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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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What is the process to do that ? Do I need to call or apply online ? Has anybody done this ?
I called penfed regarding my existing Auto loan with them. They said they can increase my loan amount not just by 5K, but by the amount which is difference between collateral value and the existing loan amount.
Example :- Car value is 30K, If 16K is current loan amount then they can increase that to 30K, so that individual can get a check in the mail for additional 14K. The new loan will have the same rate as existing loan rate (in my case 2.49%)
http://www.bankrate.co
This is what I did:
-I entered my current loan info (years/months left on loan) with current interest rated and clicked on "show ammortization table" on the total interest paid tab on the bottom it shows you your total interest that you will pay on the loan
-I then entered my new interest rate of 1.49% with the same dates and clicked on the ammortization table and basically subtracted the difference.
$300 saving for me minus the joining fee of $25 = $275 or $9/month
I looked at the calculations and the table if I do the math correct (i'm also an IT guy not a math guy lol) then I believe my savings would be about $600 over the course of the term. Correct? hmmm...
Anywho, thanks in advance whoever responds
Edit: Can anyone access penfed's website? I keep getting a security error with an invalid certificate.
Green certificate with Firefox 14.0.1.
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Green certificate with Firefox 14.0.1.
Was the fastest process ever.
I looked at the calculations and the table if I do the math correct (i'm also an IT guy not a math guy lol) then I believe my savings would be about $600 over the course of the term. Correct? hmmm...
Anywho, thanks in advance whoever responds
Edit: Can anyone access penfed's website? I keep getting a security error with an invalid certificate.
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Im a little confused as to how the title transfers to a new leinholder.