Skip to content

How To Get Approved for Navy Federal Auto Loan In 2023

How To Get Approved for Navy Federal Auto Loan In 2023

Buying a car could be your dream for years. You must have been waiting for an affordable car financing program to buy the car of your dreams. But you don’t have to delay it any longer.

Navy federal auto loan offer help to borrowers. Anyone can apply for a car loan today. If you want to get quick approval, read this article and enjoy the amazing car financing program.

How to Apply For Navy Federal Auto Loan?

You can apply for a Navy federal auto loan online, through the Navy Federal app, by phone, or at a branch.

In most cases, you should receive a decision within minutes of submitting your application.

Navy Federal Auto Loan
Apply For Navy Federal Auto Loan

For the application you need some information at hand:

  • Your phone number and email (if applicable, that of your co-applicant).
  • Your current housing, employment, and income information (and information from co-applicants, if applicable).
  • Trade-in information for a car, such as ownership and registration.
  • The amount you expect to fund.
  • Your desired loan term.

If you have already decided on a vehicle or are refinancing, you must also provide the vehicle’s VIN, state of registration, exact odometer reading, and dealer name.

Once approved, your check will be mailed to you or you can pick it up at a Navy Federal location.

Who Is a Navy Federal Auto Loan Best For?

Navy federal auto loan are best for members (or eligible members) who have or are willing to set up a direct deposit into their Navy Federal bank account. These members are entitled to rates that can go up to 2.29%.

A Navy Federal car loan is probably the best option for military personnel and their families, especially those with good credit who can qualify for some of the lowest interest rates in the industry.

It’s also a good choice for drivers looking for expensive new cars; Navy Federal’s maximum loan amount is $500,000, which means you could hit the road in a brand new vehicle with all the bells and whistles.

Those with good credit will find their best prices, but new car buyers may qualify for 0% manufacturer finance. Regardless of your credit rating, comparing rates and terms is the best way to find the best deal for you.

How do Navy Federal Auto Loan work?

Navy Federal offers financing for new and used vehicles, as well as options to refinance your vehicle.

Apply on the Navy Federal website, by phone, or in person at a branch office. In most cases, you will receive a decision on your navy federal auto loan application immediately.

Unlike many other lenders, you must be a member of the Navy Federal to apply for and receive an auto loan.

You are only eligible if you are an active duty military member or veteran, and an employee or retiree of the Department of Defense. Family members of any of the above groups are also eligible.

Loan amounts range from $250 to $500,000 for new and used vehicles. The minimum you can borrow to refinance is $5,000, and Navy Federal does not list a maximum.

Loan terms start at 12 months and the maximum term varies depending on the type of car you want to finance. The loan period for a new car is up to 96 months, for used cars, it is 72 months.

Remember that the longer your loan term, the more likely it is that your credit will be turned upside down, meaning you owe more on your car than it’s worth.

Navy federal auto loan rates vary based on your tenure, the model year of your car, and the number of miles on the vehicle.

New cars have the lowest rates. Newer-model used vehicles — defined as the latest model years with 7,500 to 30,000 miles — have better prices than other used vehicles.

If your vehicle is 20 model years or older, the vehicle is considered classic or antique and is subject to mortgage interest. The Navy federal credit union has a mobile app on Google Play and Apple Store if you want to manage your credit on the go.

Requirements for Navy Federal Car Loans

Navy Federal does not set credit or income requirements. However, you must become a member of the Navy Federal. You can qualify if you belong to one of the following categories:

  • Active duty member of the Army, Navy, Air Force, Marine Corps, National Guard, Coast Guard, or Space Force.
  • Delayed Entry Program.
  • DOD Officer Candidate/ROTC.
  • DOD reservist.
  • Veteran and Retiree
  • Parent, grandparent, spouse, sibling, child, grandchild, or household member of any of the above categories.
  • Department of Defense civilian employee.
  • US government employee assigned to a DOD facility.
  • DOD contractor assigned to a US government facility.
  • DOD civilian retirees or annuitants.

You must also open and maintain a Navy Federal savings account with a minimum balance of $5.

Navy Federal Auto Loan Calculator Your Smartest Move Before Buying A Car

Navy federal car loan calculator is beneficial as it provides a lot of information about your auto finance.

With these tools, you can calculate your scheduled repayments, calculate the amount of interest that will be repaid to you on your loan, and determine the term options that work best for you.

You can also use the car loan calculator to see how more frequent repayments or a change in the term of your financing agreement will affect your repayment amount.

Another great way the Navy federal auto loan calculator will help you is by allowing you to see how a down payment on your auto loan will help.

While down payments aren’t a necessary borrowing these days, many people may underestimate how much they can help you reduce your repayments, and a used car loan calculator can help you assess whether scraping a down payment is worth it.

When it comes to applying for car financing, you should always consider how much credit you can afford.

Federal Navy Auto Loan Rates

Unlike most other lenders, Navy Federal does not offer a discount for setting up automatic payments. Your interest rate depends on your credit rating, your finances, and the desired loan term.

Loan ProductInterest Rate
Buy a new carFrom 1.79% APR
Buying a used carFrom 2.19% APR
Refinance car loansFrom 1.79% APR
Interest rates and terms

If you’re planning to finance your new vehicle, remember that the cost is more than the price you agree with the seller.

Your interest rate and fees, along with the cost of the vehicle, make up your total car payment.

And it’s important to understand that not all borrowers are eligible for the same interest rate. The loan terms that are offered to you depend on several factors.

Navy Federal Auto Loan Credit Score

Whether you buy a new or used car has a big impact on the interest rate on your car loan, and therefore your monthly payment is your credit score.

While not all credit scores are calculated in exactly the same way, they do follow similar rules. Some of the factors that make up your score are your payment history, your debt, the types of credit and debt you have, and how long you’ve had them.

Two credit scoring models commonly used by credit reporting agencies and lenders are FICO Score and VantageScore. The following tables show how each type evaluates credit scores.

FICO Score

RatingFICO Range
Very Poor300-579
Very good740-799
Fico Score (Source Experian)


RatingFICO Range
Very Poor300-499
Very good661-780
VantageScore (Source Experian)

How Do Navy Federal Auto Loans Compare?

Compared to the competition, Navy Federal has some of the best interest rates on the market. Its courses start significantly lower than PNC and Bank of America.

PNC only offers financing for 2014 and newer cars – if you’re looking to buy an older car, you can’t get credit through PNC. Bank of America car loans offers to finance cars less than 10 years old, while Navy Federal offers to finance cars less than 20 model years old.

Navy Federal Auto Loan Pre Approval

If you haven’t already picked the exact vehicle you want, you can get a pre-approved car loan to take with you to the dealership.

You need to know how much you want to borrow – including all fees, taxes, and surcharges – and for how long, and provide your personal information.

Based on that, Navy Federal could approve you for an amount, a loan term, and an APR.

Navy Federal                 Auto Loan Pre Approval
Navy Federal Auto Loan Pre Approval

You will then receive the preliminary check by post or when you visit a branch. Then it’s time to kick some hoops, knowing you’re already approved for a car loan and for how much.

A quick tip: You might want to buy a vehicle that costs a few thousand dollars less than your pre-authorization to have enough to cover the fees, although it’s certainly possible to apply for a larger loan amount.

Once you’ve selected the car, you can contact Navy Federal or ask the dealership to contact the credit union to complete the loan.

Navy Federal Auto Loan Phone Numbers

Navy Federal has several other customer service options for its members. You can contact them 24 hours a day, 7 days a week at navy federal auto loan phone number 888-842-6328 or use the website’s live chat feature to get answers to your questions.

If you prefer face-to-face communication, Navy Federal has 350 offices worldwide so you can speak face-to-face with customer support representatives.

Is Navy Federal Trustworthy?

Navy Federal Credit Union is not currently evaluated by the Better Business Bureau as Navy Federal is in the process of responding to previously closed complaints.

The credit union used to have an A+ rating from the BBB. BBB determines the score based on the company’s response to customer complaints, honesty in advertising, and openness to business practices.

Navy Federal was recently embroiled in a scandal. Navy federal officials allege that lenders pressured mortgage lenders to approve loans.

She then filed a lawsuit, saying Navy Federal retaliated for her whistleblowing by changing her job duties. She dropped the case in late 2020.

Pros & Cons of Navy Federal Auto Loan

With competitive interest rates and a wide variety of auto loans, members can find a loan that suits their needs here.

But read the fine print carefully — Navy Federal doesn’t publicly disclose its maximum APR, and the best rates can go to those with better credit ratings and who can repay loans relatively quickly.


  • Different runtimes. Navy Federal offers more than five repayment terms with maturities up to 96 months. This wide range means you can choose a payment option that suits your budget and needs, with a maximum much higher than the competition.
  • Low APR. If you’re looking to buy a new vehicle or refinance your current auto loan, you can qualify for an APR of just 1.79 percent. This is much lower than the minimum APR of many other lenders.
  • Car buying service. Through TrueCar, you can use Navy Federal’s Car Buying Service to compare MSRPs, get quotes on local inventory, and even have your car delivered.


  • Membership required. Auto loans are only available to those who qualify for Navy Federal membership: active duty members, immediate family members, veterans, and Department of Defense employees. In addition, to become a member of Navy Federal, you must maintain a Navy Federal savings account with at least $5 in funds.
  • Maximum APR not disclosed. Although Navy Federal has extremely low starting APRs, it doesn’t list its maximum interest rates. If you have bad credit, Navy Federal may not be the cheapest option.
  • Restrictions for older used vehicles. While used cars with model years 2020, 2021 and 2022 qualify for rates as low as 2.19 percent, any older car or any car with more than 30,000 miles has a starting rate of 3.79 percent.

Quick Tips To Get 100% Online Car Loan Approval

It is important to keep certain tips and suggestions in mind when applying for an online car loan. These suggestions will help you get easy approval.

Get Your Credit Score

Creditworthiness plays a crucial role in getting 100 percent auto loan approval. People with bad credit must request their credit report.

A thorough analysis of the report ensures that no errors are included. If you find an error, report it to credit bureaus.

Check your report even if you have no credit history. There is a chance that the department store card or a credit card added some points.

Calculate Your DTI Ratio

This ratio calculates your debt compared to your income. The DTI takes into account all of your financial obligations and your sources of income. To get an online car loan, the DTI should be less than or equal to 40% to 45%.

Online Car Loan Approval
Online Car Loan Approval

Deal With Deposit

Making a good down payment also increases the chances of getting instant approval for the car loan program. The more money you pay, the better your chances of getting a car loan. This is because you become a profitable borrower for lenders.

Job Factor

Employment stability is a key factor and lenders want you to work for at least a few months. Also, few lenders may even require an employment confirmation letter.

Apply To Online Lenders

When applying to online lenders, you have several options to choose from. It can create unnecessary confusion and therefore; It is advisable to search according to your needs and geographic area.

Tip For Young Car Buyers

Most first-time car buyers often have no credit history. This creates a problem in securing guaranteed credit approval.

But with the advent of online car financing companies, no credit check car loans have become very easy.

If you don’t have credit, you can still get a car loan. Just don’t forget to prove your financial capacity to pay back the loan. Also, a co-signer would definitely help fulfill your car dream.

The online car finance program is perfect to get a car loan because you get fast services with one click. So keep these tips in mind when deciding on a car and car loan.

Frequently Asked Questions(FAQs)

Is it difficult to get a Navy Federal car loan?

Navy Federal offers 100 percent financing, which means you may not have to pay a down payment. This makes buying a vehicle easier when you don’t have cash on hand, but it risks turning your car loan upside down. You can choose a loan term of up to 96 months for new car loans and 72 months for used car loans.

How Fast Does Navy Federal Approve Auto Loans?

After submitting your application, you will receive an SMS* or email informing you of the status of your application. We understand that when buying a car you can’t always wait for a decision. That’s why we typically offer auto loan decisions in 5 minutes or less.

Is Navy Federal a good bank for car loans?

Applicants with a minimum credit score of 650 and a maximum of 850 may apply for the Navy Federal Credit Union Auto Loan.

What score does Navy Federal use for Auto?

Applicants with a minimum credit score of 650 and up to 850 may be eligible for the Navy Federal Credit Union Auto Loan.

Does Navy Federal Require Proof of Income?

The Navy Federal Credit Union can verify income by requesting financial information such as payslips, bank statements, or W-2 forms. In other cases, they only use information from the credit report. In either case, you must also meet other Navy Federal Credit Union requirements to be considered for credit approval.


Navy Federal offers fantastic starting rates for car loans and is a good choice whether it’s a small loan or a large loan.

However, you must be a member to get a Navy federal auto loan. You are not eligible if you are not active duty military, veterans, or family members.