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

Wichard20 297 482 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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Joined Jul 2008
L8: Grand Teacher
3,943 Posts
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#556
is the deal still available? TIA
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#557
yes it is stil available

www.penfed.org
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#558
Anyone know where to find the reference id and control number to verify insurance here https://www.myinsuranceinfo.com/MyInsuranceInfo/
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#559
For getting a used auto loan from PenFed, it seems they will only give you a loan for a used car model that is less than or equal to 2 years of the current model i.e only 2011-2013 models.
So if I wanted to buy a 2008 car model I would have to buy it and finance it through the dealership then apply a refinance option through penfed?


And for all of PenFed Auto loans/refi you need to have a insurance with ded of $500?
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#560
Has anyone refinanced a vehicle in their spouses name? I am not on the loan, but I have strong credit and she does not.
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Joined Jun 2005
L8: Grand Teacher
3,410 Posts
320 Reputation
#561
Okay... I joined PenFed. My credit score is not very good.... Do they do a credit check in order to get an auto loan? Or once I am a member I can get a car loan regardless of my credit score? Not sure how credit unions work... Sorry if this questions has been asked repeatedly... Thanks in advance for any guidance.
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#562
Quote from seanzie View Post :
Okay... I joined PenFed. My credit score is not very good.... Do they do a credit check in order to get an auto loan? Or once I am a member I can get a car loan regardless of my credit score? Not sure how credit unions work... Sorry if this questions has been asked repeatedly... Thanks in advance for any guidance.
Joining is just the first step. What is your credit score like according to CreditKarma or CreditSesame? I'm afraid that they do check your credit score once applying for a loan. This is true for all loan applications regardless if they need a membership or not to the financial institution. Also, according to many posts here previously, PenFed seems to only approve mostly loaners with good credit score.

In a nutshell, credit unions differ from banks in such a way that credit unions are mostly non-profit entities, works in the interest of its members. Banks are driven by profit that works in the interest of its shareholders. This difference is why CUs offer better service because they ultimately want you, the member, happy. Not some random shareholder.

Hope that clears it up a bit for you. Good luck.
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#563
WTH?? I thought this would be a long shot, I am a college graduate, and Credit score of 750 from experian with only 4 years of credit card history and nothing else got approved for 20k..... notsureifsrs...

It says
Need Collateral Details.
Not eligible for a pre-approval draft.

So im guessing that means all I need to do is find a car that I want to buy and then get the vehicle details i.e VIN, and dealership info, and then input that online where it says continue and then Ill get a check for the amount?
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#564
Quote from MinK8235 View Post :
WTH?? I thought this would be a long shot, I am a college graduate, and Credit score of 750 from experian with only 4 years of credit card history and nothing else got approved for 20k..... notsureifsrs...

It says
Need Collateral Details.
Not eligible for a pre-approval draft.

So im guessing that means all I need to do is find a car that I want to buy and then get the vehicle details i.e VIN, and dealership info, and then input that online where it says continue and then Ill get a check for the amount?
Recently went through a car purchase with penfed. The process was
Call them up when u get the VIN. They'll run approval check then. If all is well, they'll write you a check and some forms for the loan amount to sign in a few days. Then you can give the check to your dealer. Dealer will make you apply for a backup loan through them in case your CU loan doesn't go through- you have 7 days to pay the dealer before their loan kicks in.
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#565
Quote from imafan View Post :
Recently went through a car purchase with penfed. The process was
Call them up when u get the VIN. They'll run approval check then. If all is well, they'll write you a check and some forms for the loan amount to sign in a few days. Then you can give the check to your dealer. Dealer will make you apply for a backup loan through them in case your CU loan doesn't go through- you have 7 days to pay the dealer before their loan kicks in.
If you are buying a new car, it's even easier. They send you a blank check and you have full authority to make the check out and sign it. Smooth process.
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#566
any other way to join? Not a member of AAA
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#567
Quote from bhubb View Post :
any other way to join? Not a member of AAA
you can pay $20 or $15 by credit card to support Voices for America’s Troops (Voices) and join as member,this option will show up ,when you dont meet eligible list.
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#568
Is it worth refinancing where I am currently at 2.14% to 1.49% from penfed...I got 48 months to go and about 15K
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#569
Quote from sunnsm View Post :
Is it worth refinancing where I am currently at 2.14% to 1.49% from penfed...I got 48 months to go and about 15K
Depends. Are there any costs to refi?
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#570
Quote from gammann View Post :
Quote from sunnsm View Post :
Is it worth refinancing where I am currently at 2.14% to 1.49% from penfed...I got 48 months to go and about 15K
Depends. Are there any costs to refi?
No PenFed did not charge fees when I refi'd. Just a hit to your credit for the hard pull.
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