Does Navy Federal Allow Payments Towards Principal on Loans?
Learn how Navy Federal lets you pay extra towards your loan principal to reduce interest and shorten your loan term.
Video transcript
Yes, Navy Federal allows you to make payments towards the principal. By doing so, you can reduce the overall interest paid over the life of the loan and shorten the loan term. To make a principal-only payment, specify this when making the payment online, in person, or via phone. Always confirm with Navy Federal to ensure your extra payment is applied correctly.
Questions and answers
Can I make principal-only payments on a Navy Federal loan?
Yes, Navy Federal allows you to make principal-only payments, which can reduce your loan interest and shorten the loan term.
How do I apply an extra payment towards the principal with Navy Federal?
You can specify that your extra payment is to be applied towards the principal when paying online, in person, or over the phone with Navy Federal.
Will paying extra towards the principal reduce my loan term with Navy Federal?
Yes, making payments towards the principal reduces the overall interest and can shorten the length of your loan.
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