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USAA and Navy Federal Credit Union Provides banking and lending solutions to US military members, veterans and qualified relatives. Both lenders work in all 50 states.
However, USAA offers flexible payment options and more robust payment relief. The Navy Federation features loans Longer terminology A car buying service to simplify the shopping and fundraising process.
USAA vs. Navy Federal Credit Union
Attractive APR (annual rate) and generous loan restrictions can be found in both the USAA and the Navy Federation. Compare and consider each lender’s perks to decide which is best for you.
|
USAA |
Navy Federal Credit Union |
|
|
Bankrate score |
4.4 |
4.2 |
|
Better |
Flexible payment options, payment relief options |
Longer conditions, car purchase service |
|
Loan provided |
New and used purchase loans, refinance loans, lease buy out loans |
New and second hand purchase loans, refinance loans |
|
Loan amount |
Starting from $5,000 |
Starting at $250 |
|
April |
From 4.94% |
From 4.09% |
|
Repayment terms |
36-84 months |
Up to 96 months |
|
Fee |
not specified |
Late penalties, return loan payment fees |
|
Minimum credit score |
not specified |
not specified |
|
Condition footprint |
All states |
All states |
|
Funding time |
not specified |
Immediately on the same business day after approval |
|
Auto Pay discount? |
yes |
no |
USAA Auto Loan
Navy Federal Car Loan
How to Choose USAA and Navy Federal Credit Unions
Both lenders Please lend to ServiceMembers onlyveteran, their spouse, qualified relatives. If you do not meet these requirements, Compare other car loan rates To find a better fit.
APR Range
Neither lender discloses a maximum APR online. Since neither company has any prior qualifying options, it must be officially applied (and accepts strict credit checks) to view the fee. If you have excellent credit, both the Navy Federation and the USAA offer the best in class minimum April.
It should be noted that the Navy Federation also charges relatively high interest rates on older models. While this is not uncommon for lenders, vehicles that have been in 20 years or longer have a rate of at least 5 percentage points higher than the newer vehicle rate.
Minimum credit score
Neither lender has disclosed Credit Requirements. But like most lenders, the higher your credit score, the better your interest rates. If you have a short credit history or low score, take a look Car loan rate for bad credit. These lenders tend to be more flexible in terms of acceptance criteria.
Repayment terms
Both lenders offer rather long loan terms, with the Navy Federation offering up to 96 months of 84 months in the USAA. However, an eight-year loan term can be risky and expensive. Even if the car loan rate is low, you will still be spending a significant amount of money during the life of the loan.
The USAA has slightly shorter repayment terms than the Navy Federation, but offers some unique perks. USAA borrowers can pay two weeks or monthly, giving them the flexibility to make loan payments when convenient. Making biweekly payments can help you Pay your loan faster And saves interest.
Loan amount
USAA car loans start at $5,000, but lower loan amounts require shorter repayment conditions. To receive a 72-month term, you must exceed at least $15,000, or more than $25,000 to qualify for an 84-month term.
The Navy Federation has adopted a similar approach, requiring a loan amount of at least $30,000 to qualify for a period of 84 months or more. However, if you are considering funding a very inexpensive vehicle, the Navy Federation is a clear winner. It offers a small loan of $250.
Fee
The Navy Federation does not disclose everything Potential feesit mentions a $29 fee for late payments and will not be charged for payments on the returned loan.
USAA does not charge loan application fees or advance fines. Lenders are less transparent about other charges, such as late payments or refunded fees, but these charges are fairly standard among car lenders.
Conclusion: Which lender is the best?
Choosing two can be difficult, as both offer attractive incentives that are worth considering. USAA offers AutoPay discounts that are not found in the Navy Federation. However, the longer shopping windows or faster funding times in the Navy Federation can be what suits you.
Compare more lenders before applying
If you do not meet these two lenders’ service-related requirements, other lenders will also boast flexible payment options and terms. Explore offers from several lenders to ensure you Get the best car loan For your needs.
