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

Quote from MrsJerseyJets : I've never refi'd a car loan before...we have a car loan through another company, do we still have to add on $5000 to the loan? Or does that only apply if you wanted a loan for 60 months? Also, are there costs associated with refi'ing a car loan? Besides the membership fee?

the 5k is only if you have a Penfed auto loan and want to refinance that loan (you also do not qualify for the promotional rate). Besides joining Penfed their should be no other fee with a refinance unless your original loan has an early payoff fee or something weird.

What is the deal for existing members? Has anyone tried?
It says promotional rate doesn't apply existing customers.

Quote from Wichard20 : the 5k is only if you have a Penfed auto loan and want to refinance that loan (you also do not qualify for the promotional rate). Besides joining Penfed their should be no other fee with a refinance unless your original loan has an early payoff fee or something weird.

Thank you! Just submitted and am currently under review. Guess we'll see what happens!

Only 0.49% if you're buying a new car through Penfed auto buying service, which is Zag. I used it last month to find the best quotes around for my car. I didn't use it in the end, but I used those quotes to negotiate. I ended up with 0% with another dealer that gave a more competitive price than the dealers that participate in this program.

However, when you used this service, always ask for the out the door price to compare. Don't let a dealer lure you in with a cheap quote and then add on hundred dollars of fees later.

Just my 2 cents.

Another question for you all...how long does it take for them to review you if you are under review? Thanks in advance!

I'm thinking about refinancing my current (used) auto loan through PenFed, but I plan on trading my car in rather soon. I owe less than the trade in value of my car by at least 2k. Would it be worth it to refi my current vehicle? or should I wait it out to finance my next car purchase through them?

Quote from gluck : What is the deal for existing members? Has anyone tried? It says promotional rate doesn't apply existing customers.

My understanding is your need to add 5k to your loan and the rate is 1.99 I believe. I am interested in refi of a Penfed loan as well and sent them a secure message but have not heard back yet.

Quote from LargeJames : I'm thinking about refinancing my current (used) auto loan through PenFed, but I plan on trading my car in rather soon. I owe less than the trade in value of my car by at least 2k. Would it be worth it to refi my current vehicle? or should I wait it out to finance my next car purchase through them?

I've refinanced a couple of cars with PenFed, and wouldn't say that it is an easy and quick process. Depending on when you trade in your car, you might still have registration or title paperwork floating around that could impact the ability to trade in your car or pay the correct lien holder. Our last refinance took about 90 days for all of the paperwork to get to the correct parties. If you won't be trading your car in for at least 90 days, than its up to you to see if the cost savings are worth the hassle and ding on your credit score.

Wondering if anyone knows.

I currently have a loan with penfed but I am trading in my car. Is it better to get a new loan through penfed or just go to the dealer- see the best they can do and then refinancing with Penfed if I don't like their rate? Sometimes dealer rates have surprised me. For a new loan does Penfed give you a blank check or do I have the dealer call them and work out the details after applying?

Secondly, I have significant equity in my car but do not want the hassle of selling outright. My current car is in my name and I the new one will be in my companies name so I want to capture the equity personally rather than invest it in the new car. Can I just go into the dealer telling them I have a trade, see what they offer me and then tell them I want it in cash (of course with payoff and old loan docs in hand, taking home just the equity). Seems like I should be able to do this but I never have.

Advice appreciated.

Quote from MrsJerseyJets : I've never refi'd a car loan before...we have a car loan through another company, do we still have to add on $5000 to the loan? Or does that only apply if you wanted a loan for 60 months? Also, are there costs associated with refi'ing a car loan? Besides the membership fee?

I would like to know this as well. Can anyone that has refi'd through PenFed comment on this? Thanks.

Quote from nfusion770 : Wondering if anyone knows. I currently have a loan with penfed but I am trading in my car. Is it better to get a new loan through penfed or just go to the dealer- see the best they can do and then refinancing with Penfed if I don't like their rate? Sometimes dealer rates have surprised me. For a new loan does Penfed give you a blank check or do I have the dealer call them and work out the details after applying? Secondly, I have significant equity in my car but do not want the hassle of selling outright. My current car is in my name and I the new one will be in my companies name so I want to capture the equity personally rather than invest it in the new car. Can I just go into the dealer telling them I have a trade, see what they offer me and then tell them I want it in cash (of course with payoff and old loan docs in hand, taking home just the equity). Seems like I should be able to do this but I never have. Advice appreciated.

when I purchased my car using Penfed I got approved to a certain amount and it was just a blank check I handed the dealer. When you apply I think you can say its for an exact car or you are still shopping and get approved to a certain amount.

I am not familiar with cashing out the trade in but do you have a carmax near by? Sometimes they offer a better a value and will just hand you a check.

Is there any fees to do refi?

Is there any credit score limit to get this rate?
I'm wondering how much will be the rate if the score is around 750?

Quote from Wichard20 : when I purchased my car using Penfed I got approved to a certain amount and it was just a blank check I handed the dealer. When you apply I think you can say its for an exact car or you are still shopping and get approved to a certain amount. I am not familiar with cashing out the trade in but do you have a carmax near by? Sometimes they offer better a value and will just hand you a check.

No Carmax in MN.

Thanks for the info on Penfed. Sounds like Cap One blank check.

Might just refi my wifes car while we are at it.