Most people reckon that only banks offer the best auto refinancing deals. However, credit unions are an underrated option for getting preferential refinance rates and low monthly payments. Navy Federal Auto Refinance is one such option which you can consider when looking for refinance deals!
Headquartered in Virginia, it is the largest retail credit union in the country and offers products like consumer loans, credit cards, mortgages, auto refinance, and more. In this Navy Federal auto refinance review, the Refinance Team at Way.com breaks down some of the features of the company’s refinance product, and also explores the drawbacks that customers have pointed out. Ultimately, you get to make an informed decision.
Navy Federal auto refinance is exclusively for active and retired members of the armed forces, Department of Defense, National Guard, Coast Guard, and Navy contractors. You can also get Navy Federal auto refinancing if you have an immediate family member in the armed forces.
The main pros and cons of Navy Federal auto refinance are explained in the table given below
|Navy Federal auto refinance allows you to get pre-approved offers||Minimum credit score for Navy Federal auto refinance is 650|
|Preferential rates for armed forces members starting at 1.79%||Not available in all states|
|No origination fees||Charges prepayment penalties|
|Easy process of online application via website or mobile app||Approval of refinance offers can take up to 2 days, while funding can take up to 7 days|
|Co-signers and co-borrowers accepted||Charges late fees for delayed payments|
|Between 12-96 months refinance terms accepted||Minimum annual income requirements not disclosed|
|Refinances both new and used vehicles|
*As of January 2022
Navy Federal Auto refinance rates are a good choice for customers who:
Before applying, here are the key features of Navy Federal Auto refinance process.
Before applying for Navy Federal auto refinance, check the table below to see if you meet all the requirements.
|Minimum Age||18 and above|
|Navy Federal auto refinance credit score range||650-850|
|Minimum Annual Income||Not disclosed|
|Loan term allowed||Between 12-96 months|
|Loan Payoff amount||Not disclosed|
|State restrictions||Not available in all states – currently operational in 35.|
|Vehicle classification – Late Model Used Vehicle||Any vehicle with model year 2021, 2022, and 2023 with between 7,500-30,000 miles|
|Vehicle classification – Used Vehicle||Any vehicle with model year 2020 or older, with more than 30,000 miles|
U.S. Permanent Resident
|Documents Required for verification||
14-day payoff amount
Lender name, income details
*As of January 2022
To apply for Navy Federal auto refinance, head to their website and use their online auto refinance calculator to see what your monthly payments can look like with different rates. Once you’re sure that you can save money, you can apply for pre-approval.
Input all the details required for the initial application (like VIN, income proof, payoff amount, and personal details) to find out if you pre-qualify for any offers. If you find any to your liking, you can choose to apply directly to the lender.
Your refinance application will be processed within 48 hours and either approved or rejected. If approved, send in all the supporting documents to get funding within the next 7 days.
Navy Federal has a 4.5 rating on Trustpilot, indicating high trust among customers. The case-by-case analysis of each customer based on their credit profile ensures optimal refinance rates for every applicant. The only drawbacks are that there aren’t many options for low credit customers (<600) and that you may have to deal with other fees and charges like pre-payment penalties.
If you’re a serving member or veteran of the armed forces, we highly recommend using Navy Federal auto refinance first. You get preferential access to some of the best rates in the country and excellent customer support while you’re at it.
The auto refinance rates published here are based on the results of comparative research done by Way.com’s data team. We've used a mix of public and internal data to analyze refinance rates across thousands of lenders, credit scores, vehicle types, and all U.S. ZIP codes
The rates shown here are based on a national average of our findings, and may typically vary for each individual depending on your personal financial position and the US state you are in.
However, you can quickly determine where you stand by going through our Auto Refinance form. In just a few steps, find out how much you can save with way.com!
The official mailing address of Navy Federal is PO Box 3000, Merrifield, VA 22119-3000.
You can reach out to the Navy Federal auto refinance customer support team at 1-888-842-6328.
Navy Federal offers fixed APRs for auto refinancing starting from 1.79%.
No, Navy Federal does not charge any processing fees for your application.
Yes, Navy Federal charges late fees in case of delays in payments.
Yes, Navy Federal reports credit activity to Equifax, TransUnion, and Experian.