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

Wichard20 303 482 August 1, 2012 at 04:18 PM in Finance (6)
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Last Edited by widgit August 3, 2012 at 01:02 AM
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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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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657 Comments

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#466
Quote from baronvdb View Post :
GT-R is the way to go out of what you listed. I was deciding b/t that and a Lexus IS-F and I went with the IS-F b/c I've had really good experience with lexus/toyota but those GT-R's are sweet!

you should go find the top gear episode with the GT-R if you haven't already seen it.
we got a baller here! Big Grin
i can't even find a used GT-R for $50k
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#467
Quote from stasis View Post :
we got a baller here! Big Grin
i can't even find a used GT-R for $50k
don't worry, keep looking. I got a slick deal on my IS F because I patient! Ended up getting from a Acura dealership when they got it in on trade. I don't think they realized it was a numbered car (1 of only 50 made as special build). Anyway, i got it two years ago and it's still valued at what i paid for it...SD for life!
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#468
Quote from stasis View Post :
Boss 302, WRX STI, 370z Cool but i really want a GT-R
Nice list there, definitely worth a rep. I'm currently driving a '05 Saab 9-2x (also known as a Saabaru as its a nicer version of the WRX). Wish law school wasn't taking all my money so I could get some nice performance mods on it.
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#469
Read through this entire thread!!

Have one question pertaining to titles. For those that have done this refinance, does penfed handle the title aspect of things directly, or is it up to me to do so? Here in IL, it's $95 to get a corrected title. I assume this is necessary to remove the previous lien holder and have penfed added. Or is it just a matter of them holding on to the title until the loan is paid off?
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#470
Has anyone used myinsuranceinfo.com [myinsuranceinfo.com] to provide Penfed proof of insurance?
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#471
Quote from GPz1100 View Post :
Read through this entire thread!!

Have one question pertaining to titles. For those that have done this refinance, does penfed handle the title aspect of things directly, or is it up to me to do so? Here in IL, it's $95 to get a corrected title. I assume this is necessary to remove the previous lien holder and have penfed added. Or is it just a matter of them holding on to the title until the loan is paid off?
Send them your title and proof that your previous leinholder has terminated their lean and they should file all the paperwork free of charge. They did for me here in MD.
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#472
Quote from soobaerodude View Post :
Has anyone used myinsuranceinfo.com [myinsuranceinfo.com] to provide Penfed proof of insurance?
I faxed the insurance verification form to my insurance agent so that he could handle this process. According to this form your insurance company can use that website or phone in the information. Either way, I would assume that PenFed wants your insurance company to do this- not you.
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#473
Anybody know how long you have after you're approved for the loan to find a vehicle? Thank you.
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Joined Nov 2008
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#474
Quote from hmongkeysauce View Post :
Anybody know how long you have after you're approved for the loan to find a vehicle? Thank you.
I recall when I was approved and shopping for my car it was 90 days.
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#475
Btw, do you really have to be a member in one of their approved groups, like the NMFA, AAA, etc?
Penfed did not ask me for any membership number or anything when I applied for an account.
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#476
I just got denied for an auto loan from PenFed b/c I hadnt started work yet and had too short of a credit history.
Are there any other places I should look for low interest auto loans?
I have a good credit score (790) and nice income when I start work at the end of the month. I have already been approved by my bank at 2.88% interest for a used car. I was just wondering if there was anything lower.
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#477
^^Get a cosigner if you can.
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#478
I recently moved to what they call a "high-fraud area" (Miami), so the application process has been pretty painful for me. I applied for a refi last Saturday. I called them every few days, and with each phone call was told that they need more and more information (notarized proof of residence, notarized proof of income, cosigner letters, kindergarten report cards, blood sample, etc).

Last night before bed, I was looking at my application on their website. I closed my browser, and some message popped up. I thought nothing of it and hit Enter for "OK". I kinda just assumed that the pop up message was the generic "Are you sure you want to leave this page?" It turns out that the message was actually asking if I wanted to withdraw my loan app. I called them this morning to let them know it was a mistake, but it's too late. I ended up having to reapply this morning and resending all the documentation.

Between me and my GF, our combined income is $150K+. I would've never imagined having to jump through so many hoops for a $20k refi.
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#479
Do you have to be a current member of AAA for free membership to penfed? My membership expired last year
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Last edited by kdiggz October 7, 2012 at 06:54 AM
#480
Quote from michiganblows View Post :
I just got denied for an auto loan from PenFed b/c I hadnt started work yet and had too short of a credit history.
Are there any other places I should look for low interest auto loans?
I have a good credit score (790) and nice income when I start work at the end of the month. I have already been approved by my bank at 2.88% interest for a used car. I was just wondering if there was anything lower.
I did too. I was trying to refinance from a 3.99 from my local CU. The only reason was that my credit history was too short. LAME. Frown
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