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  Navy Federal Credit Union Auto Loan

Navy Federal Credit Union Auto Loan

in Auto Loan Refinancing from Navy Federal Credit Union

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Navy Federal Credit Union Auto Loan

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in Auto Loan Refinancing from Navy Federal Credit Union

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Highlights
Highlights
Credit Score Range 650 - 850
Loan Amount Starting at $5,000
APR  (Fixed APR) 1.79% - 19%
Loan Term (Months) 12 - 96 months

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 an origination 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.
  • Available in all 50 states.
  • $0 origination fee.
  • Considers applicants with fair credit.
  • Do not offer pre-approval with soft credit pull.
  • Charges prepayment fees.
  • Charges a late fee.
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.

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 may be 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. Note that borrowers can add a cosigner or a co-borrower to either meet eligibility requirements or qualify for lower interest rates.

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.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
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.

Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

No Origination Fee  
Credit Score Range 650 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
  • Unemployed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Joint Loan Applications Accepted
  • Co-borrower
  • Cosigner
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Age 18
Verification Documents Required
  • Recent Pay Stubs
  • Proof of Income
  • Proof of Identity
  • U.S. Tax Identification Number
  • Social Security Number
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
Approval Speed 48 hours
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
Joint Loans Available  
Payment Options
  • Automatic Payments
  • Check by mail
APR (Fixed APR) 1.79% - 19%
Loan Term 12 - 96 months
Loan Amount Starting at $5,000

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