Are you in the market for a new car and considering financing through Navy Federal Credit Union (NFCU)? With their competitive auto loan rates, flexible terms, and accessible online platform, NFCU offers a great option for car buyers who are both members and non-members of the credit union. In this blog post, we’ll dive into the specifics of what Navy Federal Credit Union has to offer in terms of auto loan rates and terms, and how to go about getting a loan through the credit union. We’ll also provide a few tips on how to get the best rate possible when applying for a loan with NFCU. With their low rates and flexible terms, NFCU is an excellent choice for those looking to finance their next vehicle.
Is Navy Federal a good bank for auto loans?
The bottom line: Whether you need a small or large loan, Navy Federal is a great option because it has great starting rates on its auto loans. To obtain a loan from Navy Federal, you must, however, be a member. You won’t be qualified if you’re not a veteran, active military member, or family member. Sep 21, 2022.
What is the interest rate at Navy Federal Credit Union?
Rates based on creditworthiness, so your rate may differ. Rates range from 13. 9% APR to 17. 9% APR. 2% of the outstanding balance or $20, whichever is higher, as the terms for repayment
What is a good interest rate for a 72 month car loan?
The average 72-month auto loan rate is almost 0. Interest rates are 3% higher than the typical 36-month loan for new cars. For new cars, loans with shorter terms have lower interest rates.
|
Loan term
|
Average interest rate
|
|
60-month used car loan
|
4.17% APR
|
|
72-month used car loan
|
4.07% APR
|
Is it hard to get an auto loan with Navy Federal Credit Union?
Navy Federal Credit Union does not impose any requirements, such as minimum credit scores, aside from membership. Although, depending on the amount you want to borrow, you might need a co-applicant, it does mention that you can still get a loan if you have a limited credit history.
Does Navy Federal give good car loans?
The bottom line: Whether you need a small or large loan, Navy Federal is a great option because it has great starting rates on its auto loans. To obtain a loan from Navy Federal, you must, however, be a member. You won’t be qualified if you’re not a veteran, active military member, or family member. Sep 21, 2022.
How fast does Navy Federal approve auto loans?
You’ll receive a text* or email after submitting your application informing you of its status. We recognize that you can’t always wait around for a decision when looking for a car. We typically provide decisions on auto loans in 5 minutes or less because of this.
Does Navy Federal require proof of income for auto loan?
Navy Federal does not specify any credit or income requirements. On the other hand, you must join Navy Federal. Members of the Army, Marine Corps, Navy, Air Force, Coast Guard, National Guard, or Space Force who are currently on active duty may be eligible. May 24, 2022.
How much interest does Navy Federal Credit Union Pay?
Get started with our basic savings account and earn 0. 25% APY 1 with the flexibility to withdraw anytime.