How to Get Pre-Approved Car Loan from Navy Federal (Step by Step Guide)

Here is a step-by-step guide on how you can get pre-approved for your auto loan with Navy Federal. There are a couple of ways how you can apply for a Navy Federal Credit Union car loan and members who have a direct deposit account and those who are in the military are given quite an advantage. During the application, they will ask you what your income is and if you are employed. These things will help determine your interest rate.

Growers jacob back here with another video talking about navy federal credit union the credit union that so many people love right so this video is going to be about um getting a auto loan with navy federal and going through this pre-approval process i’ve seen a handful of videos online about how to um about car loans with navy federal and that kind of thing um

You know talking about if you have good credit bad credit but i’m gonna go through the pre-approval process uh myself and you guys are gonna come along for the ride with me so go ahead and like this video we’re going to go through this step by step not necessarily every single part here i mean they give you the layout of what you can expect so you know the five

Simple steps here right they want your information you submit your application pick up your check your loan check so you can also do this over the phone with them you can do you know on the app or whatever the case is but i’m going to show you guys just how to do it on here my plan is after the pre-approval is to go pick up the check the local branch you can have

It mailed to you like overnight during the week and that kind of thing so if you want you take the loan to the dealer or the loan check to the dealer when you’re ready to buy show them how much you’re pre-approved for send them the title all that fun stuff and it’s good for um the 90 days of purchase so let’s do this let’s get ready to get started and fun fact

I found out when i was talking to them if you look at their rates online so if you look at their rates they have here online this is in 2021 here because remember these can change over time it shows you all this info of new vehicle late model used vehicle different rates you can get if you are military and you have direct deposit with navy federal they actually

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Take another quarter of a percent off of these so and i didn’t know it’s not even on the website here i didn’t know that it’s not on the website but the rep on the phone did tell me if you’re military and you have direct deposits maybe federal they will take another quarter of a percent off of these so that is very good to know okay so after you’re logged into your

Account you’re going to see this screen right here about going through the auto loan application process uh the rep i talked to last night the first one i talked a couple days ago said they could technically pull of course from any of the three credit bureaus right that’s the politically correct answer to give or it could always be any of them but and i talked to

Another rep who said yeah usually it’s going to be transunion that they pull from what is and they did say it’s going to be a hard inquiry so it talks about quick easy in any case you’re going to be approved instantly um so when it’s doing something like this and you want to get pre-approved so if you’re going to buy from a dealership you don’t have to have the

Exact vehicle if you’re going to do private party then they’re going to want to know the vehicle and they’re going to want to know the van they’re going to want all this kind of stuff but if you’re going to a dealership then you don’t so you know you say i’m not sure which vehicle so they’ll pre-approve you for a certain amount then when you’re at the dealership

Then they’re going to you know go through this process revealing the car reviewing the carfax and all that kind of stuff so we’ll continue okay so auto loan application next part here how are you applying for this loan you’re going to be individual for this yeah not sharing responsibility this is going to be all me on this one so they want the loan amount contact

Info uh employment and income and then if you need to send any documents this is the address if you send any documents to an address other than your address of record then they’re going to want you to call in here okay and then at the end it says you’ll receive a reference number if the application is completed in its entirety we will continue so we’re going to

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Go with previously owned say no probably not quite that new it will continue your pre-approvals for a new vehicle do you purchase a used vehicle rate may change yes because we have this char right here that helps us out with that mileage you will determine classification pre-approval okay private seller yes is what i was saying so if you go for if you like to

Purchase from a private seller navy federal real will require you to select the vehicle and provide us information a new application so let’s continue if you like to trade in nope ah it’s going to be more than 5 000 amount to be financed let’s see taxes tax titles warranty less any down payment well let’s do this loan summary no no we’re going to go 72 months

On this has been calculated based on the information provided review before clicking continue yep yep yep yep yep all right let’s do all that we’re going to go the longest term that we can here and we’re going to continue all right enter my info which you guys are not going to see all this then it’s going to say if you move continue this application you give

Navy federal credit and permission to obtain a consumer report to value your credit worthiness in addition you authorize any person to provide any federal information concerning you that you may be that may be relevant to the evaluation or re-evaluations applications so saying hey they’re going to go ahead and run the credit loan request is being processed do

Not refresh or leave the page cool so loan request under review this is if you approve this will be it cool cool 4.19 all the way up to 18 at 18 they have so here you can’t give the final rate once the review your application is finished you found it will be determined alright well let’s see so i’ve actually got um rates from the dealership so no i’m not

Going to add gap in case you don’t know this will tell you all everything about gaap and uh gap insurance and all this kind of stuff so no not doing that we will continue receiving your documents complete everything online immediately view print yes yes yes you promiser you know yes we’ll do this online receive process pre-approve alone your promissory note

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Will be available for signature you would rather wait five to seven business days for email paper or pick up uh well i want to go pick it up so let’s see yeah let’s go cause i’m gonna go pick it up at a branch hey without opting for electronic oh well yeah let’s just go electronic then and do that oh here okay continue there you go this makes more sense

We’ll see electronically pick up how would you like to receive your loan proceeds pick up at a branch go here where i live in nevada please select branch there henderson we’ll go spring mountain all right so now we continue ah elementary payment information let’s do honor before eleven slash eight you have 32 days to make your first payment automatic how would

You like to repay your loan automatic account transfer not by mail payment frequency we’ll go monthly date of the first payments we’ll go heck 11 8. all right we will continue oh an account to transfer from i will do this there we go so you choose all right so you get the loan repayment information when your first full payment is due it says i have 32 days

Account transfer from here we’ll do it monthly now we continue all right last part review and submit so we’ll see yeah guaranteed asset protection decline your loan proceeds here drafts disbursement pick up signature cool cool cool monthly submit application please read carefully okay yes just saying this is a crime to submit false statements you know it says

Under five minutes but this takes a little longer especially you’re actually going to read everything so yes you don’t want to be committing fraud right taking this car alone and using it for something else or trying to make it a personal loan yeah don’t do that that would be bad so here we go application to review decisions made in less than two hours so we’re

Going to wait for a little bit so i may have to he would be contacted shortly contact will be made via email or text here’s my confirmation number ah maybe i will give them a call or call the dealership we’ll see but we’ll come back and we’ll check and let you guys know what happened

Transcribed from video
How to Get Pre-Approved Car Loan from Navy Federal (Step by Step Guide) By Money Growth Project