Navy Federal Credit Union Auto Refinance Review

Navy Federal auto refinance 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).

What are the auto loan refinancing rates offered through Navy Federal auto refinance?

Navy Federal auto refinance offers a fixed APR car loan refinancing product that ranges from 2.99% APR up to 19% APR.

What is the maximum loan term you can get with Navy Federal auto refinance?

Navy Federal auto refinance 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 auto refinance charge an origination fee on auto refinance loans?

No, Navy Federal auto refinance does not charge a loan origination fee for refinancing a car 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 auto refinance charge a late fee?

Yes, auto refinance loans via Navy Federal auto refinance are subject to late payment penalty fees of up to $29.

Does Navy Federal auto refinance charge prepayment fees?

Yes, Navy Federal auto refinance 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 Refinance?

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

Navy Federal Credit Union Auto Refinance does not have or does not disclose a minimum annual income eligibility requirement. Navy Federal Credit Union Auto Refinance 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 Refinance. 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 Refinance. 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

What is the estimated funding time for a car loan refinance with Navy Federal auto refinance?

Auto refinance loan applications are typically approved (or denied) within 48 hours and funded within 1 to 7 days of approval.

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

Yes, Navy Federal Credit Union Auto Refinance 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 may help improve your credit.