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Navy Federal Credit Union Auto Loan ReviewNavy Federal Credit Union Auto Loan is offered by Navy Federal Credit Union, a credit union founded in 1933 and based in Vienna, VA. Navy Federal Credit Union Auto Loan is available in 50 states (and Washington, DC). Navy Federal auto loan FAQWhat APR does Navy Federal auto loan offer on its car loans?Navy Federal auto loan offers a fixed apr car loan product that ranges from 2.99% APR up to 19% APR. Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools. What is the maximum auto loan term you can get with Navy Federal auto loan?Navy Federal auto loan has car loans with terms ranging from 12 to 96 months. Having the option of longer terms -- terms can range up to 144 months -- allows borrowers to take on larger auto loan amounts while keeping monthly payments more affordable. However, the longer the term of your auto loan, the more interest you will pay. Does Navy Federal auto loan charge an origination fee?No, Navy Federal auto loan does not charge a loan origination fee. An auto loan origination fee is what some lenders charge for processing an auto loan application and funding an auto loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees. Does Navy Federal auto loan charge a late fee?Yes, Navy Federal auto loan charges borrowers with a late payment penatly fee of up to $29 Does Navy Federal auto loan charge prepayment fees?Yes, Navy Federal auto loan does charge borrowers a fee if they pay their loans early. Consider prepayment fees when you choose a lender because prepayment can reduce or even cancel the interest savings of repaying a loan early. Can I pay off early my Navy Federal auto loan loan?Yes, you can. However, Navy Federal auto loan charges a prepayment fee if you pay your car loan early. This fee could reduce or eliminate the savings from paying the car loan early. What do you need to qualify for Navy Federal Credit Union Auto Loan?Applicants with a credit score of at least 650 and up to 850 may be eligible for Navy Federal Credit Union Auto Loan. The minimum age to be eligible is 18 or the state minimum, whichever is higher. Navy Federal Credit Union Auto Loan does not have or does not disclose a minimum annual income eligibility requirement. Navy Federal Credit Union Auto Loan will consider borrowers regardless of their employment status if they can prove their ability to repay their obligations. Note that borrowers can add a cosigner or a co-borrower to either meet eligibility requirements or qualify for lower interest rates. The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Navy Federal Credit Union Auto Loan. Their rates fall within the limits of The Military Lending Act. U.S. citizens are, of course, eligible for the services offered by Navy Federal Credit Union Auto Loan. Permanent resident / green card holders are also eligible to apply. To qualify, applicants may need to provide the following documentation:
What is the estimated funding time for a car loan via Navy Federal auto loan?Navy Federal auto loan will typically approve (or deny) a car loan application within 48 hours and fund the car loan within 7 business days of approval. Does Navy Federal Credit Union Auto Loan report your account activity to credit bureaus?Yes, Navy Federal Credit Union Auto Loan reports your account activity to the following credit reporting agencies:
Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit. Is Navy Federal Credit Union a legit company?Navy Federal Credit Union was founded in 1933, it is a well-established company that has been in business for 89 years. Unfortunately, we don't have sufficient community reviews to provide a reliable rating of their user experience and customer service. Navy Federal Credit Union Auto Loan Disclosure: "Rates are based on an evaluation of credit history, so your rate may differ." SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more... Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners. Message From Navy Federal Credit UnionHow long does Navy Fed take to review a loan application?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.
How long does it take to review auto loan?Dealerships will generally approve loans the same day, although it could take a few business days. Banks and credit unions can take anywhere from one business day to a few weeks to approve a loan depending on whether you're a new customer and their loan backlogs.
How long does Navy Fed take to process payments?If you choose to pay from a Navy Federal account, you'll receive credit for the payment on the same day. However, keep in mind that if you make your payment using an external account, the payment could take 2 to 5 days to post to your account. Setting up automatic payments is one way to keep up with your payments.
What score does Navy Federal use for auto?What do you need to qualify for Navy Federal Credit Union Auto Loan? Applicants with a credit score of at least 650 and up to 850 may be eligible for Navy Federal Credit Union Auto Loan. The minimum age to be eligible is 18 or the state minimum, whichever is higher.
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How long does Navy Fed take to review auto loan?
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