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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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1.) In pursuit of a lower monthly payment and paying overall less interest, is it possible to put in some of my own cash laying around towards paying off the car in conjunction with the funds from PenFed? Or does it depend on the financial institution of the original loan?
2.) I asked PenFed for a loan a few thousand more than what I actually owe on the car. If I don't end up using the full amount, would the monthly payment and total loan amount would be adjusted accordingly? Or do I have to borrow what I asked for?
If the check doesn't cover the entire purchase price, you pay the difference. Check is good as soon as you sign it but some private sellers wait for the check to clear
If the check doesn't cover the entire purchase price, you pay the difference. Check is good as soon as you sign it but some private sellers wait for the check to clear
It's really a rather simple process. In my refi case, it was the state/dmv dragging it's feet in getting the lein holder updated on the title. Going on 3 months now.
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The way it works I think is:
0.49% for new cars through their car buying service
0.99% for used cars through their car buying service
1.49% for new/used cars everywhere else.
It's really a rather simple process. In my refi case, it was the state/dmv dragging it's feet in getting the lein holder updated on the title. Going on 3 months now.
Bought the car with Honda last month at 3.9% (their best rate at the time). Penfed just approved my refinance of it at 1.49% took all of 5 minutes online. Dropping the payment ~$40 a month, and I'll save just over $1,300 in interest! Got to love it!
Bought the car with Honda last month at 3.9% (their best rate at the time). Penfed just approved my refinance of it at 1.49% took all of 5 minutes online. Drops the payment ~$40 a month in interest, got to love it!
Getting everything set up was a hassle imo, but now that it's all done, I'm glad I'm saving ~20$/mo. 2.5% vs 1.49%, not a huge difference, but still. It helps.
I co-signed my my wifes loan because her credit wasnt up to snuff with penfed. Went from 7.25% to 1.49%...
You have to be patient with penfed and follow the steps they tell you to do. But the rate is awesome
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The way it works I think is:
0.49% for new cars through their car buying service
0.99% for used cars through their car buying service
1.49% for new/used cars everywhere else.
For the car buying service, it says that they have their "certified dealers". Does that mean that not all are available ....ie. you want something from a particular Honda dealership?