bank rates

Navy Federal Is Offering Great Auto Loan Rates

navy federal credit union

Navy Federal Credit Union is offering some of the best deals on car loans to borrowers nationwide.

The biggest credit union in the country based on assets and members is charging as little as 2.99% APR on new-car financing for up to 36 months and as little as 3.69% APR on financing for up to 60 months.

That’s more than a full percentage point below the average cost for 5-year auto loans – 4.73%, according to our most recent national survey of lenders.

If you borrow $20,000 at 3.69% APR for 60 months, your monthly payment would be around $366. That’s before any down payments, rebates, trade allowances or taxes and fees are figured in.

That would save you about $10 a month over the average auto loan, or about $600 over the full five years.

We think you’ll have a difficult time finding a better deal.

But go ahead and search Bankrate’s database of the best auto loan rates from other lenders in your area.

You can use this auto loan calculator to help figure out how much your monthly payment would be on any new car or truck.

Navy Federal Credit Union’s used rates for used-car loans also caught our eye.

It’s charging as little as 3.29% APR for late model used vehicles with model years 2018, 2019 and 2020 with between 7,500 and 30,000 miles, which is way below the national average of 5.35% for 36-month loans on previously owned vehicles.

For used vehicles with model years 2017 and older and over 30,000 miles, it’s charging as little as 4.99% APR.

It will finance up to 100% of new and used vehicles.

Requirements 

To get the best rates from Navy Federal Credit Union, you’ll need to be borrowing at a term less than or equal to 60 months.

In addition, rates are based on an evaluation of credit history. While Navy Federal doesn’t specify what that means, an excellent FICO credit score is generally considered 740 or above.

Of course, membership is also required to get these rates. While the credit union is based in Vienna, Virginia, membership is open to anyone affiliated in any way with the armed forces, Department of Defense, Coast Guard or National Guard, including family members and anyone in the household of an existing Navy Federal member.

Having an idea of how much you’d pay for a loan at a bank or credit union means you can bargain better with a car dealer’s finance manager.

The dealer has to beat the loan terms, or you can go with Navy Federal Credit Union. Either way, you’ll know you’re getting a good deal.

Photo Credit: Shutterstock

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