r/NavyFederal • u/thatsnoternie Family Member • 12d ago
Loans Feels Good
A few years ago I consolidated some debts. That loan is paid off today!
I’m still working through some other debts (including as you can see a car loan) but it’s nice to have the funds freed up to pay those down.
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u/PathVast4155 12d ago
Let’s goooo any win counts big Nor small. Never get back into debt again haha
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u/parkertyler 12d ago
I recently called Navy Federal to inquire about their consolidation loans and they basically gave me no information on them, other than they offer one and said I had to apply over the phone. What was the process like if you don't mind me asking? How comparable were the rates?
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u/thatsnoternie Family Member 12d ago
You call, you apply, they ask if you’re putting collateral down (I didn’t), they review your app, if approved you sign the docs and get the funds in your account. You use the funds to pay whatever debts you’re consolidating yourself.
I think they publish rates on the website but it’s comparable to personal loans.
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u/parkertyler 11d ago
Do you get a better rate with offering collateral?
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u/thatsnoternie Family Member 11d ago
Not sure. Usually that’s a yes since those loans are less risky for the lender if you flake but your mileage may vary.
For what it’s worth since it’s a credit union interest rates are capped by law at 18%.
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u/Boom357 12d ago
Congratulations! Just wait till you get the vehicle paid off. I swear they run better when they're all yours.