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Penfed Auto Loan 1.49% for New, Used, Refinance up to 60 months
Just saw this posted on their site. 1.49% for New, used and Refinance up to 60 months if applied online. I have an autoloan and credit card with them and the have been great. There are multiple ways to qualify to become a member.
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Community Wiki
Last Edited by FinsUp99
September 11, 2012
at
10:15 AM
Keep in Mind: This rate is not available for refinancing of an existing PenFed loan.
FYI : If you get their loan, the insurance requirement is 500 deductible for the car that is being financed. At least when I got their loan a year ago. So check it out.
AAA members can join penfed for free https://www.penfed.org/aaa-auto-loans-overview/
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9/8/12: PenFed sent me an email saying cars with more than 100k are only eligible for 24 month loans.
9/9/12: Follow-up phone call confirmed that >100k can be no longer than 24 months. Mileage over 125k is not eligible for a loan.
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FYI : If you get their loan, the insurance requirement is 500 deductible for the car that is being financed. At least when I got their loan a year ago. So check it out.
AAA members can join penfed for free https://www.penfed.org/aaa-auto-loans-overview/
[COLOR="Red"]
9/8/12: PenFed sent me an email saying cars with more than 100k are only eligible for 24 month loans.
9/9/12: Follow-up phone call confirmed that >100k can be no longer than 24 months. Mileage over 125k is not eligible for a loan.
This post can be edited by most users to provide up-to-date information about developments of this thread based on user responses, and user findings. Feel free to add, change or remove information shown here as it becomes available. This includes new coupons, rebates, ideas, thread summary, and similar items.
Once a Thread Wiki is added to a thread, "Create Wiki" button will disappear. If you would like to learn more about Thread Wiki feature, click here.
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Also, are there costs associated with refi'ing a car loan? Besides the membership fee?
It says promotional rate doesn't apply existing customers.
Thank you! Just submitted and am currently under review. Guess we'll see what happens!
However, when you used this service, always ask for the out the door price to compare. Don't let a dealer lure you in with a cheap quote and then add on hundred dollars of fees later.
Just my 2 cents.
It says promotional rate doesn't apply existing customers.
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I currently have a loan with penfed but I am trading in my car. Is it better to get a new loan through penfed or just go to the dealer- see the best they can do and then refinancing with Penfed if I don't like their rate? Sometimes dealer rates have surprised me. For a new loan does Penfed give you a blank check or do I have the dealer call them and work out the details after applying?
Secondly, I have significant equity in my car but do not want the hassle of selling outright. My current car is in my name and I the new one will be in my companies name so I want to capture the equity personally rather than invest it in the new car. Can I just go into the dealer telling them I have a trade, see what they offer me and then tell them I want it in cash (of course with payoff and old loan docs in hand, taking home just the equity). Seems like I should be able to do this but I never have.
Advice appreciated.
Also, are there costs associated with refi'ing a car loan? Besides the membership fee?
I currently have a loan with penfed but I am trading in my car. Is it better to get a new loan through penfed or just go to the dealer- see the best they can do and then refinancing with Penfed if I don't like their rate? Sometimes dealer rates have surprised me. For a new loan does Penfed give you a blank check or do I have the dealer call them and work out the details after applying?
Secondly, I have significant equity in my car but do not want the hassle of selling outright. My current car is in my name and I the new one will be in my companies name so I want to capture the equity personally rather than invest it in the new car. Can I just go into the dealer telling them I have a trade, see what they offer me and then tell them I want it in cash (of course with payoff and old loan docs in hand, taking home just the equity). Seems like I should be able to do this but I never have.
Advice appreciated.
I am not familiar with cashing out the trade in but do you have a carmax near by? Sometimes they offer a better a value and will just hand you a check.
I'm wondering how much will be the rate if the score is around 750?
I am not familiar with cashing out the trade in but do you have a carmax near by? Sometimes they offer better a value and will just hand you a check.
Thanks for the info on Penfed. Sounds like Cap One blank check.
Might just refi my wifes car while we are at it.
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I currently have a loan with penfed but I am trading in my car. Is it better to get a new loan through penfed or just go to the dealer- see the best they can do and then refinancing with Penfed if I don't like their rate? Sometimes dealer rates have surprised me. For a new loan does Penfed give you a blank check or do I have the dealer call them and work out the details after applying?
Secondly, I have significant equity in my car but do not want the hassle of selling outright. My current car is in my name and I the new one will be in my companies name so I want to capture the equity personally rather than invest it in the new car. Can I just go into the dealer telling them I have a trade, see what they offer me and then tell them I want it in cash (of course with payoff and old loan docs in hand, taking home just the equity). Seems like I should be able to do this but I never have.
Advice appreciated.
Of course you can negotiate with the dealer how they pay you for the trade in. Make the deal first and iron out the details later. They won't want to muck up a good deal just because someone has to write an extra check. Just make sure you don't wind up getting screwed by missing something with the extra transactions.