The bottom line: Navy Federal offers fantastic starting rates on its auto loans, and it’s a good option whether you need a small or large loan. However, you have to qualify for membership to get a loan from Navy Federal. If you aren’t an active military member, veteran, or family member, you won’t be eligible.
Apart from membership, Navy Federal Credit Union doesn’t specify any requirements, like minimum credit scores. It does note that you can still get a loan if you have limited credit history — though you may need a co-applicant, depending on the amount you want to borrow.
How old of a car can I finance through Navy Federal?
Used Vehicles: 2020 and older model years or any model year with over 30,000 miles. If the vehicle is 20 years or older based on the model year, the vehicle is considered classic or antique and subject to collateral loan rates.
What is the minimum credit score for a Navy Federal loan?
NFCU does not have a minimum credit score requirement; however, borrowers with higher credit scores have a better chance of qualifying and receiving favorable terms. We recommend a minimum score of 670.
Does Navy Federal offer good car loans? – Related Questions
Can I get a car loan with a credit score of 500?
It’s possible to get a car loan with a credit score of 500, but it’ll cost you. People with credit scores of 500 or lower received an average rate of 13.97% for new-car loans and 20.67% for used-car loans in the second quarter of 2020, according to the Experian State of the Automotive Finance Market report.
Can I get a car loan with a credit score of 600?
It’s essential to be knowledgeable about how your auto loan process will be different than someone with a higher score. You might not have the same options, but you can still get an auto loan with a 600 credit score.
What score does Navy Federal use?
Navy Federal normally uses TransUnion for credit card applications. However, they may pull an inquiry from any of the three major credit bureaus (Equifax, TransUnion, and Experian) when evaluating a credit card application.
Does Navy Federal check your credit to join?
We’ve long said that when you join Navy Federal Credit Union (NFCU) they will do a hard pull on your credit report. Reader John points out that this isn’t always the case but there is some variance. The take aways are: When opening a savings account directly there is almost no chance a hard pull will be doing.
Navy Federal Credit Union may approve you for a personal loan the same day you apply or within 3 – 10 business days. After your application is approved and you accept the offer, it takes 1 business day to receive your funds, which Navy Federal Credit Union will send to you by electronic bank transfer.
Does Navy Federal verify income?
Yes, Navy Federal Credit Union will verify your income when you apply for a personal loan.
What is a good rate for a car loan?
The average auto loan rate is 4.33% for new cars and 8.62% for used cars, but shop around to get the best deal.
Average car loan interest rates.
Credit score
Average APR, new car
Average APR, used car
Prime: 661-780.
4.03%.
5.53%.
Nonprime: 601-660.
6.57%.
10.33%.
Subprime: 501-600.
9.75%.
16.85%.
What is a good APR for a car?
An auto loan’s interest rate will depend largely on your credit score. Those with a credit score between 781 and 850 saw an average new car interest rate of 2.4% in the first quarter of 2022. Meanwhile, borrowers with scores in the lowest range (300 to 500) saw average rates of 14.76%.
Is it smart to finance a car?
Is financing a car worth it? Financing a car is worth it if you can get a rate below four percent for a new car or seven percent for a used car. Paying the car off in three or four years instead of five or six years is also better in the long run.
Since APR represents interest and added fees, you will want the smallest APR possible. If you have good credit (say, between 700-749), an ideal APR is around 5%. If you have bad credit (say, less than 650), your APR could climb to 16% or 20%. The higher the APR, the more likely you are to fall into debt.