We independently evaluate all recommended products and services. If you click on links we provide, we may receive compensation. Learn more. Investopedia’s Rating 4.8 Our Take Navy Federal offers impressively low starting APRs on its auto loans, and borrowers benefit from repayment terms as long as 96 months and no origination or prepayment fees. While this lender’s auto loans come with several perks, you’ll need to be a member to get a loan, and membership requirements are fairly restrictive. Rates are accurate as of 9/28/23. Pros and Cons Pros Member perks and savings Pre-qualification available Flexible repayment terms Cons Late fees apply Military affiliation required for membership Credit score requirements not disclosed Key Takeaways Company Overview Founded in 1933, Navy Federal Credit Union is an established nonprofit financial institution currently serving over 13 million members. While its physical presence is fairly small, with just 354 branches globally, it has over $165 billion in assets, according to the company. Auto loans from Navy Federal are available in all 50 U.S. states and Washington, D.C. Navy Federal receives excellent online feedback from existing customers. Many praise its customer service team and low interest rates. Overall, Navy Federal car loans could be a great choice if you’re an existing member or eligible for a new membership. overall rating 4.8 Table of Contents Navy Federal Auto Loan Review 2024 Pros Explained Cons Explained Types of Auto Loans Time to Receive Funds Borrower Requirements Vehicle Requirements Auto Loan Features Customer Service Customer Satisfaction How to Apply Alternatives Final Verdict Methodology See our picks for the best auto loans in a variety of categories: Borrowers can get new and used vehicle loans from Navy Federal, and it also offers refinancing for existing car loans. You can also get financing through Navy Federal if you’re planning to purchase a new motorcycle or RV. But it doesn’t offer private party car loans, so you’ll need to look elsewhere if you intend to buy a car from a private seller. It also doesn’t do lease buyouts or cash-out refinances. Rates are accurate as of 9/28/23. In some cases, Navy Federal offers same-day funding once you’re approved for an auto loan. It also indicates that many borrowers receive loan decisions within minutes of submitting applications, but some email follow-up may be required in certain instances. While Navy Federal offers same-day funding, it’s not a guarantee you’ll receive your loan funds the same day you’re approved. This is true for other lenders offering this perk as well. And even if the funds are sent on the same day, your own bank’s processing time may delay access to the money. You can apply for a Navy Federal Credit Union auto loan with a co-applicant, also called a co-borrower. Your co-borrower will be equally responsible for monthly auto loan payments, and will share equal ownership of the car. Navy Federal doesn’t allow co-signers at this time. Unlike co-borrowers, co-signers aren’t responsible for loan payments unless the primary borrower defaults on their car loan. If you have a question about Navy Federal auto loans, you can reach its customer service team via live chat with a real person, over the phone, or by email. If you have more general questions, you can also message customer service on Facebook or Twitter. Those who prefer to get help in person can visit a branch. Navy Federal offers the ability to live chat with a real person, which can help you get quick answers to your loan questions. This is a useful feature that sets it apart from many competitors. Navy Federal Credit Union has an excellent reputation among Trustpilot reviewers, with an average 4.6 out of 5 star rating across over 20,000 reviews. Satisfied customers mention their great experiences with customer service and low loan rates. But some unhappy customers complain about poor communication. Many of the negative reviews are related to this lender’s mortgage product. While online reviews can be a useful metric for deciding which lender to choose, they don’t tell the entire story. Be sure to do your own research and don’t rely solely on other customers’ experiences to guide your financial decisions. Applying for a Navy Federal car loan is a straightforward process once you’re a member. It can be a helpful time-saver to have your personal, financial, and vehicle information available when you apply. Here’s what to expect. Navy Federal offers competitive auto loans, especially if you’re financing a new vehicle. As a borrower, you’ll benefit from a low starting APR, very few fees, and a choice of repayment terms to suit your situation. This lender also gets high praise from the majority of its existing customers, which can provide some peace of mind that its customer service and lending products are up to par. Overall, it could be a great choice for existing Navy Federal customers and those who can qualify for membership. Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of auto loan lenders. To rate providers, we collected hundreds of data points across more than 20 auto loan lenders, including interest rates, fees, loan amounts, borrower requirements, and vehicle requirements, to ensure that our reviews help users make informed decisions for their borrowing needs. We also conducted a survey of 1,016 auto loan borrowers for attitudes and opinions about lenders and the loan approval and disbursem*nt process. See our full auto loan review methodology for more information. Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy. Navy Federal Credit Union. "Corporate Fact Sheet." Navy Federal. “Auto Loan Rates for New and Used Cars.” Navy Federal Credit Union. ”Auto Loan Refinancing.” Navy Federal Credit Union. “Motorcycle, Boat & RV Loans and Rates.” Navy Federal Credit Union. "Membership." Navy Federal Credit Union. “CARFAX Reports.” Navy Federal Credit Union. "Mobile Apps." Trustpilot. "Navy Federal Credit Union." Pros Explained
Cons Explained
Types of Auto Loans Offered by Navy Federal Credit Union
New Auto Loans
Used Auto Loans
Refinance Auto Loans
Motorcycle Loans
RV Loans
Time to Receive Funds
Borrower Requirements
Vehicle Requirements
Navy Federal Auto Loan Features
Co-Signers and Co-Applicants
Customer Service
Customer Satisfaction
How to Apply for a Navy Federal Auto Loan
Alternatives to Navy Federal
Navy Federal CU PenFed OpenRoad Lending Loan Types Offered New, used, refinance, motorcycle, RV New, used, refinance, cash-out refinance, lease buyout Refinance, lease buyout States Available All states and D.C. All states, D.C., Puerto Rico All states and D.C. except Alaska, Hawaii, N.D., Nev., Wis. New APR Range 4.54%–18.00%* 5.39%–17.99%* N/A Used APR Range 5.44%–18.00%* 5.24%–17.99%* N/A Refinance APR Range 4.54%–18.00%* 5.94% and up* 1.99%–24.99%* Min. Time to Receive Loan Same day 5 days 3 days Recommended Min. Credit Score Not disclosed Not disclosed 500 Max. Accepted Mileage None 125,000 miles 160,000 miles Max. Accepted Age None None Not disclosed Max. Accepted Loan-to-Value Ratio 125% 125% 180% Final Verdict
Methodology
Navy Federal Auto Loans Review 2024 (2024)
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