Auto Loans

[iCoop]

Hello all,

I recently was approved for and used a Navy Federal Auto Loan check to purchase my 2013 Kia Optima. The loan application was put in as a new vehicle loan. I received an APR of 2.99 on a credit score of 690. I've seen where some with much lower scores have received the same if not better APRs from NavyFed so my questions are:

1. Will NFCU negotiate on the APR that I was given now that it has already been applied to my account?

2. Does NFCU ever adjust the APR automatically over time if I pay on time and have a steadily increasing credit score?

[rootpooty]

The lowest they go I believe and I could be wrong is 1.9%.  In order to get a an apr reduction with them you would have to do a refinance

[hrguy]

Navy doesn't refinance their own loans, and they will not negotiate the rate once it is set in motion.  Pay it for 6 months, and then refinance it elsewhere.  2.9 is pretty low, the lowest I have seen advertised is 1.49 with DCU.  You should be able to get that in 6 months once you have those payments reported and some increase in score although 690 would get it for you now.  YOu can try now even, but with Navy they won't revisit their own car loans once contracted.

[iCoop]

Thanks for the update. I had a 1.49% auto loan through PenFed that was part of this loan to be paid off. I may refinance through PenFed in 6 months.

[rak320]

I was approved for a new car loan @ 1.9% for 72 months. When I went into my branch here in Fayetteville, the Navy Fed Rep said since I am senior enlisted that I got an automatic 1% rate reduction and sure enough when my loan posted it was at .99%!