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?
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
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.