How Navy Federal Credit Union Works
You can get a personal loan from Navy Federal for several reasons, including auto repairs, vacations, and other major purchases.
Unlike other credit unions, you need to be a member of Navy Federal to apply for and receive a personal loan. You’re only eligible if you are active military member or a veteran, as well as an employee or retiree of the Department of Defense. Family members of any of the aforementioned groups are also eligible.
You can get a personal loan from Navy Federal in all 50 states. Navy Federal allows you to apply with co-borrower, which may help you get a better rate if your co-borrower has a great credit score. You can fill out your application online and get your rate within several minutes. If you’re looking for a debt consolidation or home improvement loan, you’ll have to apply over the phone or in person.
In most cases with Navy Federal, you’ll get your money the same day you apply.
There are many options to get your customer support questions answered. You can call customer support 24/7, send a secure message from your online banking account, set up an in-person meeting, message a chatbot, send physical mail, or reach out to the company on social media.
Is Navy Federal Auto Insurance Good
Navy Federal was founded in 1933 to provide banking services to members across the United States.
Since 2016, Navy Federal has offered members discounted car insurance by partnering with GEICO. As a Navy Federal Credit Union member, you can obtain GEICO car insurance through Navy Federal to obtain a discount.
Is Navy Federal auto insurance good? What can you expect from your Navy Federal auto insurance policy? Today, were explaining everything you need to know about Navy Federal auto insurance and how it works.
How To Qualify For A Navy Federal Loan
Navy Federal does not publicly disclose many of its borrower requirements. According to the lender, there is no minimum credit score, but it will take into account your history with the credit union. Heres what you need for your application:
Desired loan amount and term.
Current employment details and income.
Contact information including phone number and email address.
Personal details of your co-applicant or co-borrower, if applicable.
Loan example: A three-year, $25,000 loan with a 20.5% APR would cost $935 in monthly payments. Youd pay $8,660 in total interest on that loan.
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Final Word Navy Federal Insurance Review
As a Navy Federal member, you qualify for special discounted car insurance rates with GEICO. GEICO is one of Americas largest and best-known insurance companies. Although GEICO doesnt have a perfect reputation, the company is generally well-regarded for its competitive prices, effective claims satisfaction, and strong customer service.
To obtain a Navy Federal car insurance quote through GEICO, complete the application here:
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What Is The Maximum Loan Term You Can Get With Navy Federal Auto Refinance
Navy Federal auto refinance offers auto refinancing with terms ranging from 12 to 96 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your auto refinancing loan, the more interest you will pay.
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Best For Deployment Services: Security Service Federal Credit Union
Established in 1956, the Security Service Federal Credit Union initially provided banking options for members and family members of the U.S. Air Force Security Service Command. Since then, it has grown to include 500,000 members.
Eligibility: You can join SSFCU if you live, work, worship, go to school in or have a business in Texas, Colorado or Utah. Members of select military branches and employees of the Department of Defense at select military bases are also eligible for membership. If you are a family or household member of an existing member, youll also qualify.
Military benefits: Benefits include military deployment loans with low rates to help pay for expenses when youre deployed, as well as other services such as assistance with shipping your vehicle overseas. The credit union will also help you lower your auto insurance during deployment if you need to store your vehicle. Expedited direct deposit allows you access to your military Leave and Earnings Statement direct deposits one to three days before the posting date.
Customer experience: SSFCU is part of a network of more than 5,000 branches nationwide and more than 30,000 free ATMs. Customer service is available by phone during normal hours, though there is a 24/7 virtual assistant available. You can also manage your accounts online or through the iOS and Android mobile apps.
Navy Federal Cashrewards Credit Card* Vs Navy Federal Go Rewards Credit Card*
If a Navy Federal credit card is appealing to you but youd prefer a different rewards structure, consider the Navy Federal Go Rewards credit card. The card earns unlimited 2% cash back on all purchases1% when purchases are made and another 1% when theyre paid off. For those who spend plentifully on gas and dining, the Go Rewards will likely earn more rewards overall.
Although the Go Rewards card offers cell phone protection, it does not have the added benefit of auto rental collision damage waiver. It also comes with a different welcome bonus: This card does not offer a welcome bonus.
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Navy Federal Auto Insurance Reviews: What Do Customers Have To Say
Navy Federal is a well-rated credit union and GEICO is a popular car insurance company, so it makes sense that the Navy Federal / GEICO car insurance is equally well-rated.
GEICO stores over 15,000 reviews on its website, and the company claims to have a 91% satisfaction rate across all these reviews. GEICO emphasizes that 91% of customers would refer GEICO to a friend and that most GEICO customers have a good claim experience and are happy with GEICO customer service.
Meanwhile, the Navy Federal website claims that 97% of GEICO customers have a positive satisfaction rating.
The Better Business Bureau page for GEICO has an A+ rating with 1,100+ complaints over the last three years. Thats about average for a company as large as GEICO, which insures millions of drivers across the United States.
JD Power ranks GEICO middle of the pack compared to other insurance companies in terms of customer service, claims satisfaction, and pricing. Like other huge insurance companies in the United States, customers have a mix of good and bad things to say about GEICO. Some customers are extremely happy with their claims experience, while others are unhappy. GEICO ranked similar to State Farm, Nationwide, and other mainstream insurance companies in the latest JD Power rankings.
Navy Federal customers get all of the benefits of GEICO but with cheaper premiums. Overall, Navy Federal customers have good things to say about their auto insurance experience.
Best For Checking Accounts: Americas Credit Union
Americas Credit Union was founded in 1954 and originally intended for members who were civilian federal employees at Washington states Fort Lewis. The credit union later opened to military personnel and then civilians. Although membership has expanded, Americas Credit Union continues to offer military benefits to more than 39,000 members.
Eligibility: You can join ACU if you live in the Pacific Northwest, are a member of the Pacific Northwest Consumer Council a member of the armed forces , civilian personnel or someone related to a member of these groups or a member of the Association of the United States Army.
Military benefits: Benefits include free organizational accounts to military unit organizations to open military fund accounts such as the Family Readiness Group. The credit union also offers resources to help military members in financial need through JBLM Financial Resources, and provides relocation and deployment assistance.
Products and services: ACU offers numerous checking accounts with competitive APYs and impressive perks in addition to savings accounts, insurance, mortgages and other loans. The no-fee Affinity Basic checking account pays 2.02% APY on the first $1,000 deposited then 0.1% APY on balances between $1,000.01 $15,000 and 0.25% APY on balances above $15,000 and has no monthly fee or required minimum deposit.
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Ology For Determining Best Military Banks And Credit Unions
To find the best military banks and , ValuePenguin looked at military financial institutions that are available nationwide, from small community banks and credit unions to traditional brick-and-mortar banks and online banks. We update our list on a regular basis to ensure were providing readers with the most up-to-date information.
We determined our list and rankings by considering the following factors:
Editorial Note: The content of this article is based on the authors opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.
Navy Federal Credit Union Auto Loan Review
Many or all of the companies featured provide compensation to LendEDU. These commissions are how we maintain our free service for consumers. Compensation, along with hours of in-depth editorial research, determines where & how companies appear on our site.
If youre an active or retired member of the military, or youre related to one, you have a great opportunity to finance a new or used car with one of the best auto loan rates around with the Navy Federal Credit Union .
In addition to its wide array of banking products and services as well as being one of the largest credit unions in the country, NFCU offers highly competitive loan products, including credit cards, mortgages, and personal loan. Its auto loan products in particular are considered to be among the most flexible and competitive in the industry.
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What Does Gap Do
If your car is totaled in an accident or stolen and not recovered, you should receive a settlement from your insurance company based on the market value of the vehicle. But this amount may not cover the rest of your loan. If theres still money owed, GAP may help pay:
- the outstanding loan amount
- a portion of your insurance deductible
Where Navy Federal Stands Out
Wide range of loan amounts: Borrowers can choose loan amounts from $250 to $50,000 when applying for a personal loan at Navy Federal. This is an especially wide range among lenders and could make the loan a fit for a small expense like an emergency repair or something larger like a home improvement project.
Term availability: For most loans, repayment terms range from one to five years, but borrowers funding a home improvement project have more choices. With a $25,000 minimum loan amount, you could qualify for a term from five to seven years, and with a $30,000 minimum, you could qualify for a term up to 15 years.
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Co-signed, joint and secured loans: Members can add a co-signer or co-borrower to their application. Adding someone with better credit or higher income can help your chances of getting a lower rate or a higher loan amount. Co-signers will not have access to the funds but are responsible for any missed payments.
Borrowers can also secure their loan with a Navy Federal savings account or CD, which could help you qualify for an especially competitive rate. Depending on the account you choose, your APR would be your share rate or certificate rate, plus 2% to 3%.
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Where Navy Federal Falls Short
No option to pre-qualify: Navy Federal does not offer the option to pre-qualify for its loan. Though this is not unusual among credit unions and banks, many online lenders will let you check your rates before applying. Pre-qualifying with multiple lenders allows you to compare potential loan offers without affecting your credit score.
No rate discount for autopay: The lender does not offer a rate discount for borrowers who set up automatic payments on their personal loan. This discount, more common among online lenders, typically ranges from 0.25% to 0.5% and can help lower what you pay in interest.
No option to change payment due date: Navy Federal does not let borrowers choose their payment date before signing the loan agreement or make changes to the date after. It is common for a lender to let you do one or the other, and some even allow both. Payment flexibility is helpful for borrowers whose payday or monthly obligations may change over the life of the loan.
What Is Guaranteed Asset Protection
For many car owners, typical car insurance covers the costs of damaged and stolen cars. However, if what you owe on your auto loan is higher than the total cash value of the car, the difference or GAP is not covered by your insurance plan. GAP helps you cover that difference to give you protection when you need it most.*
*Some exceptions apply. See the full GAP policy below.
How GAP Works
GAP will waive the difference between what the insurance company paid and the loan amount, if the loan amount is higher. For example:
How Auto Deductible Reimbursement Works:
The primary borrower is eligible for coverage. If the loan is joint, the co-borrower is not eligible for the ADR benefit.
All vehicles the primary borrower owns and insures are eligible for coverage.
Only four-wheel, non-commercial passenger vehicles are covered ADR does not cover motorcycles, boats and RVs.
A claim can be filed if the paid claim exceeds the borrowers deductible and has been approved and paid by the borrowers primary auto insurance. Includes comprehensive and collision claims and requires repairs to be made.
If claim is approved, the borrower will be reimbursed for the deductible he/she paid. Refer to program details above for maximum benefit amounts.
Be sure to add GAP coverage when you apply for your PenFed vehicle loan online or call and talk to a representative at 800-247-5626.
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North America Car Rental Loss & Damage Insurance:
Provides coverage in excess of other insurance against damage to or loss of a rental vehicle. Coverage applies when the entire rental fee is charged to your Card.
855 351-6575 fax: 855 830-3728
Available 8 am 8 pm EST Monday through Friday 8 am 12 noon EST Saturdays
All other times, including holidays, a telephone call-in service is provided
Navy Federal Customer Service
Navy Federal members have access to a wide range of support options from the credit union. Phone support is available 24 hours a day, seven days a week, with options for domestic and international callers:
- Domestic: 888-842-6328
- International: 703-255-8837
Other support options include chat, email, mail, and social media channels.
Navy Federal does give members online and mobile access, which arent options at many credit unions. Members can check balances, make payments, transfer money, and order checks from almost anywhere.
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What Is Gap And What Can It Do For You
Guaranteed Asset Protection could help cover the costs that your car insurance can’t.
Theres a lot to like about owning a new carthat is, unless it gets stolen or involved in a serious collision. In those situations, you might expect your car insurance policy to cover the remaining cost of your unsalvageable vehicle. Unfortunately, even the best plans may not cover the rest of your outstanding loan, creating a loan gap on the money you owe. Thats where Guaranteed Asset Protection comes in.
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Navy Federal Credit Union Overview
Navy Federal was founded in 1933 and has been partnered with Geico since 2016. The aim of the partnership, according to a press release in Business Wire, was to provide affordable, Geico-backed Navy Federal auto insurance to Navy Federals eight million members. Both Navy Federal Credit Union and Geico have earned national accolades and top ratings from industry leaders.
While Navy Federal car insurance offers its coverage and discounts through Geico, the company does have restrictions on eligibility. The following people may be eligible for Navy Federal:
- Active duty, retired, or veteran members of the Army, Marine Corps, Navy, Air Force, Coast Guard, or Air National Guard
- Members of the Delayed Entry Program
- Department of Defense reservists, officer candidates/ROTC, civilian employees, US government employees of DOD, civilian retirees, and annuitants
- Family members of servicemembers listed above including parents, grandparents, spouses, children, siblings, grandchildren, and household members
Aside from auto insurance, Navy Federal Credit Union also offers savings accounts, cashRewards credit cards, personal loans, certificates, auto loans, and private student loans.
Who Is Eligible For Navy Federal Auto Insurance
Anyone can buy GEICO car insurance with no restrictions whatsoever. To buy GEICO auto insurance through Navy Federal, however, you must be a Navy Federal member.
Membership in Navy Federal is restricted to the following groups:
- Active, retired, or veteran members of the Army, Marine Corps, Navy, Air Force, Coast Guard, or Air National Guard
- Members of the Delayed Entry Program
- Department of Defense reservists, officer candidates and ROTC, civilian employees, US government employees of the DOD, civilian retirees, and annuitants
- Family members of anyone listed above, including the parents, grandparents, spouses, children, siblings, grandchildren, and household members of any of the above
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