New and Used Auto Loans

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 your monthly payment 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?

Yes, you need to become a member before you can apply for an auto loan. Learn more about joining Navy Federal.

What kind of credit score do I need to get an auto 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 instant. 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, and 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's 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.^{Footnote [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.^{Footnote [4]} 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?

Visit our Car Buying Service, powered by TrueCar® ^{Footnote [5]} 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 cars^{Footnote [6]}
• see upfront pricing on cars from local TrueCar-certified dealers
• enjoy additional incentives from select manufacturers on certain vehicles
• get an estimated value for your trade-in,^{Footnote [7]} and you could also get an offer from a TrueCar-certified dealer in minutes^{Footnote [8]}

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?

Here are our auto calculators.