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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 Jul 2010
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> bubble2 598 Posts
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GhostDecon
10-12-2012 at 10:59 AM.
10-12-2012 at 10:59 AM.
Quote from bloake :
Wat does the 4.9% mean in that sentence? Smilie
Thanks for sharing. I'm nervous buying a car because the whole process intimidates me. I'm a timid guy and having to face all these car salesman that I think are out to scam me is very daunting to me.
I have a question. When you shop around for a good APR rate, does that mean the CU/Banks kept adding hard-pulls on your credit report? I hate knowing that my credit score might go down only because I was looking around for a good APR rate with a CU/Bank/financer. Thanks.
I purchased my first new vehicle last year and initially it does seem like a daunting process. In the end everything worked out and I was very glad to have purchased through the AMEX car buying service. They helped with finding the vehicle with options I wanted (2011 Ford Fusion SE, Black), and after shopping around the various dealerships I settled on a price. AMEX then provides a "Price Protection Certificate" which states that any dealership participating in the car buying program agrees to price the vehicle relative to the invoice price. I did not have to haggle on the cost of the vehicle whatsoever. I ended up getting my new car over $3000 below invoice. The only rough part was sitting in their accounting office and repeatedly shooting down offers for extended warranty, dealership service plans, etc etc… They pitched me everything in a few different ways but I stood my ground and didn't let their ploys affect my decision making.

The financing (4.44%APR/60months, with $2000 down and 804 credit score…) wasn't great, but I was able to re-finance with Pentagon and I now stand to save close to $1000 if I continue to make the minimum payments. Pentagon has a car buying service which offers .49%APR and, while I haven't used it and cannot compare to the AMEX service, it might be worth your while to check it out. Good luck!
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Joined Sep 2008
L7: Teacher
> bubble2 2,307 Posts
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bloake
10-12-2012 at 11:51 AM.
10-12-2012 at 11:51 AM.
Quote from GhostDecon :
I purchased my first new vehicle last year and initially it does seem like a daunting process. In the end everything worked out and I was very glad to have purchased through the AMEX car buying service. They helped with finding the vehicle with options I wanted (2011 Ford Fusion SE, Black), and after shopping around the various dealerships I settled on a price. AMEX then provides a "Price Protection Certificate" which states that any dealership participating in the car buying program agrees to price the vehicle relative to the invoice price. I did not have to haggle on the cost of the vehicle whatsoever. I ended up getting my new car over $3000 below invoice. The only rough part was sitting in their accounting office and repeatedly shooting down offers for extended warranty, dealership service plans, etc etc… They pitched me everything in a few different ways but I stood my ground and didn't let their ploys affect my decision making.

The financing (4.44%APR/60months, with $2000 down and 804 credit score…) wasn't great, but I was able to re-finance with Pentagon and I now stand to save close to $1000 if I continue to make the minimum payments. Pentagon has a car buying service which offers .49%APR and, while I haven't used it and cannot compare to the AMEX service, it might be worth your while to check it out. Good luck!
I looked into that PenFed car buying service and that rate of .49% or .99% is even better than what's being advertized here! Why isn't everyone jumping on that? Thanks for sharing that! Smilie
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Joined Jul 2010
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> bubble2 598 Posts
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GhostDecon
10-12-2012 at 12:32 PM.
10-12-2012 at 12:32 PM.
Quote from bloake :
I looked into that PenFed car buying service and that rate of .49% or .99% is even better than what's being advertized here! Why isn't everyone jumping on that? Thanks for sharing that! Smilie

Most people in this thread I think are interested in the refinance loan. There is another thread for the car buying service:

https://slickdeals.net/f/5002652-PenFed-Online-only-0-49-APR-for-48-months-0-99-APR-for-60-months-New-Auto-Loan?v=1

To me the only downside to these types of services is that you are somewhat limited in your selection. You can only purchase your vehicle from authorized dealerships affiliated with the program, and then not all of their cars will necessarily qualify. You still have to do some research to make sure you're getting the best deal. Also, as has been mentioned, when you are ready to make your decision just remember that you are not committed to purchase anything. If, when you get to the financial office, you don't like what you hear just get up and walk out. Don't let yourself become pressured into get into a situation if you aren't sure.
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Joined Oct 2009
L5: Journeyman
> bubble2 584 Posts
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AScaredTurtle
10-15-2012 at 01:06 PM.
10-15-2012 at 01:06 PM.
My credit sucks Frown I was denied...oh well.
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Joined Dec 2007
L3: Novice
> bubble2 297 Posts
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hmongkeysauce
10-15-2012 at 01:13 PM.
10-15-2012 at 01:13 PM.
Applied and approved for a new car loan! Thanks OP. Nobody at the dealership believed that I received 1.49% financing. Walked out with a 2012 CRV at 1K under invoice. Just dropped off the check to the dealership today. Awesome deal.
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Joined Jul 2006
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> bubble2 89 Posts
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baconlatte
10-15-2012 at 09:42 PM.
10-15-2012 at 09:42 PM.
Does anyone know how the insurance part works? 3 weeks ago I got a 6 month policy with esurance with a $1,000 deductible, and the PenFed loan documents I just received say I'm required to have $500.
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Joined Sep 2008
L7: Teacher
> bubble2 2,307 Posts
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bloake
10-16-2012 at 01:44 AM.
10-16-2012 at 01:44 AM.
Quote from hmongkeysauce :
Applied and approved for a new car loan! Thanks OP. Nobody at the dealership believed that I received 1.49% financing. Walked out with a 2012 CRV at 1K under invoice. Just dropped off the check to the dealership today. Awesome deal.
For reference, may I ask for your CK (Credit Karma) score? Thanks Smilie

Quote from RLeav20717 :
My credit sucks Frown I was denied...oh well.
Sorry about that. May I ask about your CK (Credit Karma) score?
Reply
Last edited by bloake October 16, 2012 at 01:44 AM.

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Joined Apr 2008
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> bubble2 7,188 Posts
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Millionaire406
10-16-2012 at 10:17 PM.
10-16-2012 at 10:17 PM.
Quote from GhostDecon :
Most people in this thread I think are interested in the refinance loan. There is another thread for the car buying service:

https://slickdeals.net/f/5002652-PenFed-Online-only-0-49-APR-for-48-months-0-99-APR-for-60-months-New-Auto-Loan?v=1

To me the only downside to these types of services is that you are somewhat limited in your selection. You can only purchase your vehicle from authorized dealerships affiliated with the program, and then not all of their cars will necessarily qualify. You still have to do some research to make sure you're getting the best deal. Also, as has been mentioned, when you are ready to make your decision just remember that you are not committed to purchase anything. If, when you get to the financial office, you don't like what you hear just get up and walk out. Don't let yourself become pressured into get into a situation if you aren't sure.
Right to the point, I have had that experience. Went into the dealership not ready to buy a car. Then those sales dogs told me I can get 1.9% APR for 60 months, let me test drive, gave me the keys, and say this and that pressuring me to buy it and I signed the contract. Then when I went to see the "finance manager" he told me I can't get the 1.9% APR and I would have to take the 5.9% APR, my heart dropped as I was ready to drive it out the lot. They kept pressuring me to buy it anyway because they said I can borrow a loan from another bank with a lower APR to pay off this car loan with 5.9% APR and told me I won't be charged the 5.9% APR if I pay it off the next day with another bank loan with a 1.9% APR. (This is a lie because in car loan you are charged the FULL APR loan rates regardless if you pay it all off tomorrow or 5 years from now, you still have to pay the 5 years of APR interest, they will add those interest as "FINANCE CHARGE" which is shady and you can't take it off the bill and there's nothing you can do about it.) They kept pressuring me left and right with two sales person behind me blocking the door so I couldn't exit. Then I just got fed up of their tricks and lies so I put the keys on the table and walked out. They have my social security number and information though and the contract...will that affect me? I'm afraid they'll sell my information for money since they are so shady.

And not to mention, the oldest sales tactic they used on me was "Let me go ask my manager." Then I see him make a big circle and went out to smoke a cigarette and came back in and told me, no the manager wouldn't let me sell it at that price. I'm like WOW, is your manager a cigarette?
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Last edited by ToToToToToRo October 18, 2012 at 09:16 AM.
Joined Feb 2008
L6: Expert
> bubble2 1,005 Posts
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Zodiacs
10-16-2012 at 10:42 PM.
10-16-2012 at 10:42 PM.
I have a question, if you pay more than your monthly premium, does it make your payments lower each month, or do you just spend less time paying it back?
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Joined Jul 2006
L2: Beginner
> bubble2 89 Posts
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baconlatte
10-17-2012 at 06:48 PM.
10-17-2012 at 06:48 PM.
Quote from Zodiacs :
I have a question, if you pay more than your monthly premium, does it make your payments lower each month, or do you just spend less time paying it back?
Your monthly payments never change. Only your number of payments decrease.
Reply
Joined Nov 2008
L7: Teacher
> bubble2 2,044 Posts
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LargeJames
10-18-2012 at 08:51 AM.
10-18-2012 at 08:51 AM.
Quote from canonikon :
Right to the point, I have had that experience. Went into the dealership not ready to buy a car. Then those sales dogs told me I can get 1.9% APR for 60 months, let me test drive, gave me the keys, and say this and that pressuring me to buy it and I signed the contract. Then when I went to see the "finance manager" he told me I can't get the 1.9% APR and I would have to take the 5.9% APR, my heart dropped as I was ready to drive it out the lot. They kept pressuring me to buy it anyway because they said I can borrow a loan from another bank with a lower APR to pay off this car loan with 5.9% APR and told me I won't be charged the 5.9% APR if I pay it off the next day with another bank loan with a 1.9% APR. They kept pressuring me left and right with two sales person behind me blocking the door so I couldn't exit. Then I just got fed up of their tricks and lies so I put the keys on the table and walked out. They have my social security number and information though and the contract...will that affect me? I'm afraid they'll sell my information for money since they are so shady.
Sounds like the Stealership I dealt with. You dont happen to be in South Jersey, do you?
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Joined Apr 2008
L10: Grand Master
> bubble2 7,188 Posts
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Millionaire406
10-18-2012 at 09:10 AM.
10-18-2012 at 09:10 AM.
Quote from LargeJames :
Sounds like the Stealership I dealt with. You dont happen to be in South Jersey, do you?
All American Subaru in Old Bridge NJ, is that South Jersey?

They shady as fcuk.
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Joined Nov 2008
L7: Teacher
> bubble2 2,044 Posts
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LargeJames
10-18-2012 at 10:01 AM.
10-18-2012 at 10:01 AM.
My experience was with Fiat of Maple Shade, part of the "Cherry Hill Triplex" Bought the car Aug. 30, and its still all screwed up.
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Joined Oct 2009
L5: Journeyman
> bubble2 584 Posts
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AScaredTurtle
10-22-2012 at 08:29 PM.
10-22-2012 at 08:29 PM.
Quote from bloake :
For reference, may I ask for your CK (Credit Karma) score? Thanks Smilie


Sorry about that. May I ask about your CK (Credit Karma) score?

Measly 520...horrible I know...its my fault from acquiring multiple credit cards and maxing them out, then not paying...If i only knew what I know now..
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Joined Dec 2007
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hmongkeysauce
10-23-2012 at 08:22 AM.
10-23-2012 at 08:22 AM.
Quote from bloake :
For reference, may I ask for your CK (Credit Karma) score? Thanks Smilie


Sorry about that. May I ask about your CK (Credit Karma) score?
Mine was around 735 at the time.
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