Founded over 80 years ago, Navy Federal are the world’s largest credit union. They offer their members access to many great benefits and products, special offers and discounts.
Navy Federal offer an array of loans. They also have Business Service advisors to help you choose the right one for your business.
- Secured and Unsecured Term Loans
- Commercial Vehicle Loans
- Business Lines of Credit
- Commercial Real Estate Loans
- Investment Property Loans
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|Reviewed by Expert Market:||05/03/2016|
Secured and Unsecured Term Loans
With inventory financing, equipment purchases, leasehold improvements, SBA loans for startup or less tenured businesses and no prepayment penalties, Navy Federal’s term loans allow your business the room it needs to grow.
Commercial Vehicle Loans
Competitive rates, up to 100% financing on qualified vehicles, and the option to title your vehicles in your business’ name make Navy Federal’s vehicle loans one of the most popular choices to get your business off the starting block.
Business Lines of Credit
To help you with your short-term financial needs, Navy Federal offer overdraft protection for your business checking, while also bridging the gap between accounts receivable and accounts payable.
Commercial Real Estate Loans
Offering all types of commercial-use property, a variety of repayment terms and no penalties on prepayment, Navy Federal’s commercial real estate loans are a highly suitable option for businesses seeking this type of funding.
Investment Property Loans
For low rates of interest, a range of repayment terms, no penalties on prepayment, and the option to title your property in your own name, Navy Federal’s investment property loans provide affordability and flexibility with their Investment Property Loans. Standard mortgage practices apply.
Membership of Navy Federal is open to all branches of the armed forces and the department of defense. This includes active duty members of the Army, Marine Corps, Navy, Air Force and Coast Guard, as well as retirees, annuitants and civilian employees. Also eligible are the immediate family members of these groups of people.
To decide whether or not to approve your loan request, Navy Federal will also take into consideration your capacity to repay the loan, your capital in the form of deposits, an equity loan against your residence, or money sourced elsewhere, your collateral, conditions (that is, whether or not there is a market for your business), and your personal character.
Whether you’re just starting your military career, or transitioning back into civilian life, Navy Federal offer many features and benefits with a business membership.
- Access to Professionals
- Free Bill Pay
- Checking Accounts
- Business Credit Offerings
- Merchant Card Processing
Access to Professionals
Navy Federal offer 24/7 access to small business professionals, ready to answer your call at any time.
Free Bill Pay
With free Bill Pay you can do your banking online or from your cell phone. You can also set up automatic payments through Account Access, which allows you to make payments from your checking account.
Navy Federal offer a variety of business checking accounts. Business Checking and Business Checking Plus both offer a 0.05% dividend rate and 0.05% APY, with dividends earned daily and low monthly maintenance fees. Also available is Premium Business Checking, with a low dividend rate and APY both at 0.35%.
Business Credit Offerings
Navy Federal provide a wide range of competitive business credit offerings, each one tailored to suit your needs and those of your business.
Merchant Card Processing
Navy Federal offer competitive merchant card processing solutions, including the services of one of the largest merchant processors in the US, the Columbus, Ga.-based TSYS.
Pros and Cons
The greatest advantage of Navy Federal comes from the fact they are member owned. This means they can offer generous membership perks and benefits like those outlined above. Their service is also particularly consumer-friendly, offering its members 24/7 live service representatives, free online and mobile banking, and a simple to use, easily navigable website. Finally, they have a very large ATM network.
However, they do have a limited branch presence, particularly in locations outside states with large military installments, including Virginia, Maryland and California. Membership restriction to those affiliated with the U.S. Armed Forces or Department of Defense could also be considered a downside.
Finally, all your accounts with Navy federal are tied together. This means that should you default or declare bankruptcy, the amount you owe on your credit card isn’t wiped out. It simply becomes secured by another loan you’ve taken out.
Costs and Fees
To become a member of Naval Federal, and to use its products and services, you must have suitable credit, sufficient income and a valid certificate of eligibility. Rates offered are based on an evaluation of this, and may therefore differ from those advertised. Fees differ between each type of business loan, and early repayment costs are low.