Navy Federal Credit Union Auto Loan Reviews (Sep. 2020) | Auto Loan Refinancing

Navy Federal Credit Union Auto Loan Reviews (Sep. 2020) | Auto Loan Refinancing

Navy Federal Credit Union Auto Loan Review

Navy Federal Credit Union Auto Loan is an auto loan refinance offering by Navy Federal Credit Union, based in Vienna, VA. Founded in 1933, Navy Federal Credit Union offers auto refinance loans in 50 states (and Washington, DC).

Key Takeaways

  • Fair credit accepted. The credit score needed for Navy Federal Credit Union Auto Loan is relatively low. Borrowers with a credit score as low as 650 may qualify for Navy Federal Credit Union Auto Loan.
  • Hard credit pull required. You can’t check your rates or see if you prequalify for Navy Federal Credit Union Auto Loan without a hard pull on your credit report. Most lenders give you the option of a soft pull on you credit report.
  • Charges a prepayment fee. This means you will be charged an additional fee if you repay the auto refinance loan early.
  • No origination fee. Navy Federal Credit Union Auto Loan does not charge a fee for processing your loan application.
  • Cosigner and coborrower applications accepted. A cosigner or coborrower can help you qualify for better rates and terms when applying for Navy Federal Credit Union Auto Loan.
  • Long loan terms. Navy Federal Credit Union Auto Loan offers loan terms of up to 96 months. Most auto refinancing loans have a maximum term of 60 months.

Navy Federal Credit Union Auto Loan Pros & Cons

Pros Cons
  • Low APRs available to qualified borrowers.
  • $0 origination fee.
  • Considers applicants with poor credit.
  • Available in all 50 states.
  • Do not offer pre-approval with soft credit pull.
  • Charges prepayment fees.
  • Charges a late fee.
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Navy Federal Credit Union Auto Loan FAQ

How much can you borrow via Navy Federal Credit Union Auto Loan?

Auto refinance loan amounts start at $5,000.

What are the auto loan refinancing rates offered through Navy Federal Credit Union Auto Loan?

Navy Federal Credit Union Auto Loan offers a
fixed APR

auto loan refinancing product
that ranges from 1.79% APR
up to 19% APR.

What is the maximum loan term you can get with Navy Federal Credit Union Auto Loan?

Navy Federal Credit Union Auto Loan offers auto refinancing with terms ranging from 12 to 96 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your auto refinancing loan, the more interest you will pay.

Does Navy Federal Credit Union Auto Loan charge an origination fee on auto refinance loans?

No, Navy Federal Credit Union Auto Loan does not charge a loan origination fee for refinancing an auto loan.

A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount.

Does Navy Federal Credit Union Auto Loan charge a late fee?

Yes, auto refinance loans via Navy Federal Credit Union Auto Loan are subject to late payment penalty fees.

Does Navy Federal Credit Union Auto Loan charge prepayment fees?

Yes, Navy Federal Credit Union Auto Loan does charge borrowers a fee if they pay their loans early. Consider prepayment fees when you choose a lender because prepayment feees can reduce or even cancel the interest savings of repaying a loan early.

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What do you need to qualify for Navy Federal Credit Union Auto Loan?

Applicants with a credit score
of at least 650
and up to 850
are eligible for Navy Federal Credit Union Auto Loan.
The minimum age to be eligible is 18 or the state minimum, whichever is higher.

Navy Federal Credit Union Auto Loan does not have or does not disclose a minimum annual income eligibility requirement.
Navy Federal Credit Union Auto Loan will consider borrowers regardless of their employment status if they can prove their ability to repay their obligations.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers.
Active duty service members and their covered dependents are eligible to apply for a loan via Navy Federal Credit Union Auto Loan. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Navy Federal Credit Union Auto Loan.
Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

  • Recent pay stubs
  • Proof of income
  • Driver’s license
  • Proof of identity
  • Proof of citizenship or residence permit

Does Navy Federal Credit Union Auto Loan report your account activity to credit bureaus?

Navy Federal Credit Union Auto Loan reports your account activity to the following credit reporting agencies:

  • Equifax
  • Experian
  • Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and can help improve your credit.

Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

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