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

Wichard20 380 August 1, 2012 at 04:18 PM in Finance (6)
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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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Joined Dec 2008
L2: Beginner
11 Reputation
#586
My $.02: PenFed has great rates, but it took them over three months to refinance our auto loan. Every time you contact them it's a new person. And if your deal is a little complicated they get totally flustered.

If you have the patience, this is a good deal.

Next December I'll be shopping for a car again and hope their rates are still this good.
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Joined Jun 2005
Let Sleeping Dogs Lie
2,128 Reputation
#587
Penfed credit union is offering 1.5% on used car loans so you can refi your current loan at a lower rate



•1.49% APR* up to 60 months
•Loan amounts up to $70,000
•Easy online application


Benefits

•Rates available on all model years
•Preapproved auto drafts available to qualified buyers
•You may even get an instant decision

on a 20K loan for 5 years you can save 1300.00 for if you had a loan at 4%
so if you are buying a car take the cash back then refi with penfed

new cars purchased thru them are .5%
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Joined Jan 2006
L5: Journeyman
282 Reputation
#588
hasn't it been this rate for the last 6 months?
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Joined Jun 2012
L6: Expert
848 Reputation
#589
Quote from jneset View Post :
hasn't it been this rate for the last 6 months?
This^. Thread with posts as recent as Today - http://slickdeals
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Joined Jan 2006
L5: Journeyman
282 Reputation
#590
Quote from savrnot View Post :
This^. Thread with posts as recent as Today - http://slickdeals
awesome, thanks! woot
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Joined Nov 2006
L2: Beginner
17 Reputation
#591
is this one of those credit unions that are only available to specific people?
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Joined Jun 2005
Let Sleeping Dogs Lie
2,128 Reputation
#592
no anyone can join sorry for the repost more the crappy search on slickdeals

they are really nice on the phone and pretty easy to deal with, they also refi mortgages Smilie
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Joined Dec 2007
L5: Journeyman
242 Reputation
#593
Bought a new 2013 ford fusion last Wednesday with 2.9% APR, for 72 months.

Got instant approval for refinance at penfed today for 60 months at 1.49% APR, I'll save near 1200 over the term of the loan. Not bad.
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Joined Jul 2008
You cant win with a troll
309 Reputation
#594
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.
It used to be whatever you wanted to spend. Even few months ago, they allowed 110% of NADA retail value of the car you are thinking of buying. I think now they only allow 100% of NADA retail value. They are allowing less and less
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Joined Oct 2012
L2: Beginner
10 Reputation
#595
Quote from exofficio View Post :
My $.02: PenFed has great rates, but it took them over three months to refinance our auto loan. Every time you contact them it's a new person. And if your deal is a little complicated they get totally flustered.

If you have the patience, this is a good deal.

Next December I'll be shopping for a car again and hope their rates are still this good.
Do you have a high debt ratio? Mine was instant, I don't have much debt. It's the easiest loan I have ever applied for. I applied just for the hell of it and was shocked, it was pre-approved when I completed the loan. I thought I would have to wait a week for approval. Just my opinion, if you qualify for the loan, you'll get approved right away. If you don't then it'll take awhile and you might have to call to find out, you were rejected.
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Joined Sep 2008
L6: Expert
782 Reputation
#596
Quote from Ynot303 View Post :
Just my opinion, if you qualify for the loan, you'll get approved right away. If you don't then it'll take awhile and you might have to call to find out, you were rejected.
Not quite in my case. Mine took a week, they asked for copies of my paystubs, then was approved after a follow-up call. Smilie
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Joined Mar 2008
L5: Journeyman
116 Reputation
#597
Wish I smart enough 2 years ago to check Penfed when I bought a car. Would have saved about $1500 over the term. Only 20 months left at about $7k and will only end up saving about $160. =( Next time!
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Joined Dec 2008
L2: Beginner
11 Reputation
#598
Quote from Ynot303 View Post :
Do you have a high debt ratio? Mine was instant, I don't have much debt. It's the easiest loan I have ever applied for. I applied just for the hell of it and was shocked, it was pre-approved when I completed the loan. I thought I would have to wait a week for approval. Just my opinion, if you qualify for the loan, you'll get approved right away. If you don't then it'll take awhile and you might have to call to find out, you were rejected.
No, was approved right away. The delay came from their titling department. Truth be told, it's still not correct. We have the loan and have been paying on it through automatic withdrawal, but the title is still not right.
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Joined Jun 2005
L1: Learner
10 Reputation
#599
Just went through the entire 40 page thread. Never refinanced before and was wondering if anyone could help with a few questions:

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?
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Joined Dec 2011
L2: Beginner
23 Reputation
#600
I applied for a loan the other day even though I haven't actually decided on who I'm buying the car from. I was conditionally approved. You can read the message from them below. Can I buy from a private seller rather than a dealership? It says to provide a purchase order from the dealership.

Quote :
CONDITIONALLY APPROVED. CLICK VIEW COMMENTS FOR FURTHER INFORMATION 02/11/2013
COMMENTS: Please provide a purchase order from the dealership, including the total purchase price and total amount that you are financing. This information may be provided via fax to 1-800-278-2212 or 1-800-557-7328, or via e-mail at info@hq.penfed.org. All PenFed policies apply.
PLEASE PROVIDE A PURCHASE ORDER WITH COLLATERAL DETAILS AND AMOUNT TO
BE FINANCED.
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