Navyfcu Auto Loan Calculator (2024)

FAQs

What credit score do I need for a Navy Federal auto loan? ›

This requires you to be an active military member or related family to the person in service. Otherwise, there's no minimum credit score requirement or income requirements for financing a car with the lender. Navy Federal Credit Union members can apply online for auto loan preapproval.

Yes, you can easily apply for an auto loan right from your phone via our mobile app. In most cases, you'll receive a decision seconds. Once you're approved, stop by our nearest branch to pick up your check.

After submitting your application, you'll receive a text* or email letting you know the status of your application. We understand that when shopping for a car, you can't always wait around for a decision. That's why we typically provide auto loan decisions in 5 minutes or less.

Example: A six year fixed-rate loan for a $25,000 new car, with 20% down, requires a $20,000 loan. Based on a simple interest rate of 3.4% and a loan fee of $200, this loan would have 72 monthly payments of $310.54 each and an annual percentage rate (APR) of 3.74%.

It is not hard to qualify for a personal loan from Navy Federal Credit Union if you are eligible for a membership and you have enough income to afford the loan and a valid bank account. You will also have to meet other requirements like being at least 18 years old and being a U.S. citizen or a permanent resident.

The credit score and report you will receive through Mission Credit Confidence Dashboard is a TransUnion credit report with a TransUnion Vantage 3 Score.

Approval and Funding

Navy Federal Credit Union approves most of its loans the same day, according to its website. After signing the loan agreement, funds can be deposited to your account as quickly as the same day.

Navy Federal offers financing for new and used vehicles, along with auto loan refinancing. A company spokesperson stated there is no maximum amount on auto loans.

You'll need your personal information and a method to fund your account. Text, Social security number, Driver's license or government ID, Credit card or bank account and routing number.

A preapproved car loan means that a lender has already okayed you to borrow a certain amount, even if you haven't picked out the car that you want to purchase yet. It lets dealerships know that you have gone through the lender's process to obtain the loan, and therefore will be granted only the specified amount.

What is a good APR for a car? ›

Generally, a good APR for a car loan might look something like this: Excellent Credit (750+): 3% or lower for new cars, 4% or lower for used cars. Good Credit (700-749): 4-5% for new cars, 5-6% for used cars. Fair Credit (650-699): 6-7% for new cars, 7-8% for used cars.

While you technically can get approved for a loan with a 550 credit score, you'll likely face more challenges and pay significantly more for the loan than if your score was higher. Most lenders won't consider borrowers with scores less than 580 – but you may still be able to find one if you know where to look.

For example, a car buyer considering a $40,000 new car loan with an 84-month term at 9% APR would have a monthly car payment of about $623 and pay $12,369 in interest over the seven-year loan.

A $30,000 auto loan balance with an average interest rate of 5.0% paid over a 6 year term will have a monthly payment of $483. In total, the loan will cost $34,787 with $4,787 in interest.

The credit score required and other eligibility factors for buying a car vary by lender and loan terms. Still, you typically need a good credit score of 661 or higher to qualify for an auto loan. About 69% of retail vehicle financing is for borrowers with credit scores of 661 or higher, according to Experian.

In general, you'll need a FICO credit score of at least 600 to qualify for a traditional auto loan. However, the minimum credit score required with vary from lender to lender. As interest rates increase due to inflation, securing a subprime auto loan may be more difficult — but not impossible.

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.

Most used auto loans go to borrowers with minimum credit scores of at least 675. For new auto loans, most borrowers have scores of around 730. The minimum credit score needed for a new car may be around 600, but those with excellent credit often get lower rates and lower monthly payments.

When you have bad credit – say, a credit score around 550 – getting approved for a car loan can be difficult. While you should try for a pre-approval with your bank or credit union, you more than likely are going to need a subprime lender.