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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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Thanks for the info! Are you going with a new car, or a used car?
Thanks and repped.
Thanks and repped.
I need cash to pay off other credit, does this work?
I refinanced a car that I bought for $7000 cash year and half ago for $10,000.
When you fill the online application, there is an option to select 'I hold lien free title' on the car, that way the check gets mailed to you. You just to have to scan your title document and fax/email to them
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Without knowing the specifics of your current loan I can use a non-specific example:
Original loan: $25,000
Rate: 3.3%
Term 60 months
Payment: $452.56
12 months left to pay off.
Using this example you would have about $96 of interest left spread over the next 12 payments. If you refied the remaining $5,300 dollars of pricipal (give or take) at 1.49 for a 12 month term then your monthly payment would drop to $445.24 and you would pay $43 of interest spread over 12 payments.
Net savings: $88 ($7.32/mo x 12 difference of new lower monthly payment) + $53 (interest amount saved from new lower rate) = $141.
I'm even thinking about selling or trading this car (2006 M35x) for something bigger, if Pen Fed will float the loan. It's hard to pass up these rates.
I disagree with you. 27 months is still a lot of interest remaining, even on a term as long as 84 months. Every calculation that I've done on a financial calculator shows savings, even at 3 months remaining on the term.
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PenFed is not an eligible finance company for an external refinance application.
Please input an outside finance company other than PenFed.
PenFed does not currently allow internal refinances of existing PenFed auto loans.
What is the process to do that ? Do I need to call or apply online ? Has anybody done this ?