Penfed Auto Loan 1.49% for New, Used, Refinance up to 60 months

Applied and awaiting approval however I never received an account number. I have the PIN but do I need to call to grab the account number?

Quote from gatec77 : Hi, I wish to refinance my existing penfed auto loan (current rate is 2.5%) . I wish to take the additional 5K added to loan at the rate of 2.5 (penfed will not give me 1.49% as existing member) to payoff other loans. What is the process to do that ? Do I need to call or apply online ? Has anybody done this ?

The process as it was explained to me is to apply for the full amount of the loan you want (i.e., payoff amount + amount you want = full amount). Then, when you get to the lienholder payoff page, fill that out with the loan payoff amount. Are you sure they'll let you refinance a loan they already hold? You might have to move it elsewhere first.

Quote from Paranoid_Yet? : The process as it was explained to me is to apply for the full amount of the loan you want (i.e., payoff amount + amount you want = full amount). Then, when you get to the lienholder payoff page, fill that out with the loan payoff amount. Are you sure they'll let you refinance a loan they already hold? You might have to move it elsewhere first.

Hi,

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%)

Quote from hd600s : Applied and awaiting approval however I never received an account number. I have the PIN but do I need to call to grab the account number?

You can either wait on the snail mail letter with your account number or call and they will give it to you.

Here's a refinance calculator that can show you how much you save.
http://www.bankrate.com/calculato...lator.aspx

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

Hmm...I'm trying to figure out if this is worth it for me. I have a BMW with 42 months left on the loan (60 month term) at 2.9% direct from BMW Financial. My current monthly payment is $490/month. Would it be beneficial for me to try and refinance at Penfed for the 1.49%?

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.

Quote from geost : Edit: Can anyone access penfed's website? I keep getting a security error with an invalid certificate.

https://www.penfed.org/

Green certificate with Firefox 14.0.1.

Quote from skiumah : https://www.penfed.org/ Green certificate with Firefox 14.0.1.

The error in the image is what I keep getting. I get it on Chrome only. Firefox and Safari seem to work fine.

Can anyone just use their refinance? I just bought a 2012 Prius 2 weeks ago, I just want to know if there is a catch or if you have to be a member or something like that.

Million thanks to you OP. Had an account and got my wife's horrible decision with her 12% interest approved to 1.49%. Approved immediately online.

Quote from imabored : What are the chances that I qualify if I am trying to refinance my first car purchase? credit score low 700. I'm at 11% right now with about 8k left. org. 12k. have about 48 months left.

decide to try it and was approved. just waiting for the paperwork to go through. Thanks OP.

Has anyone refinanced with Penfed that lives in NY/NYC. Did it involve a trip to DMV?

OP, many thanks!
Was the fastest process ever.

Quote from geost : Hmm...I'm trying to figure out if this is worth it for me. I have a BMW with 42 months left on the loan (60 month term) at 2.9% direct from BMW Financial. My current monthly payment is $490/month. Would it be beneficial for me to try and refinance at Penfed for the 1.49%? 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.

Here's a loan comparision web site I used to find out how much I'd save by refinancing: http://www.compare2loans.com/index.php