Everything You Need To Know About Navy Federal Auto Loans

If you have served your country honorably, Navy Federal Car Loans will help you purchase a well-deserved vehicle. Military personnel serve at national, land, air and sea borders in a variety of capacities to protect our freedom.

With party stars on the uniforms and battle scars on the skin, it is only fair that the men and women in uniform appreciate some exclusive advantages. The Navy Federal Credit Union aims to help current and former members of the service.

Navy Federal is an armed forces bank that serves the Navy, Army, Air Force, Marine Corps, Veterans, and other branches of the United States military. They offer financial services ranging from credit cards to auto loans. We will discuss auto credit in this article.

Features of Navy Federal Auto Loans

1. Borrow as much as you need

Navy car loan offer 100% financing for your vehicle. On top of that, you don’t even have to make the down payment when buying a car. It makes buying a car a lot easier if you don’t have the cash on hand right away.

2. Competitive interest rates

Monthly interest rates for new and used cars is very competitive in auto loans. Interest rates go down to 1.79% APR up to 36 months and 2.29% up to 72 months for new vehicles. In addition, these rates are much lower than the average rate of 5.02%.

3. Pay at your own pace

Navy auto loans have loan terms ranging from 36 months to 96 months for new cars. Even the loan terms for a used car can be stretched up to 72 months. It allows you to pay smaller monthly installments and relieves repayment pressure.

4. Better negotiate

Marine Federal banks offer pre-approval for auto loans. Getting a pre-approved loan program puts you in a better negotiating position with your car dealership. You can get the best price for your car if you have good negotiating skills.

5. Quick decisions

Navy Federal Credit Union understands the value of the customer’s time. This is why they usually have provide a decision regarding auto loans within 5 minutes or less.

6. No minimum credit score

If you have made some mistakes in the past and now have a low credit rating, you can still be eligible for a Navy car loan.

Eligibility for Federal Navy Auto Loans

Navy Federal is an armed forces bank exclusively for serving officials. Therefore, to be eligible to be a member of the Navy Federal Credit Union and benefit from their car loan services, you must be employed as one of the following.

  • Member of the military – Navy, Air Force, Army, Marine Corps, Coast Guard or Air National Guard – on active duty
  • A veteran or retired military
  • A participant in the ROTC
  • One person in the delayed entry program
  • A reservist

We can also belong to various defense departments such as an officer candidate, civilian employee or civilian retiree. In addition, one can also be a contractor assigned to government facilities or a US government employee assigned to DoD facilities.

Also, immediate family memberslike parents, children, spouses, siblings, grandparents or grandchildren can also join the Federal Navy Union as members.

How to Apply for a Federal Navy Auto Loan

The process of obtaining a Navy car loan is simple and hassle free.

Step 1: Apply

Visit the Federal Navy application page and click on ‘apply‘. Then complete the application form and provide your contact details like name, address, phone number, job information of the applicant and co-applicant. Mention the amount you want and your preferred duration.

If you have already chosen your vehicle, you will need to provide vehicle identification number, indicate that you want to register the car, the exact mileage of the vehicle and the name of the dealer or seller.

If you want to apply for pre-approval you can use the Navy Federal website. You will need to provide the same details in your pre-approval form as above.

Step 2: Wait for the approval mail

You will receive a approval email usually within five minutes if you qualify for the loan. You will also receive a pre-approval within the same timeframe.

Step 3: Receive funds

You can choose a branch near you to collect your checks or receive them by mail.

Finding Federal Navy Auto Loans

If you need help purchasing a vehicle and have served in the U.S. Army, the Navy Federal Car Loan is a good choice. Their terms are more competitive than standard lenders because their program is exclusive. And that means better service and savings for you.