All You Need To Know About Navy Federal Car Loans

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

With celebratory stars on uniforms and battle scars on the skin, it is only fair that the uniformed men and women should enjoy certain exclusive benefits. The Navy Federal Credit Union aims to assist current and previous service members. 

Navy Federal is an armed forces bank that serves the Navy, Army, Airforce, Marine Corps, veterans and other branches of the US armed forces. They offer financial services from to auto loans. We’re going to get into the car loan in this article. 

All You Need To Know About Navy Federal Car Loans

Features of Navy Federal Car Loans

1. Borrow as much as you need

Navy Car Loans offer 100% financing for your vehicle. On top of it, you don’t even have to make the down payment while buying a car. It makes buying a car much easier if you do not have immediate cash in hand. 

2. Competitive Interest Rates

The monthly interest rates for both new and used cars is highly competitive in car loans. Interest rates go as low as 1.79% APR up to 36 months and 2.29% up to 72 months for new vehicles. Additionally, these rates are much less than the average 5.02% rate.

3. Pay at your own pace

Navy Car Loans have loan terms that stretch from 36 months to 96 months for new cars. Even second-hand car loan terms can be stretched up to 72 months. It allows you to pay smaller monthly installments and eases the pressure of repayment. 

4. Negotiate Better

Navy Federal banks offer pre-approval for car loans. Getting a pre-approved loan scheme puts you in a better negotiating position with your car dealer. You can get the best price for your car if you have decent bargaining skills. 

5. Fast Decisions

Navy Federal Credit Union understands the value of the customer’s time. It is why they typically provide a decision concerning car loans within 5 minutes or less. 

6. No Minimum Credit Score

If you have made a few mistakes in the past and now have a low credit score, you can still be eligible for a Navy Car Loan

Eligibility For Navy Federal Car Loans

Navy Federal is an armed forces bank established exclusively for serving officials. Therefore, to be eligible to be a Navy Federal Credit Union member and availing their auto 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 service member
  • An ROTC participant
  • An individual in the Delayed Entry Program
  • A reservist

One can also belong to various departments of defense like officer candidate, civilian employee, or civilian retiree. Additionally, one can also be a contractor assigned to government installations or a US government employee assigned to DoD installations.

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

All You Need To Know About Navy Federal Car Loans

How to Apply for Navy Federal Car Loans

The process of acquiring a Navy Car Loan is simple and hassle-free.

Step 1: Apply

Visit the Navy Federal application page and click on ‘apply’. Then fill the application form and provide your details like name, address, number, employment information of applicant and co-applicant. Mention the amount you want and your preferred term

 If you already have your vehicle picked out, you will have to provide the Vehicle Identification Number, state you want to register the car, exact vehicle mileage and dealer or seller’s name. 

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

 Step 2: Wait for the Approval Mail

You will receive an approval email typically within five minutes if you qualify for the loan. You will receive a pre-approval within the same time frame as well. 

 Step 3: Receive Funds

You can choose a branch near your house to pick up your checks or receive them through the mail.

Navy Federal Car Loans Conclusion

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