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

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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.

www.penfed.org
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Penfed Auto Loan 1.49% for New, Used, Refinance up to 60 months
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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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Joined Dec 2008
L1: Learner
> bubble2 22 Posts
10 Reputation
hd600s
08-10-2012 at 12:48 PM.
08-10-2012 at 12:48 PM.
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?
Reply
Last edited by hd600s August 10, 2012 at 12:52 PM.
Joined Jan 2005
:: They're watching ::
> bubble2 672 Posts
207 Reputation
Paranoid_Yet?
08-10-2012 at 01:07 PM.
08-10-2012 at 01:07 PM.
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.
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Joined Aug 2010
L4: Apprentice
> bubble2 461 Posts
64 Reputation
gatec77
08-10-2012 at 02:39 PM.
08-10-2012 at 02:39 PM.
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%)
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Joined Jan 2005
:: They're watching ::
> bubble2 672 Posts
207 Reputation
Paranoid_Yet?
08-10-2012 at 02:42 PM.
08-10-2012 at 02:42 PM.
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.
Reply
Joined Apr 2009
L3: Novice
> bubble2 299 Posts
38 Reputation
bnbhoha
08-10-2012 at 03:49 PM.
08-10-2012 at 03:49 PM.
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
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Last edited by bnbhoha August 10, 2012 at 03:55 PM.
Joined Jun 2008
L6: Expert
> bubble2 1,948 Posts
133 Reputation
geost
08-11-2012 at 12:15 PM.
08-11-2012 at 12:15 PM.
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 Smilie

Edit: Can anyone access penfed's website? I keep getting a security error with an invalid certificate.
Reply
Joined Dec 2010
L5: Journeyman
> bubble2 945 Posts
309 Reputation
skiumah
08-11-2012 at 12:19 PM.
08-11-2012 at 12:19 PM.
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.
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Joined Jun 2008
L6: Expert
> bubble2 1,948 Posts
133 Reputation
geost
08-11-2012 at 12:49 PM.
08-11-2012 at 12:49 PM.
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.
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Joined May 2007
L5: Journeyman
> bubble2 644 Posts
32 Reputation
wip328
08-11-2012 at 06:25 PM.
08-11-2012 at 06:25 PM.
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.
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Joined Oct 2009
L5: Journeyman
> bubble2 814 Posts
558 Reputation
jayhuffdaddy
08-11-2012 at 07:56 PM.
08-11-2012 at 07:56 PM.
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.
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Joined Apr 2007
L5: Journeyman
> bubble2 774 Posts
194 Reputation
euuser202675
08-13-2012 at 05:51 PM.
08-13-2012 at 05:51 PM.
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.
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Joined Jan 2011
L4: Apprentice
> bubble2 486 Posts
33 Reputation
spyderdsm
08-14-2012 at 02:32 PM.
08-14-2012 at 02:32 PM.
Has anyone refinanced with Penfed that lives in NY/NYC. Did it involve a trip to DMV?
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Joined Mar 2007
L1: Learner
> bubble2 11 Posts
10 Reputation
in2insight
08-14-2012 at 03:13 PM.
08-14-2012 at 03:13 PM.
OP, many thanks!
Was the fastest process ever.
Reply
Joined Mar 2008
L6: Expert
> bubble2 1,241 Posts
159 Reputation
chipmonger
08-14-2012 at 03:14 PM.
08-14-2012 at 03:14 PM.
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 Smilie

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
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Joined Jan 2011
L4: Apprentice
> bubble2 486 Posts
33 Reputation
spyderdsm
08-14-2012 at 05:54 PM.
08-14-2012 at 05:54 PM.
once approved and the pay off check is sent to the current lien holder, do we send our title to penfed so they can be the new lienholder?
Im a little confused as to how the title transfers to a new leinholder.
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