The Benefits Of Navy Federal Auto Loans

Navy Federal auto loans can help you save money and get the right car faster. As is the nature of credit unions, membership is granted based on meeting specific criteria. Navy Federal Credit Union extends membership to members of all the United States Armed Forces and employees of the Department of Defense, as well as their families. As the Navy Federal Credit Union website claims, they have been in existence since 1933, having grown to well over 8 million members. Part of what makes them such an outstanding financial institution for their members are the amazing rates, outstanding customer service, and the resources available online for those seeking many different loans, but especially auto loans. 

Navy Federal Auto Loans Benefits

Quick and Easy

The online banking system for Navy Federal is incredibly easy to use and very convenient. Applying for a Navy Federal auto loan can be done in just a few minutes either through the website or the mobile app. You can even get a decision on your application instantly in many cases. Of course, for those looking for a more traditional approach to auto loan financing will find that visiting a branch in person or even applying over the telephone is still an option. They have made it as easy as possible to serve their members and get them the financing they need to obtain a vehicle at a great rate. With no required down payment on auto loans, it really is as easy as turning a key. 

Pre-Approval Makes it Simple

If you are wanting to secure your financing before you go car shopping, pre-approval is absolutely an option. The pre-approval process will tell you the maximum amount of financing you are approved for before you shop. This pre-approval is based upon all the information you provided on your application and it gives you a ceiling when you are looking at vehicles. The pre-approval is good for 60 days, so there is no need to rush into a purchase. Keep in mind that dealerships will often include additional fees at the point of purchase, so make sure you discuss all of that ahead of signing the contract so you don’t go over your maximum amount. 

Having the Right Information

There’s no reason to be overwhelmed when applying for auto financing. As listed on the Navy Federal website, here are some specific pieces of information that they will need when you apply for your loan:

  • Current housing and contact information
  • Income and employment information
  • Any trade-in information
  • How long you want to finance the loan
  • How much you want to borrow
  • VIN (vehicle identification number) if you have a specific vehicle in mind
  • State where it will be registered

A Navy Federal auto loan can even help you with a vehicle refinance. You just have to make sure you provide them with the specific vehicle information, including the VIN and specific mileage on the vehicle. 

Electronic Signatures

An electronic signature of the Promissory Note is perhaps the easiest way to get the ball rolling. Electronic signatures are used for so many official documents in the world today, including a Navy Federal auto loan. It is an easy process and instructions made available via email in the event your application isn’t approved immediately. Don’t worry if you aren’t up for electronically signing the Promissory Note, as a paper copy can be mailed to your address. You can then sign and email the document as a pdf attachment, or take it to a local branch office. 

Getting Your Funds

Some financial institutions make getting the money for a loan a very time-consuming and complicated process. Navy Federal makes getting your loan very simple once it has been approved. Most of the time loan applications are decided in minutes instead of days. You’ll get a follow-up via email quickly with details about the process. Communication is of great importance to Navy Federal, and keeping you informed every step of the way is the primary concern. After you have been approved, you can either pick-up a check from a branch or have it sent in the mail. 

Navy Federal Auto Loans Resources

You’ve got everything you could need to get ready for your auto loan application right at your fingertips through the Navy Federal Credit Union website. From a calculator to determining how much your payment will be, to an auto loan resource section including information about registering your new vehicle, finding the right insurance, and even tips for smart car buying. You’ll see the great rates they offer members making them one of the best options for securing an auto loan anywhere. Navy Federal makes it easy for you to determine the right amount to borrow for your next vehicle, so you don’t find yourself over-extended with a loan that you can’t realistically repay. Navy Federal is interested in protecting its members and giving them the tools to be financially successful. 

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All data provided by the Home Mortgage Disclosure Act, at updated Dec, 19
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