Navy Federal Credit Union Auto Refinance ReviewNavy Federal auto refinance is an auto loan refinance offering by Navy Federal Credit Union, based in Vienna, VA. Founded in 1933, Navy Federal Credit Union offers auto refinance loans in 50 states (and Washington, DC). Show
What are the auto loan refinancing rates offered through Navy Federal auto refinance?Navy Federal auto refinance offers a fixed APR car loan refinancing product that ranges from 2.99% APR up to 19% APR. What is the maximum loan term you can get with Navy Federal auto refinance?Navy Federal auto refinance offers auto refinancing with terms ranging from 12 to 96 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your auto refinancing loan, the more interest you will pay. Does Navy Federal auto refinance charge an origination fee on auto refinance loans?No, Navy Federal auto refinance does not charge a loan origination fee for refinancing a car loan. A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Does Navy Federal auto refinance charge a late fee?Yes, auto refinance loans via Navy Federal auto refinance are subject to late payment penalty fees of up to $29. Does Navy Federal auto refinance charge prepayment fees?Yes, Navy Federal auto refinance does charge borrowers a fee if they pay their loans early. Consider prepayment fees when you choose a lender because prepayment feees can reduce or even cancel the interest savings of repaying a loan early. What do you need to qualify for Navy Federal Credit Union Auto Refinance?Applicants with a credit score of at least 650 and up to 850 may be eligible for Navy Federal Credit Union Auto Refinance. The minimum age to be eligible is 18 or the state minimum, whichever is higher. Navy Federal Credit Union Auto Refinance does not have or does not disclose a minimum annual income eligibility requirement. Navy Federal Credit Union Auto Refinance 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 Refinance. 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 Refinance. 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 refinance with Navy Federal auto refinance?Auto refinance loan applications are typically approved (or denied) within 48 hours and funded within 1 to 7 days of approval. Does Navy Federal Credit Union Auto Refinance report your account activity to credit bureaus?Yes, Navy Federal Credit Union Auto Refinance 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. Navy Federal Credit Union Auto Refinance 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 Union
Need to finance your next car? We can help you understand the ins and outs of auto loans so you can stop dreaming and start driving.  1 This calculator is made available to you as a self-help tool for your independent use and is not intended to provide investment advice. We cannot and do not guarantee its accuracy or its applicability to your individual circumstances. All examples are hypothetical and are for illustrative purposes. Calculator results are estimates based on information you provided and Navy Federal does not guarantee your ability to receive these terms. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. ↵ What is the minimum credit score for a Navy Federal Loan?Qualification Factors
Many lenders require a score of at least 700. At Navy Federal, we consider your banking history with us as well as your credit score. Debt-to-income (DTI) ratio: This is a comparison of your monthly debt, including the new home, to your monthly income.
Does refinancing hurt your credit?Refinancing will hurt your credit score a bit initially, but might actually help in the long run. Refinancing can significantly lower your debt amount and/or your monthly payment, and lenders like to see both of those. Your score will typically dip a few points, but it can bounce back within a few months.
What is Navy Federals interest rate?Rates based on creditworthiness, so your rate may differ. Rates range from 13.9% APR to 17.9% APR. Repayment terms of 2% of outstanding balance or $20, whichever is greater.
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Navy federal credit union refinance auto loan
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