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

Wichard20 430 August 1, 2012 at 05:18 PM in Finance (6)
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Last Edited by widgit August 3, 2012 at 02:02 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

657 Comments

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#571
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

We owe about $15k also, but our rate is 4.89. I'm thinking of trying, but not sure if its worth to do since we only owe 2 years and 4 months.
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#572
calculating on their website saves me 63 bucks a month if I refinance for 60 months. I can use that money for the home insurance on a home I am planning to buy soon. guess will wait for the home loan approval to go through so that the credit hit does not hurt much..thinking to go ahead
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#573
Can you buy used from private seller with this loan?
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#574
Quote from calisoldier83 View Post :
Can you buy used from private seller with this loan?
Yes, but I think there ma be extra steps to be done (or phone calls to be made). I only know because there's a whole section about this on the promissory note I signed.
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#575
I have a credit score of 710 and they wouldnt approve me =(
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#576
I bought a new 2013 ford fusion SE and financed at 2.9%

This will be great at half the rate, could save me $1000 in interest.

Need to find out if my loan for the fusion has any prepayment penalties, and if the interest charge is not rolled into the initial amount like few banks do.
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#577
Quote from m15x View Post :
I have a credit score of 710 and they wouldnt approve me =(
<720 = deadbeat
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#578
Quote from LeaninBack916 View Post :
The first place I went to the guy said I was a "fool for not buying the car at the price he was offering."

Second dealership I went to was nice, let me test drive, and then at the pricing they had a really good price but then said oh well our dealership fee, license fee, blah blah fees and listed them out. Total price as about 3000 more. I knew it was bs. I called him out.

Third one almost had me but then when we got to the "financing" part. They kept telling me to use their bank. I told them unless they beat my 3.99% Local CU rate and 0$ down... I didn't want it. Came back and said I just need $2000 (which I had) and they could do 4.49% and that my local credit union would be such a "headache" to deal with... I told them 3.5 and nothing down or let me use my own or I walk and they tried it again and I left. He tried to 'usher' me back to his desk but I told him I had enough of him wasting my time.

4th dealership tried to hardball on the price. I had him go refer to his manager (could have been a cigarette, who knows) a few times. When he came back and said they lowest they could go was xx.xxx I was like... no. Then he got the manager who came back, very intelligent, reasonable guy... and showed me a break down of the actual cost/how much they would sell it to a dealership for (not their brand) and that he was selling it back at the end of the week. So he gave me a bit off and said final or I can enjoy the beautiful weather and no hard feelings. He even took off the dealer fee and just had to pay insurance/registration. Out the door under 17k for a 6800 mile new/used car.
wow, what a rookie car buyer you are. a pro completes 98% of the process online and visits a single dealership for paperwork/delivery.

the mgr knew you were green. so it's likely that 17k was the price for dumbs.
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#579
Quote from gunskill View Post :
<720 = deadbeat
Quote from gunskill View Post :
wow, what a rookie car buyer you are. a pro completes 98% of the process online and visits a single dealership for paperwork/delivery.

the mgr knew you were green. so it's likely that 17k was the price for dumbs.
10 posts here and this is how you talk to people? Good luck with your stay here.
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#580
What year does the used car have to be?

Can I finance a 2001 car?
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#581
I bought a 2006 used vehicle from a private seller using PenFed as my lender a couple of years ago. They've been a great CU to work with, and the rates are excellent.
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#582
hmm, I'm looking to buy another car. If I have a car already financed, how would I go about trading my existing car in to pay off the primary loan and take another loan out with penfed for another car? They wouldn't let me hold 2 loans to my name while I bought another car would they?
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#583
Quote from David36 View Post :
What year does the used car have to be?

Can I finance a 2001 car?

Age of the car does not matter. Mileage is what matters. I think (can't remember exactly) 120K is the limit on mileage.
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#584
Quote from tomurphjr View Post :
Age of the car does not matter. Mileage is what matters. I think (can't remember exactly) 120K is the limit on mileage.
I think 10 years is the max...Confused
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#585
Quote from gunskill View Post :
wow, what a rookie car buyer you are. a pro completes 98% of the process online and visits a single dealership for paperwork/delivery.

the mgr knew you were green. so it's likely that 17k was the price for dumbs.
That's an unnecessarily nasty way to put it, but you're right about doing the deal online. Even for a pro there are too many variables to do a deal well in the dealership, not to mention the fact that you are captive there--they know you don't want to slog to yet another showroom, and they can waste your time and wear you down. I actually received an email from a dealer (they were all desperate to get me in, even though I told them I already drove the car and knew exactly what I would buy) stating that "your presence here in the showroom is your leverage for a great deal!".
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