Navy Federal Credit Union

Navy Federal does not offer car insurance directly. Navy Federal is a credit union, not an insurance company, so they can't offer auto insurance themselves. Instead, Navy Federal Credit Union partners with Geico and can facilitate discounts on Geico car insurance for NFCU members.

Navy Federal members might be eligible for discounts with Geico due to their military service. New Geico customers who are also military personnel can save up to 15% on their policy, whether they're active or retired from service.

Additionally, Navy Federal members can save on Geico insurance for a stored car while deployed – up to 25% off their regular premium. Maintaining some form of insurance coverage, even if your car is in storage, saves you money in the long run, since insurance companies prefer that customers have a long record of uninterrupted coverage with no lapses.

Aside from members being eligible for Geico discounts, the closest thing to Navy Federal car insurance is the coverage for rental cars offered by Navy Federal Visa credit cards. Cardholders who pay for a rental with a Navy Federal Visa card and decline the rental company's waiver are covered for damage resulting from theft or a collision, up to the full value of the car. Coverage lasts for up to 15 consecutive days in the U.S. or up to 31 consecutive days in a foreign country. There are some exceptions, though – trucks, some vans, and exotic cars aren't covered by Navy Federal's rental car insurance policy.

The starting credit limit for the Navy Federal Credit Union cashRewards Credit Card is $500. This is the guaranteed limit for everyone approved for the card.

Chances are, you could receive a higher limit, if your credit score and income are good enough for you to qualify. Your existing debts will also be taken into consideration when determining your credit limit.

The good news is that after at least 3 months of on-time payments you could qualify for a credit limit increase.

Navy Federal normally uses TransUnion for credit card applications. However, they may pull an inquiry from any of the three major credit bureaus (Equifax, TransUnion, and Experian) when evaluating a credit card application. So, if any of your credit reports is frozen, you should unfreeze them before submitting an application for a Navy Federal credit card.

However, your major credit reports contain nearly identical information. So, if one includes negative information, the other two probably will as well. And if there's a mistake on any of your credit reports, you'll want to dispute that right away.

What you should know before applying for a Navy Federal credit card:

Keep in mind that applying for a Navy Federal credit card will trigger a hard inquiry on your credit report, which may result in a temporary dip in your credit score. You can check and monitor your credit score for free, right here on WalletHub.

Navy Federal Credit Union personal loans have a $29 late payment fee, but there is no prepayment fee or no origination fee. Navy Federal Credit Union personal loans also have a minimum APR of 7.49%, which is lower compared to the typical minimum APR for a personal loan. For your convenience, you can see Navy Federal Credit Union's personal loan fees and other key terms below.

Navy Federal Credit Union Personal Loan Fees and Other Terms

• Origination Fee: $0
• Late Payment Fee: $29
• Prepayment Fee: $0
• APRs: 7.49% - 18%
• Loan Amounts: $250 - $50,000
• Repayment Periods: Up to 60 months (up to 180 for home improvement)
• Credit Score Requirement: Not disclosed
• Funding Timeline: 3 - 11 business days

Before applying for any personal loan, it's a good idea to see if you pre-qualify first. To check with multiple lenders at once, try WalletHub's free pre-qualification tool.

Your monthly statement will display the total amount that you owe, along with your exact minimum payment and your payment due date. To view your statement, simply log in to your online account either through the Navy Federal Credit union website or your mobile app. Keep in mind that if you do not pay your minimum payment by the due date, you will incur late fees of up to $20. Navy Federal may also assess the late payment fee every month thereafter that you are past due.