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Shopping for a New or Used Car?

Shopping for a New or Used Car?

Auto loan rates as low as 4.09% APR1  for new vehicles.

Today's New & Used Car Loan Rates1

Rates Table
Loan Type Up to 36 mos. APR as low as 37-60 mos. APR as low as 61-72 mos. APR as low as 73-84 mos. APR as low as 85-96 mos. APR as low as
New Vehicle 4.09% 4.49% 4.79% 6.69% 7.59%
Used Vehicle 4.99% 5.49% 5.59% N/A N/A

Rates as of Jul 20, 2024 ET.

Disclosures and Definitions
Advertised “as low as” annual percentage rates (APR) assume excellent borrower credit history. Your actual APR may differ and will be based upon several factors, including credit history, model year, term, and loan amount. Rates subject to change. Loan terms greater than 72 months only available for vehicles with fewer than 7,500 miles. Minimum loan amount is $30,000 for terms of 85-96 months.

New Vehicles: New and late model used vehicles (2023 and newer model years) with 30,000 or fewer miles.
Used Vehicles: 2022 and older model years or any model year with over 30,000 miles. Vehicles 20 years or older (based on model year) are considered classic or antique and and subject to Other Eligible Vehicle rates.

It's Easy to Apply for a Great Loan Rate With Us! 

Start with a Navy Federal preapproval—you'll have more negotiating power and know how much you can spend. Our auto loans come with great benefits and features.

  • Fast and easy application
  • Decisions in seconds, in most cases
  • Preapprovals good for 90 days
  • Exclusive discount for military members2
  • 24/7 support from our US-based member service team
  • 100% financing available—no need for a down payment

Calculate Your Estimated Monthly Car Loan Payment 

Crunch More Numbers

Use our additional auto loan calculators to look at different finance options before you buy.

Have More Questions?

From getting a preapproval to applying for your loan and receiving your funds, our guides can help you through every step of the process. 

5 steps to a preapproval

Understanding the application process

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Have More Questions?

From getting a preapproval to applying for your loan and receiving your funds, our guides can help you through every step of the process. 

5 steps to a preapproval

Understanding the application process

1007814120

FAQs

What are the current rates for new and used auto loans?

We have competitive rates and a range of loan terms. Your actual Annual Percentage Rate (APR) will be based on your specific situation and our advertised rates are subject to change at any time. Check out our auto loan options.

Do you have different rates for buying a new car vs. buying a used car?

Yes, our rates are different for new- or used-car purchases. View our rates here.

How will the interest rate be determined for my auto loan?

Your auto loan rate is based on your:

  • credit and financial history
  • amount financed
  • length (term) of the loan
  • car’s model year
  • car's exact mileage reading

Will shopping around for an auto loan hurt my credit score?

Shopping around for an auto loan generally has little to no impact on your credit score if you complete the rate shopping and get a loan within 45 days. For more information about the effect of shopping around for auto loans, visit the Consumer Financial Protection Bureau website.

What are some important factors to consider when comparing auto loan quotes?

There are many factors to consider when comparing auto loan quotes, including the annual percentage rate, the length of the loan and any applicable fees. 

What will my monthly payment be?

Your monthly payment will be determined by several factors, including your loan amount, term and interest rate. You can estimate what your monthly payment could be with our Auto Loan Calculator.

 

Who is eligible to apply for a Navy Federal auto loan?

Navy Federal members who are 18 or older are eligible to apply in most states. Some states may require the member to be older. Not a member: Learn more about joining Navy Federal.  

Do I need to be a Navy Federal member to apply for an auto loan?

If you’re not a member, you can apply for an auto loan, but you’ll need to become a member in order to complete your loan. Learn more about joining Navy Federal

What kind of credit score do I need to get a car loan?

We don’t require a set credit score to qualify for an auto loan with us. We take many factors into consideration.

Can I get approved for an auto loan before I pick out my car?

Yes. That's called a preapproval, and it allows you to know exactly how much car you're preapproved for before you shop. Remember—while you negotiate the best price with a dealer, don’t reveal to them the maximum amount of financing you're preapproved for.

How long is my preapproval auto loan check good for?

Your auto loan preapproval is good for 90 calendar days from the date of the check.

 

 

How do I apply for an auto loan?

After signing in to your account via the mobile app* or online banking, you can apply for your auto loan in just a few minutes. There's no fee to apply, and most decisions are made in seconds. In cases where applications require more attention, we'll send you an email and/or a text.

If approved for an auto loan, we’ll mail you a check or you could pick it up at your nearest branch. Once you pay the seller, ensure the title is received by Navy Federal within 90 days of purchase. You can also apply over the phone at 1-888-842-6328 or at a branch.

How long does it take to fill out the form to apply for an auto loan from Navy Federal? 

It typically takes less than 10 minutes to complete an application.

If you approve my loan application, am I obligated to finance my vehicle with Navy Federal?

No. Getting approved for an auto loan with Navy Federal does not obligate you to use the funds.

What type of information do you collect when I apply for an auto loan?

When applying for an auto loan, you'll need to provide the following details for yourself and any co-applicant:

  • Contact information (phone number and email)
  • Current housing, employment and income information
  • Any vehicle trade-in information (title or loan information, registration, etc.)
  • Amount expected to finance (including vehicle purchase price, taxes, tags, title and warranty, minus any down payment)
  • Length (term) of the desired loan

And, if you’ve already picked out the vehicle you wish to buy, you’ll also need:

  • the 17-character vehicle identification number (VIN)
  • the state where you’ll register the vehicle
  • the exact mileage reading
  • the dealer or seller's name

For refinance loans, you'll need to give us specific vehicle information such as the VIN, exact mileage, lender contact information and payoff amount.

Why should I finance my car with Navy Federal instead of through the dealer?

There are many benefits to financing a car with us, including an easy application process, decisions in seconds in most cases and a discount for active duty and retired military members.2 Getting preapproved for your loan before you go to the dealership can make it easier to negotiate a better sales price and lets you know what you can afford.

If I'm at the dealership and have picked out my new car, can I get auto financing quickly through Navy Federal? 

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 in seconds. Once you're approved,  stop by our nearest branch to pick up your check.

How soon will I receive a decision after I submit my loan application?

Within seconds, in most cases! If you provided your email address during the application process, we'll send you a follow-up email with more details.

Once my loan is approved, how do I get my check?

You can receive your check the following ways:

  • By mail sent to the address you provided (there may be a fee depending on delivery type)
  • By picking it up at a branch

Note: If the co-applicant's address is different from the primary applicant's address, the loan check and promissory note—or loan contract—are sent to the co-applicant first.

 

I got approved! What are my next steps?

You can pick up a check at your nearest branch or have it mailed to your home. Once you pay the seller, ensure the title is received by Navy Federal within 90 days of purchase.

What does the dealer need to do to validate my preapproval check?

This step is important! Take care to make sure the dealership you're buying from is aware that they need to validate your preapproval check with us before they can deposit it for payment. It's simple—they just need to call us at 1-866-348-8946 and we'll provide them with a 4-digit validation code to include on the back of the check. 

They'll also need to ensure the check is completed, accurate and legible. The front of the check should have the:

  • name of the dealer
  • purchase amount (numerical and written must be identical)
  • borrower's signature and date
  • vehicle year, make, model, mileage and VIN

The back of the check must have the:

  • dealer endorsement signature or business stamp (identical to the name on the front of the check)
  • validation code provided by Navy Federal
  • borrower's signature and, if applicable, the co-borrower's/guarantor's signature

For more information, please see our Dealer Instructions.

How can I use Navy Federal’s Car Buying Service, powered by TrueCar®, to buy a car?3

Visit our Car Buying Service, powered by TrueCar® and click on “Shop Now.” Follow the prompts and you could:

  • search online for the car you want and see an average of what others paid for similar cars4
  • see up-front pricing on cars from local TrueCar-certified dealers
  • enjoy additional incentives from select manufacturers on certain vehicles
  • get an estimated value for your trade-in5, and you could also get an offer from a TrueCar-Certified dealer in minutes6

How can I find dealers that will accept my auto loan financing from Navy Federal?

Any dealer you choose should accept financing from Navy Federal. If you want to shop online for your next car, you can use the Navy Federal Car Buying Service, Powered by TrueCar.

Where can I find more calculators to help me evaluate my auto-buying options?

You can find our auto calculators here

Need to Talk?

Stateside member reps are here for you 24/7. Reach us online, over the phone or at a branch. Contact us.

If you're ready to apply for an auto loan or want to check the status of your loan, please call us at 1-888-842-6328.

Simplify Your Search

Our fully loaded car buying experience has everything you need to finance, buy, research, protect and enjoy your next car.


Have More Questions? Get the Info in Our Auto Learning Center

Whether you're a first-time car buyer or you've been down this road before, learn how to take the next steps toward your next car.

Disclosures

1

Credit and collateral subject to approval. Advertised “as low as” annual percentage rates (APR) assume excellent borrower credit history. Your actual APR may differ and will be based upon several factors, including credit history, model year, term, and loan amount. Rates subject to change.

New Vehicles: New and late model used vehicles (2023 and newer model years) with 30,000 or fewer miles. Loan terms greater than 72 months only available for vehicles with fewer than 7,500 miles. Minimum loan amount is $30,000 for terms of 85-96 months.

Payment example: New auto loan of $20,000 for 36 months at 4.09% APR will have a monthly payment of $593.

Used Vehicles: 2022 and older model years or any model year with over 30,000 miles. Vehicles 20 years or older (based on model year) are considered classic or antique and subject to Other Eligible Vehicle rates

2

Direct deposit required. This military special may expire at any time. Applicants must contact Navy Federal by phone or visit a branch to receive the discount. Active Duty rate discounts (which are also available for retired military members) can be applied, subject to certain restrictions.

3

TrueCar operates the Navy Federal Car Buying Service. Navy Federal is not responsible for any offer, purchase, lease, or service provided by or through the Navy Federal Car Buying Service.

4

TrueCar provides a market average for cars like the one you want, based on actual recent transactions by other buyers. Additional information regarding the calculation of TrueCar's Market Averages is available at navyfederal.truecar.com.

5

The estimated trade-in value is for informational purposes only and does not constitute, and should not be construed as, a True Cash Offer or otherwise as an offer or conditional offer by TrueCar, a dealer, or any third party to purchase your used motor vehicle. The sale price or trade-in value that you could receive for your vehicle in the open market or from another source may be higher than the amount of this estimate. Terms and conditions apply and are available at https://www.truecar.com/terms/.

6

Terms and conditions apply and are available at the Car Buying Service website, hosted by TrueCar.

The views expressed in the reviews are solely those of the individuals posting them. The testimonials are substantively the words of the individual reviewer, but may have undergone minor clerical revisions to ensure readability, add context, or protect private information. Any imagery displayed is for decorative purposes only and is not necessarily associated with the reviewer.