student debt, while graduate students can refinance up to $175,000.

Read Navy Federal Credit Union consolidation or refinancing loan review

Compare a selection of Navy Federal loans

Rates last updated December 11th, 2018
Name Product Min. Credit Score Max. Loan Amount APR Product Description
Navy Federal Credit Union Personal Loans
Varies
$50,000
7.99%–18.00% (fixed)
Navy Federal Credit Union Private Student Loans
Varies
$120,000
4.96% (As low as, with autopay) (variable)
Get up to $160,000 a year in private student loans with rates starting at 4.49% with autopay.
Navy Federal Student Refinance Loan
None
$175,000
4.58% (as low as) (variable)
Refinance up to $175,000 in student debt with APRs starting at 3.64% with autopay.
Navy Federal Credit Union Auto Loans
Varies
Varies
2.89% (As low as) (fixed)
Navy Federal Credit Union Unsecured Business Loan
$100,000
11%–18% (fixed)

Compare up to 4 providers

Why should I consider taking out a loan with Navy Federal Credit Union?

  • Keep your finances all in one place. Navy Federal offers a host of other products, including checking and savings accounts, certificates, money market accounts, IRAs, credit cards and prepaid cards.
  • Easy to borrow. Applying for a Navy Federal account only takes around 10 minutes online if you have the information available. But not all loans can be completed online. You can also apply for loans by phone and in a local Navy Federal offices.
  • 24-hour customer service, seven days a week. You can access your online account at any point from any Internet-capable device, but Navy Federal also provides support by phone from three of its contact centers.
  • Cosigners allowed. Student loans allow for cosigners. Request a release after 24 consecutive, on-time repayments for student loans and after 12 consecutive, on-time repayments for consolidation loans. You may also apply for a personal loan or auto loan with a coapplicant.

Are Navy Federal Credit Union loans safe?

Yes. A full suite of security tools can be accessed by members, including a 24-hour service line. Navy Federal states that accounts are monitored for suspicious behavior and that it tests its security features on a regular basis to keep them up to date. All security measures are in compliance with federal laws and regulations.

What do customers say about Navy Federal Credit Union?

Online customer reviews of Navy FCU are mostly negative as of September 2018. Over 80% of the 56 customer reviews on its Better Business Bureau (BBB) page are negative and 617 customers have filed complaints against the business. It only does slightly better on Trustpilot, scoring a 6.9 out of 10 based on 11 reviews.

It also gets an A- rating from the BBB due to a Consumer Financial Protection Bureau (CFPB) action against the credit union over its debt collection practices.

A large portion of online reviews are about its mortgage department or personal banking services, however — not business loans. But one them across all complaints was customer service. Customers complained that the credit union was unable to handle accounts for deployed servicemembers on multiple occasions. Several also had trouble getting help when something went wrong with their loan payments.

Government action against Navy Federal Credit Union

The Consumer Financial Protection Bureau (CFPB) filed a consent order against Navy Federal Credit Union over its debt collection practices in 2016. The CFPB alleged that Navy Federal Credit Union threatened to take delinquent borrowers to court or garnish their wages if they couldn’t pay back the loan. It also alleged that delinquent had restricted access to their accounts.

Navy Federal Credit Union paid a $23 million in customer compensation and a $5 million fine.

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Rates last updated December 11th, 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 Min. Credit Score Max. Loan Amount APR
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
550
$100,000
3.84% to 35.99% (fixed)
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
$100,000
4.99% to 36% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
6.95% to 35.89% (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
550
$100,000
3.34% to 35.99% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
34% to 155% (Varies by state) (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
680
$100,000
7.24% to 15.24% (fixed)
Marcus by Goldman Sachs Personal Loans
Consolidate your debt or pay off large expenses with competitive rates and no fees.
Good to excellent credit
$40,000
6.99% to 24.99% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
Varies
$30,000
16.05%–35.99%* (fixed)
Avant
Conveniently check your loan options without affecting your credit score.
580
$35,000
9.95% to 35.99% (fixed)

Compare up to 4 providers

Rates last updated December 11th, 2018
Name Product Min. Credit Score Max. Loan Amount APR Product Description
Credible Student Loan Refinancing
Good to excellent credit
None
2.57%(As low as ) (variable)
Get prequalified offers from top student loan refinancing providers in one place.
Purefy Student Loan Refinancing
620
$300,000
2.82% to 8.42% (variable)
Refinance all types of student loans — including federal and parent PLUS loans.
Earnest Student Loan Refinancing Variable Rate (w/ autopay)
650
None
2.57% to 6.97% (variable)
Get a tailored interest rate and repayment plan with no hidden fees.
Splash Financial Student Loan Refinancing
700
$300,000
3.75% (starting at) (variable)
Save on your student loans with this market-leading newcomer.
SoFi Student Loan Refinancing Variable Rate (with Autopay)
650
full balance of your qualified education loans
2.470% to 6.990% (variable)
A leader in student loan refinancing, SoFi can help you refinance your loans and pay them off sooner.
PenFed Student Loan Refinancing
700
$300,000
3.75%–7.03% (fixed)
Straightforward refinancing with competitive rates.
LendingTree Student Loans
Good to excellent credit
Varies by lender
3% (As low as) (fixed)
Compare multiple student loans and student loan refinancing options in one place.

Compare up to 4 providers

Rates last updated December 11th, 2018
Name Product Min. Credit Score Max. Loan Amount APR Product Description
Credible Private Student Loans
Good to excellent credit
Varies by lender
3.94% (As low as) (variable)
Get prequalified rates from private lenders offering student loans with no origination or prepayment fees.
EDvestinU Private Student Loans
675
$200,000
4.326% to 10.32% (fixed)
Straightforward student loans for undergraduate and graduate students.
CommonBond Private Student Loans
700
$500,000
3.20-7.25% (fixed)
Finance your college education through this lender with a strong social mission and terms that fit your budget.
LendingTree Student Loans
Good to excellent credit
Varies by lender
3% (As low as) (fixed)
Compare multiple student loans and student loan refinancing options in one place.

Compare up to 4 providers

Rates last updated December 11th, 2018

Reveal your potential loan offers and rates

Answer two quick questions to filter the loan offers and get the best one for you.

Select your credit score range

I don't know my credit score

Finally, select where you live.

To get your credit score:

Experian logo

Experian is a leading provider of personal and business credit reporting. Find out your FICO score now for less than the cost of a cup of coffee.

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 Min. 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.
LightStream Auto Loans
Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
Good to excellent credit
Flexible terms
Good or excellent credit, enough income or assets to afford a new loan, US citizen or permanent resident, 18+ years old
RateGenius Auto Loan Refinance
Connect with a network of over 150 lenders to refinance your car loan.
510
Varies
Income of $2,000+/month, vehicle has less than 150,000 miles and is no older than 8 years, loan balance is between $10,000 and $100,000, debt-to-income ratio is less than 50%
LendingClub Auto Refinancing
Lower your monthly car payments and save on interest through a fast and easy online application process.
Fair or better 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.
LendingTree Auto Loans
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.
Good to excellent credit
Typically 1 to 7 years
Must be a US citizen and 18+ years old. Must have good to excellent credit.

Compare up to 4 providers

How to apply for a loan with Navy Federal Credit Union

Have your Social Security number, driver’s license or government ID, current home address, phone number and email address on hand. If you’re joining through a family member, also have the family member’s last name, access number or the last four digits of their Social Security number and their affiliation.

You’ll first need to be a Navy Federal member to apply for a loan. Apply for membership by following these steps:

  1. Go to the Navy Federal Credit Union website.
  2. Hover your cursor over Membership in the upper, right-hand corner of the page.
  3. Select Become a Member.
  4. Click Join Now.
  5. Follow the prompts, selecting the answers that apply to you.
  6. Fill out the requested information about yourself and your sponsor, if applicable.
  7. Wait for a decision.

The application itself should only take 10 minutes. You may apply for a loan through your online account, by phone or in person at a local branch. Please note that some loans may not be available to apply for online.

Pros and cons of Navy Federal loans

Pros

  • Solid rates. Loan rates are fairly solid when compared to traditional banks.
  • No origination fees for student loans. Origination fees can be upwards of 5% depending on the lender. Not having one can potentially save you hundreds of dollars.
  • Options upon options. Navy Federal has a wide breadth of choices when it comes to loan types, mortgages and credit offerings that rivals traditional banks.
  • Membership includes benefits. Special discounts on insurance products and other deals are available to Navy Federal members.

Cons

  • Limited membership. You must be a current or former member of the armed forces or an employee of the DoD to qualify for an account. Certain family members and household members may also qualify.
  • Membership required. An existing membership is required to apply for a loan.
  • Trouble with the Consumer Financial Protection Bureau in 2016. Navy Federal was found in violation of the Consumer Financial Protection Act of 2010 by the Consumer Financial Protection Bureau (CFPB) for uncouth debt-collection practices.

Bottom line

Servicemembers and Department of Defense workers — past and present — and their families have access to a wide range of products through Navy Federal Credit Union. Everything from auto to home loans can be found, with varying rates and terms that may fit your needs. Loan options aren’t limited to specialty credit unions though, so make sure to compare your options before getting financed.

Read our guide on credit union loans to compare other similar providers.

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