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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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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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FYI for anyone looking at a used auto loan - they won't finance anything over 100K miles.
The Route 66 extended warranty they offer is also a pretty good deal, I've heard good things about it.
I'm aware that most extended warranties aren't worth it but I believe the cost on this is only $1895 for premium vehicles which adds an additional 3yrs/36K miles which would break even pretty quickly especially if you buy a used BMW/Mercedes with typically higher repair costs. They won't warranty M-cars or AMG's however.
*Not a suggestion to borrow beyond your means, just to not make more than the minimum payment when your rate is at 1.5%. If something unexpected and bad happens, you're going to wish you had that money sitting around, rather than in the bank. Or if rates jump, and you want to take on a mortgage or another car payment, you've lost money by paying your 1.5% loan down early.
Looks like I bit on this too early...
Looks like I bit on this too early...
DOH!!!! I just applied and was approved 2 weeks ago.
That's what I plan to do as well. We currently have a car financed with Penfed. I am going to trade that one in and get a Penfed Loan (which I will use if the dealer can't beat it). Then, when that is all handled I will refi my wife's car (not currently with Penfed) to the 1.49%.
My thinking is that the loan we are keeping is at 2.49 which isn't bad. Refinancing this one isnt such big deal in the unlikely case we are declined. Also, Honda (the new car) has 1.99 and the dealer may be able to do better so I am just hedging my bets.
The entire thing depends on your credit score, of course.
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FYI for anyone looking at a used auto loan - they won't finance anything over 100K miles.
The Route 66 extended warranty they offer is also a pretty good deal, I've heard good things about it.
I'm aware that most extended warranties aren't worth it but I believe the cost on this is only $1895 for premium vehicles which adds an additional 3yrs/36K miles which would break even pretty quickly especially if you buy a used BMW/Mercedes with typically higher repair costs. They won't warranty M-cars or AMG's however.
Yes they do
Wondering if I can pay off the existing loan and refinance then?
Not sure how long it would take to get my title back from penfed from the existing loan as I might need that for the new loan.
Current loan balance:$20,000 4 years remaining. Current rate:2.49%
Not sure its worth going thru this hassle?
Wondering if I can pay off the existing loan and refinance then?
Not sure how long it would take to get my title back from penfed from the existing loan as I might need that for the new loan.
Current loan balance:$20,000 4 years remaining. Current rate:2.49%
Not sure its worth going thru this hassle?
PenFed will add $5000 to your principal balance (and send you the check) if your loan is already with PenFed, as long as the total principal is less than the value of the vehicle. You can always put that in your IRA, emergency savings, etc. Pretty hard to get a $5000 loan at this kind of APR, so it works out even if you do add the principal.
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PenFed will add $5000 to your principal balance (and send you the check) if your loan is already with PenFed, as long as the total principal is less than the value of the vehicle. You can always put that in your IRA, emergency savings, etc. Pretty hard to get a $5000 loan at this kind of APR, so it works out even if you do add the principal.