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Auto Loan, Reviews

Review: Navy Federal Credit Union Auto Loan

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

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Navy Federal CU Are you shopping around for the best auto loan rates before you buy a car? If not, you should be. It helps to get an idea of the type of loan you’ll be approved for before you make a trip to the dealership. Plus, credit unions offer some of the best rates out there – comparable with dealer financing, especially when it comes to new vehicles.

Navy Federal Credit Union offers auto loans with rates ranging from 2.89% to 17.99% for those eligible for membership (which includes most any Active Duty members or retirees of various military branches).

What credit score do you need?

If you have a credit score of 700 or above, that will help you obtain the best auto loan rates possible.

NFCU Auto Loan Details

NFCU offers rates as low as 2.89% APR on new and late model used vehicles. Rates and terms are dependent upon the model year of the car you choose, which can make the details a little confusing.

We asked a representative from NFCU to give us a quote on a new and used vehicle at the lowest and highest APRs so you can get an idea of the range of options available. (Only the lowest rates are listed on the website.)

Auto Loan Rates

As of: October 9, 2018

Loan Type

up to 36 mos.
APR as low as*

37-60 mos.
APR as low as*

61-72 mos.
APR as low as*

73-84 mos.
APR as low as*

85-96 mos.
APR as low as*

New Vehicle

2.89% 

3.29% 

3.59% 

4.99% 

5.89% 

Late Model Used Vehicle

2.89% 

3.59% 

4.39% 

Used Vehicle

4.59% 

4.89% 

5.89% 

 

Keep in mind you can apply for any amount you want. Once you submit your application, NFCU will determine whether or not you’re qualified for that amount.

New vehicle financing: NFCU defines a new vehicle as a 2014, 2015, or 2016 model year with less than 7,499 miles.

Late model used vehicle financing: NFCU defines a late model used vehicle as a 2014, 2015, or 2016 with 7,500 – 30,000 miles on it.

Used vehicle financing: NFCU defines a used vehicle as any vehicle with over 30,001 miles.

As you can see, new vehicles have the most favorable financing and terms – up to 96 months is offered only for new vehicles. Used vehicles are limited to loans up to 72 months, and have the highest maximum APR.

Not having access to longer terms isn’t necessarily a bad thing considering we wouldn’t recommend you take an auto loan for a term greater than 60 months. The longer your term is, the more you’re going to pay over the life of the loan. No one wants to be paying a car loan back for 8 years. Stick to your budget and remember not to focus solely on the monthly payment – take the overall cost of the loan into consideration.

There’s a useful auto loan calculator on NFCU’s page where you can estimate what your payments will be.

How to Apply for an Auto Loan With NFCU

To apply for an auto loan with NFCU, you need to be a member. When you click “Apply Now” on the website, you’re directed to the login page, so you need to register to fill out an online application.

If you want to apply over the phone, you’ll need to enter your access number and telephone password before applying and speaking with a representative.

The application process doesn’t take very long. Customer reviews mention filling the application out in five to ten minutes and being approved within a few hours. A representative we spoke with said pre-approvals and approvals generally take about 24 hours to process, but some customers are approved instantly, while others receive an answer in just a few hours.

Documents and Information Needed to Apply

The information you need to provide depends on what stage of the car-buying process you’re in. You’ll be required to give your personal information either way.

If you’re still shopping for a car and looking for a pre-approval, you’ll need:

  • Any trade-in details if you’re planning on trading your current car in
  • The total amount you think you’ll need for financing (include all fees minus the down payment)
  • Term of the loan

Pre-approvals are only good for 60 days and can’t be used for a private seller. If you use the pre-approval at a dealership, the dealer must call NFCU and obtain a validation code, which has to be written on the pre-approval draft. NFCU needs to receive the draft from the dealer. Once it’s paid, you’ll receive a promissory note.

If you already know the car you want to buy, you’ll need:

  • The VIN of the vehicle
  • The exact mileage
  • The state where the car will be registered
  • The dealer or seller’s name
  • Trade-in details, if applicable
  • The total amount being financed (includes fees)
  • Term of the loan

You can choose to have a check sent to you via Fedex (for free), or you can pick up the check at a local branch.

The Fine Print

There are no additional fees associated with NFCU’s auto loan.

Rates are based on your credit (having a FICO score over 700 helps) and the year model of the car you’re looking to finance.

Pros and Cons of NFCU’s Auto Loan

Pro: Optional guaranteed asset protection (GAP) is offered for a flat fee of $199 that can be rolled into the financing. This covers you in case your vehicle ever gets totaled or is stolen, and the amount the insurance company is willing to pay doesn’t cover the outstanding loan balance.

Con: The membership requirements are a bit strict. If you don’t know anyone that has served in the military, or has civilian connections to the military, you might not be eligible to join.

Pro: Active duty or retirees are eligible for a 1/4% APR discount if they apply at a branch or via phone. Those that have been members of NFCU for 25 or more years are also eligible for the discount. However, this benefit is limited as you can’t go under the 2.89% APR.

Con: The APR range is on the higher side compared with the rest of the lenders on our list. If your credit isn’t the best, you shouldn’t have to settle for a 17.99% APR.

Pro: NFCU offers a live chat feature in case you have any questions about the loan, and it offers phone support as well. For the live chat, all you need to enter is your name – you don’t need to share any personal information beyond that.

Membership Requirements for NFCU

Since NFCU is a credit union, you must meet the eligibility requirements to join and apply for an auto loan. If you’re Active Duty and in the Army, Navy, Marines, Air Force, Coast Guard, Army or National Guard, a member of the Delayed Entry Program, a Department of Defense (DoD) Officer Candidate/ROTC, DoD Reservist, or a retiree from any service branch, you qualify for membership.

You can also qualify if you work at the DoD as a civilian employee, if you’re a U.S. Government employee assigned to a DoD installation, if you’re a DoD contractor assigned to a U.S. Government installation, or a DoD retiree.

Lastly, if you’re an immediate family member of someone who’s a member or who is eligible for membership, you can join. Immediate family members are grandparents, parents, spouses, siblings, grandchildren, children (adopted and stepchildren), and members of your household.

Not surprisingly, there’s a heavy emphasis on military duty with the NFCU. Those who are Active Duty or retired service members are eligible for a 1/4% APR discount, and they’re the ones most likely to benefit from an auto loan with NFCU.

Navy Federal Credit Union

APPLY NOW Secured

on Navy Federal Credit Union’s secure website

Comparable Auto Loans

Aren’t eligible to join NFCU? There are still great options out there for an auto loan. If none of the below options work for you, or the ones on our auto loan table, we encourage you to reach out to your local credit union, as they tend to offer the best rates for auto loans.

LendingTree:  There are hundreds of lenders on LendingTree ready to compete for your business. All you have to do is fill out a short online form. Upon completion, you can see real interest rates and approval information at once. Some lenders may do a hard pull on your credit and this is normal with auto lending. Keep in mind that multiple hard pulls only count as one pull, so the best strategy is to have all your hard pulls done at once.

LendingTree

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree is our parent company

NEFCU: Loans are offered on the same terms of 12 to 96 months, but rates are slightly lower, beginning at 2.65% APR. The maximum amount you can finance is $70,000, and there is no origination fee. Membership to NEFCU is very limited.

NEFCU

APPLY NOW Secured

on NEFCU’s secure website

PenFed Credit Union: You can secure financing on terms of 36 to 84 months with APRs from 2.49% to 4.24% on new cars and 3.49% to 4.49% on used cars. You can finance between $500 - $100,000, and there is no origination fee with this loan. Anyone can join PenFed, either by having eligibility under its scope of membership or by making a contribution to one of two designated charitable organizations.

PenFed Credit Union

APPLY NOW Secured

on PenFed Credit Union’s secure website

Shop Around Before You Settle on a Lender

Regardless of which lender you go with, make sure you continue to shop around for the best loan possible. All credit inquiries that occur within 30 days are counted as one inquiry, so you won’t be penalized for it. Take advantage of that and secure the best rate you can get.

Compare Auto Loan Offers Here.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Erin Millard
Erin Millard |

Erin Millard is a writer at MagnifyMoney. You can email Erin at erinm@magnifymoney.com

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Reviews

Rising Bank Review: Savings and CD Rates

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1906
Total Assets$1.9B
LEARN MORE Rising Bank’s secure websiteMember FDIC

Rising Bank is a brand-new, online-only bank that got started in 2018. However, it traces its roots all the way back to 1906, when a charter was issued to its parent bank Midwest BankCentre, known at the time as Lemay Ferry Bank. Midwest BankCentre is a community banking leader in its home of St. Louis and Rising Bank was designed to expand the reach of its parent bank.

Although Rising Bank is a division of a long-established bank, as a new entity itself, it offers a limited roster of accounts. For example, you still can’t open a checking account at Rising Bank as of February, 2019. Your savings and investment options are limited to three types of CDs and one type of savings account.

As an online-only bank, you can only open Rising Bank accounts online. The process involves providing basic personal and financial information, confirming your identity, funding the account, and submitting the completed application. Information you’ll be required to provide includes your name, email address, phone number and Social Security number, along with information about the bank you’ll be using to fund the account.

Here’s a look at the limited roster of Rising Bank account offerings, including information such as minimum balance requirements, monthly fees, and other features and benefits.

Rising Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

2.45%

Savings

Rising Bank High Yield Savings Account

2.10%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.85%

CD Rates

Rising Bank 1 Year Term CD

2.75%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.95%

CD Rates

Rising Bank 2 Year Term CD

2.90%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

3.00%

CD Rates

Rising Bank 3 Year Term CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Rising Bank’s savings account options

High-Yield Savings Account

This account is the only savings account option in the Rising Bank lineup.
APYMinimum Balance to Earn APY
2.45%$1,000
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

Rising Bank’s High-Yield Savings account is the bank’s only savings account option, but it makes up for this limitation by offering a quality product. There’s no monthly maintenance fee with the High-Yield Savings account, and the minimum opening deposit requirement is quite low for a high-yield product. The high rate offered by the account is paid on all amounts above the $1,000 minimum deposit requirement, with no tiers paying additional interest on larger deposits. While not affecting most customers, there is an account maximum of $500,000.

The High-Yield Savings account is strictly a savings-only product. There is no ATM access with this account, and the account cannot be overdrawn. Interest is paid monthly, and deposits are FDIC-insured up to the insurance limit.

As with all Rising Bank accounts, you can sign up for online banking for free and access your High-Yield Savings account online 24/7.

How to get Rising Bank’s savings accounts

As an online-only account, the High-Yield Savings account can only be opened online. The process involves providing basic personal and financial information, confirming your identity, funding the account, and submitting the completed application. Information you’ll be required to provide includes your name, email address, phone number, and Social Security number, along with information about the bank you’ll be using to fund the account.

LEARN MORE Secured

on Rising Bank’s secure website

Member FDIC

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How Rising Bank’s savings accounts compare

Rising Bank only has a single savings account option, but it is exceptional. With no fees, a low minimum opening balance requirement, and an extremely high yield, Rising Bank’s High-Yield Savings account is tough to beat. In fact, the rate paid is not only well above the national average, it’s higher than some of those offered by the nation’s best available savings accounts.

Rising Bank’s CD account options

Term CDs

Rising Bank’s Term CDs are for customers saving for a goal at least one year away.
APYMinimum Balance to Earn APYTerm
2.85%$1,0001 year
2.95%$1,0002 years
3.00%$1,0003 years
  • Minimum balance to open account: $1,000
  • Minimum balance to earn APY: $1,000
  • Early withdrawal penalty: 90 days’ interest for terms of one year; 180 days’ interest for terms of two years; 180 days’ interest for terms of three years

Rising Bank’s Term CDs are straightforward, with limited options. You can only open a regular Rising Bank CD for one year, two years, or three years. Each maturity has the same $1,000 minimum to open and to earn interest. However, all CDs also have a $500,000 maximum.

Early withdrawal penalties are either 90 days or 180 days on these Term CDs, depending on the maturity selected. For each maturity, interest is credited every three months. All CDs are FDIC-insured up to the insurance limit and renew automatically upon maturity. Upon notice of maturity, funds can be withdrawn within a 10 calendar-day grace period.

LEARN MORE Secured

on Rising Bank’s secure website

Member FDIC

Jumbo CDs

Rising Bank’s Jumbo CDs are for larger deposits only.
APYMinimum Balance to Earn APYTerm
2.95%$100,0002 years
  • Minimum balance to open account: $100,000
  • Minimum balance to earn APY: $100,000
  • Early withdrawal penalty: 180 days’ interest

These Jumbo CDs are even more limited in scope than the bank’s Term CDs, with just a single, two-year maturity available. As a jumbo CD, you’ll have to deposit at least $100,000 to open the account and earn interest. Early withdrawal penalties amount to 180 days’ interest.

As with the bank’s regular Term CDs, interest is credited every three months, all CDs are FDIC-insured up to the insurance limit and there’s a $500,000 account maximum. Jumbo CDs automatically renew unless funds are withdrawn within 10 calendar days after maturity date.

LEARN MORE Secured

on Rising Bank’s secure website

Member FDIC

Rising CDs

Rising CDs is the name that Rising Bank dubs its bump-up CDs.
APYMinimum Balance to Earn APYTerm
2.85%$25,00018 months
3.00%$25,00036 months
  • Minimum balance to open account: $25,000
  • Minimum balance to earn APY: $25,000
  • Early withdrawal penalty: 180 days’ interest for 18-month maturity; 180 days’ interest for 36-month maturity

Rising Bank’s Rising CDs come in two maturities — 18 months and 36 months. The CDs require $25,000 to open the account and earn interest, which is compounded every three months. The twist with these CDs is that you can bump up your CD rate once per term if rates rise. Additionally, you can deposit additional funds into a Rising CD one additional time during your original term; this additional deposit must be at least $5,000.

As with other Rising Bank CDs, Rising CDs automatically renew unless you withdraw your funds within 10 calendar days after maturity. Rising CDs are also FDIC-insured.

How to get Rising Bank’s CD accounts

As mentioned above, you can only open a CD account online. You’ll need to provide personal and financial information, including a funding source, along with your Social Security number and identifying documents.

LEARN MORE Secured

on Rising Bank’s secure website

Member FDIC

magnifying glass

How Rising Bank’s CD accounts compare

All of Rising Bank’s CDs pay rates well above the national averages. Currently, there’s no advantage in ponying up the $100,000 required to open one of Rising Bank’s Jumbo CDs, as those 2-year CDs pay the same rate as the bank’s ordinary 2-year Term CDs. However, regardless of which Rising Bank CD you select, you’ll be earning an excellent rate. The bank’s 1-year CD is one of the best CD rates in the country, and the 2- and 3-year Term CD rates are not far behind.

Overall review of Rising Bank’s products

Rising Bank is not the institution you want to bank with if you need comprehensive financial planning and products. However, if you have selective needs and only want the best available accounts, Rising Bank might have some valuable offerings for you.

Money market accounts, IRAs and checking accounts are not available at Rising Bank, at least as of February 2019. But the high yields offered by the bank’s High-Yield Savings account and its three types of CDs are enough for even the most dedicated yield chasers. Carrying no monthly account fees and reasonable minimum deposit requirements, these products offer the complete package, with yields right at the top of their class, across the board.

Rising Bank’s bump-up CD, dubbed the Rising CD, starts customers at a top-tier interest rate right off the bat while still allowing them to raise the rate one time during the CD’s term. In fact, customers with at least $25,000 to invest are better served in the bank’s Rising CDs than its Term CDs, since both types of account pay the same initial rate but the Rising CDs offer the potential to raise that rate even further. Terms apply.

The bottom line is that Rising Bank may not be a one-stop shop that can cater to your every financial need. But if you’re just looking for low-cost products with some of the best rates in the nation, Rising Bank has a lot to offer.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

John Csiszar
John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here

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Reviews

Review of Netspend Prepaid Card

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

If you cannot get a traditional bank account, you may have few options but to manage your money via a prepaid card. That’s where companies like Netspend come in. Netspend issues prepaid cards which allow you to receive your paycheck, government benefits and tax refunds via direct deposit. You can also use Netspend to pay bills, conduct financial transactions online, track your spending automatically via Netspend’s app and complete most other tasks you would be able to with a traditional checking account. In this review, we’ll explain what Netspend has to offer, fees and fine print and how it compares to other prepaid options out there.

Netspend Prepaid Card features

Your name is embossed on your card. If a cashier ever asks you for an ID to match to your card, but your card says “Valued Customer” or something of the like on it in lieu of your name, you could be denied the purchase. It would also prevent you from receiving funds via MoneyPak, and could cause other disruptions in your financial life. The fact that the Netspend Prepaid Card has your name printed on it alleviates a lot of friction.

Free direct deposit. If you want to receive your paycheck, government benefits or tax refund on your Netspend card, you can do so at no cost.

You will also be able to use the app to send money to anyone with Netspend FlashPay. While the app does offer mobile check deposit, there may be fees charged by the service provider Netspend partners with in order to enable this feature. That being said, Netspend does not charge any fees for this service directly.

Cashback rewards. Netspend issues these rewards when your spending lines up with sponsored offers, which are preselected for you based on your spending habits.

NetSpend also has a refer-a-friend feature which rewards you both with a $20 when your friend uses your referral link to open a new card and loads at least $40 onto it.

High-yield savings account. As long as you’re not currently subject to IRS backup withholding, another perk Netspend offers is access to a savings account with an APY of 5.00% for balances under $1,000. This can be a huge perk for those who are having trouble opening a bank account as it could potentially establish a more positive banking history. Beyond that, the APY is phenomenal.

Netspend Prepaid Card fees and fine print

Monthly fees range from $5 to $9.95 per month. Although the Netspend Prepaid Card comes with a lot of benefits, it comes with a lot of fees, too. Different plans will incur different monthly fees. For example, the FeeAdvantage Plan, which allows you to circumvent a $1 charge for every purchase requiring a signature and a $2 fee for every purchase requiring a PIN, will run you $9.95/month. If you have a regular direct deposit of at least $500/month set up, you qualify for the Netspend Premier FeeAdvantage Plan, which does the same thing at a much lower price point of $5/month.

Reload fees can sting. While there are no activation fees or check deposit fees charged by Netspend, you will have to contend with reload fees everytime you want to put cash on your card.

Lots of miscellaneous fees. There are fees if your purchase is declined, fees if you want to stop a pre-authorized payment, ATM fees, foreign transaction fees and account inactivity fees should you let your account sit for 90+ days without any transactions, withdrawals or deposits.

Checking your balance via text, email or your online account center is free. However, checking via ATM or a customer service agent will incur a $0.50 fee. You will also be charged this fee if you make a balance inquiry via the automated telephone service, though the $0.50 fee is waived in this instance if you have a Netspend Premier FeeAdvantage Plan.

Overdraft protection plan is limited. While you can opt into overdraft protection to protect yourself from declined purchase fees, you will have to go through the steps of enrollment in the program first. You will only be allowed three overdrafts per calendar month, and each one will cost you $15. Unless you’re getting your purchases declined 15 times or more per month, this service may not be worth it.

Try not to lose your card. If you lose your card, there is a $9.95 fee to replace it. If you need your replacement card within less than seven business days, you will have to pay $20 to $25 in shipping costs depending on how quickly you need it.

NetSpend Prepaid Card Fees
Activation feeNone
Monthly Plan FeePay-As-You-Go Plan: None; FeeAdvantage Plan: $9.95/month; Netspend Premier FeeAdvantage Plan: $5/month
Reload feeVaries depending on location and deposit type.
Check deposit feeNone
ATM fees$2.50 at domestic ATMs; $4.95 at foreign ATMS
ATM decline fee$1.00
Foreign transaction fee3.5% of withdrawal or purchase in USD, in addition to the $4.95 foreign ATM fee
Account-to-account transfer fee$4.95 when initiated by customer service representative
Bill payment feeVaries
Stop payment fee for ACH debit/preauthorized payment transactions$10
ACH debit/Preauthorized payment transaction decline fee$1
Card replacement fee$9.95
Balance inquiry fee$0.00 to $0.50 depending on plan and modality of deposit.
Account inactivity fee$5.95/month after your account has been inactive for 90 days

Using the Netspend Prepaid Card mobile app

Netspend’s mobile app allows you to deposit checks via mobile, send or receive money from anyone with Netspend’s FlashPay and find the lowest-cost reload locations near you.

If you’re looking for the more advanced budgeting features some financial institutions offer to their mobile users, you’re out of luck. But you will still be able to monitor your account balance and transaction history.

Opening a Netspend Prepaid Card Account

Ordering a card is easy and can be done online You simply provide your name, address and email and your card will be shipped to you in 7-10 days.

However, in order to activate your card, you’ll have to meet some eligibility requirements. First, you must be 18 years of age and not live in Vermont. You will also be required to verify your identification by supplying your name, address, date of birth and government-issued ID number. In some cases, Netspend will require you to provide your actual ID in order to verify your identity.

Your credit history and checking history will not be run as a part of the application process.

Overall review of Netspend Prepaid Card Account

There is no way around it: Netspend Prepaid Cards are loaded with fees that will eat into your paycheck or any other source of income. If you can get a traditional checking account, you should as it is extremely likely that it will be leagues cheaper to manage your money.

However, Netspend isn’t built for those who can easily get a bank account. It is built for those who have been shut out of the traditional financial system. If you need a way to get your money into digital form to conduct financial transactions, cards like Netspend’s can be one of the few ways to take care of business, despite the dramatic fees. A better option would be to find a prepaid card option with lower fees, like Walmart’s Bluebird by American Express Prepaid Debit Card or the Chase Liquid Prepaid Card.

Do note that if your employer offers to pay you via a prepaid card, you do not have to accept. Specific laws vary by state, but regardless of where you live, your employer must give you the option of either a paper check or direct deposit. If you have access to a bank account, it’s likely not to your advantage to accept your paycheck via prepaid card. If you don’t, you may still choose to use cash checking services if they end up being cheaper than the fees on a card like Netspend’s Prepaid Card.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Brynne Conroy
Brynne Conroy |

Brynne Conroy is a writer at MagnifyMoney. You can email Brynne here

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