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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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#646
Quote from kfunk7 View Post :
It's a tough call, how much can you trust a stranger... I usually get on the phone with PenFed, put the phone on speaker, verify with the rep that check is as good as a cashiers check, have the seller listen in and ask any questions seller might have. Usually sellers will ok that and sign off the title to you.

If the car is not paid off, it will be a different story
How does it work if they still have a loan and they're selling it to me for more than they owe?
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#647
You should call PenFed with these questions, and tell us what they say. I am not sure how good their customer service is . I can't imagine them paying a $20,000 check without the car title, but maybe they do.
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#648
Quote from dieterivon View Post :
They do refinancing.
Thank You.
I know they refinance but it seems what you are talking about is cash out refinance loans. It's when you apply for a new loan to pay off an existing loan on a vehicle and you pocket the difference. But in this case there is no existing loan so it doesn't apply.
Thank You.
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#649
Quote from xxxsdesdexxx View Post :
How does it work if they still have a loan and they're selling it to me for more than they owe?
Best way is to have the owner pay off the car first but not alot of people have cash lying around to pay off their car. So depending on who their lien holder is

1)you can make it out to their lien holder directly in which case the bank will release the title to the seller along with the $ difference
2)you make it out to the seller, seller deposits check, use that fund to pay off the car, bank releases the title to the owner, in which case it could take weeks if not months.

All depends on what the seller wants to do. Like I said previously, best way is to have them pay off the car first and have the title ready. You can offer them to put a deposit down so that they know you mean business. I recommend paying deposit using your credit card so in case you meet a scammer, you have a recourse on getting your deposit back.
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#650
Quote from kfunk7 View Post :
if you had enough cash, why would you pay for it and then get it financed? Plus, PenFed won't finance a car that you already own

Sometimes financing is so cheap you have to take advanage of it. So even if you did have the cash you can put it toward other investments that yield >1.49%
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#651
Quote from malluprince View Post :
Sometimes financing is so cheap you have to take advanage of it. So even if you did have the cash you can put it toward other investments that yield >1.49%
It might be worth to invest if you were buying $100k+ vehicles but if you are buying that kind of vehicles, you already have money to spend. I'm also sure that they have their money invested on something already. Oh and they won't be spending time browsing through slickdeals.
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#652
Interest rate went up to $1.74%.
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#653
is there any penalty for paying off auto loan early with penfed?
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#654
No penalty, I paid my loan off 2 years earlier.



Quote from spyderdsm View Post :
is there any penalty for paying off auto loan early with penfed?
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#655
Quote from kfunk7 View Post :
It might be worth to invest if you were buying $100k+ vehicles but if you are buying that kind of vehicles, you already have money to spend. I'm also sure that they have their money invested on something already. Oh and they won't be spending time browsing through slickdeals.

Why should it matter if you have a high or low budget for a car? Its just smart to find ways to save money no matter how much it is. Thats what Slick...in case you forgot where you are.
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#656
Quote from malluprince View Post :
Why should it matter if you have a high or low budget for a car? Its just smart to find ways to save money no matter how much it is. Thats what Slick...in case you forgot where you are.
go back and read what I was referring to
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#657
I applied for penfed auto loan and pre-approved. However, online it says that

Quote :
Regular Share ***xxxx

Current Balance: $0.00
Available Balance: -$5.00
Why do I have negative balance of $5 and what can I do to correct it?

When I select create new savings account, i see this:
Quote :
If you are subject to backup withholding, check here
and

Quote :
Under penalties of perjury, I certify that:

1. The number shown on this form is my correct taxpayer identification number, and

2. I am not subject to backup withholding because:

I am exempt from backup withholding, or
As a result of a failure to report all interest or dividends, or
The IRS has notified me that I am no longer subject to withholding, and

3. I am a U.S. person (including a U.S. resident alien).
The Internal Revenue Service does not require the consent to any provision of this document other than the certifications required to avoid backup withholding.

You agree that the information provided on this form is accurate and correct to the best of your knowledge.

4. I have read the following disclosures and policies:

Pentagon Federal Credit Union Privacy Policy
Regular Share Disclosure


©2013 Pentagon Federal Credit Union
What should I select?


Also, is there a penalty for paying off early? i.e. say I get a $20,000 loan for 48 months from Penfed. I make $9,000 in payments and decide to pay off completely remaining $11,000. Will I be charged interest on the remaining $11,000?
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Last edited by webazoid June 10, 2013 at 07:41 AM
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#658
Quote from webazoid View Post :
I applied for penfed auto loan and pre-approved. However, online it says that



Why do I have negative balance of $5 and what can I do to correct it?

When I select create new savings account, i see this:


and



What should I select?


Also, is there a penalty for paying off early? i.e. say I get a $20,000 loan for 48 months from Penfed. I make $9,000 in payments and decide to pay off completely remaining $11,000. Will I be charged interest on the remaining $11,000?
Call them. You can pay off anytime w/out any penalty
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