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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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Thanks for the info on Penfed. Sounds like Cap One blank check.
Might just refi my wifes car while we are at it.
and i wonder if Penfed would approve me if I wanna buy a Toyota Supra for $20k. my local credit union said its too expensive considering the age of the car. i guess they don't watch fast n furious lol
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.
2. I would negotiate on the price of the car without the trade first then throw in the trade talk. If you have a carmax around you get a rough estimate before going to dealer. I sold my car to carmax and took the additional equity as a check. Not sure how the dealers do it.
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http://www.bankrate.co
$20k for 60 months at 3% ~ $360/mo
$20k for 60 months at 1.5% ~ $345/mo
$18k for 54 months at 1.5% ~ $345/mo
$20k for 48 months at 1.5% ~ $430/mo
$18k for 48 months at 1.5% ~ $385/mo
At first I thought it was going to be $70 more a month, but forgot to take into account the 6 months of payments which add up to about $2k, so really is only about $15 more. Alternatively it's about $15 savings going longer. So, $30 x 48 = $1440 vs $345 x 6 extra payments = $2070. Difference is greater than I had expected, so I may be doing something wrong with my comparisons. In any case, for straight loans, it's always interest savings by borrowing less, lowering interest rate, and/or paying off faster.
One last data point:
$18k for 60 months at 1.5% ~ $310/mo
http://www.bankrate.co
$20k for 60 months at 3% ~ $360/mo
$20k for 60 months at 1.5% ~ $345/mo
$18k for 54 months at 1.5% ~ $345/mo
$20k for 48 months at 1.5% ~ $430/mo
$18k for 48 months at 1.5% ~ $385/mo
At first I thought it was going to be $70 more a month, but forgot to take into account the 6 months of payments which add up to about $2k, so really is only about $15 more. Alternatively it's about $15 savings going longer. So, $30 x 48 = $1440 vs $345 x 6 extra payments = $2070. Difference is greater than I had expected, so I may be doing something wrong with my comparisons. In any case, for straight loans, it's always interest savings by borrowing less, lowering interest rate, and/or paying off faster.
One last data point:
$18k for 60 months at 1.5% ~ $310/mo
What people have to be careful with is financing just to get that lower monthly payment because oftentimes they choose a term that is longer than what they currently have left. So even though the rate is lower, they may end up paying more in the long run if they just pay minimums.
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