The credit union has a mobile app in the Google Play and Apple Stores if you want to manage your loan on the go. If your vehicle is 20 model years or older, the vehicle is deemed classic or antique and subject to collateral loan rates. Late-model used vehicles - defined as 2021, 2022, and 2023 model years with 7,500 to 30,000 miles - have better rates than other used vehicles. Navy Federal's rates vary depending on your term length, the model year of your car, and the number of miles on the vehicle. Keep in mind that the longer your loan term, the more likely you are to go upside down on your loan, meaning you owe more on your car than it's worth. Your loan term for a new vehicle can be as long as 96 months, while used vehicles have a limit of 72 months. Loan terms start at 12 months and maximum term lengths vary depending on the type of car you're looking to finance. The minimum you can borrow to refinance is $5,000, and Navy Federal doesn't list a maximum. Loan amounts range from $250 to $500,000 on new and used cars. Family members of any of the aforementioned groups also qualify. You're only eligible if you are an active military member or veteran, as well as an employee or retiree of the Department of Defense. Unlike many other lenders, you need to be a member of Navy Federal to apply for and receive an auto loan. In most cases, you'll receive a decision on your application instantly. Apply on Navy Federal's website, over the phone, or in person at a branch. Navy Federal offers financing for new and used cars, and it has options for refinancing your car. Navy Federal also features an online Car Buying Center, where the company walks you through the process of financing, buying, researching, and insuring your next car. One of the biggest attractions of a Navy Federal auto loan is the credit union's low interest rates. You might not get money immediately receive money at a branch or through the mail.Need to be a member to apply and qualify for a loan.
No prepayment penalties or origination fee
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