Used auto financing is available for any vehicle older than three years with loan terms of up to 72 months. Navy Federal Credit Union Used Auto Loans The same APR ranges are available on late model used cars with loan terms up to 72 months. NFCU breaks down the late model category further into late model used cars from the most recent three-year period that have more than 30,000 miles. The maximum loan term for a late model car is 72 months. That’s important because late model cars qualify for the same low APR as new cars, which is currently 1.99 percent. If the vehicle you want to buy is a 2015, 2016, or 2017 model with a mileage count of 7,500 to 30,000, NFCU considers it a late model car. Navy Federal Credit Union Late Model and Late Model Used Auto Loans Buyers with less than stellar credit can expect to be charged APRs of 15 percent to 19 percent depending on the length of the loan term.

The lowest APRs in all loan ranges are reserved for the most creditworthy borrowers with a credit score of at least 700. While some car buyers might appreciate the longer terms of 85 to 96 months, they will pay much higher rates as the low APR for that range is 4.89 percent. The APR bumps up a notch to 2.69 percent for a 61 to 72 month term but it jumps considerably to 4.09 percent on a 73 to 84 month term. For a 37 to 60 month loan term the lowest APR is 2.39 percent. The lowest current APR of 1.99 percent comes with a loan term of up to 36 months. So, for the current year, 2017, a new vehicle includes the 20 model years, as long as its mileage is less than 7,499. To NFCU, a “new” car or truck was manufactured in the last three years, including the current year.

What’s unique about Navy Federal auto loans for new cars is not that it offers one of the lowest APRs available it’s unique because of the way it classifies a new car. Its auto loan products in particular are considered to be among the most flexible and competitive in the industry. 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. If you’re an active or retired member of the military, or you’re 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 (NFCU).

Navy fed auto loan calc