Loan amount: No minimum specified Starting APR: 4.54% Loan Term: Up to 96 months or 180 months for classic cars Prepayment penalty: None Application fee: None
Navy Federal Credit Union provides financing for new, used, and classic cars. Also, the company offers loans for alternative vehicles such as boats, motorcycles and RVs. As with most credit unions, borrowers who qualify for membership can apply to get an auto loan or refinancing.
Navy Federal Credit Union offers a preapproval process for auto loans, which may help you negotiate a better sales price with a dealership. During preapproval, the credit union will perform a hard credit check and ask for any necessary documents to provide you with a loan amount and term you may qualify for. Note that a hard credit check could temporarily lower your credit score.
New and Used Car Financing
Borrowers who are eligible to get a new or used car loan through Navy Federal Credit Union can generally expect to find low interest rates. Term lengths for auto loans range from one to eight years, though the lowest APRs are typically found with loan terms lasting fewer than five years.
There are no application or prepayment penalties for getting an auto loan for your new or used car. You can set up recurring payments for your car loan through the Navy Federal Credit Union mobile app or online banking. You also have the option to make additional payments when you want.
Refinancing a Car Loan
Refinancing your existing car loan can be a good idea if you’ve improved your credit score or interest rates are significantly lower than when you initially took out the loan. Navy Federal Credit Union offers refinance auto loans for your vehicle.
To refinance your car with Navy Federal, you must take out a loan that’s at least $5,000. Term limits and APRs for refinancing are the same as those for new and used auto loans.
Navy Federal Auto Loan Rates
Our research shows that the company offers competitive rates in the finance industry, with annual percentage rates (APRs) as low as 4.54% for new-vehicle loans. However, only borrowers with excellent credit will be eligible for the lowest rates.
Here are the latest auto loan rates for new and used vehicles from Navy Federal Credit Union: