Welcome to the updated Slickdeals redesign beta. Learn more and give us feedback. Or, return to the classic view.

Search in
Popular Deal

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)
Deal
Score
+113
191,230 Views
Get Deal

Deal Details

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

1 2 3 4 5

Sign up for a Slickdeals account to remove this ad.

Joined May 2005
The Stampede
380 Reputation
Original Poster
#31
Quote from MrsJerseyJets View Post :
I've never refi'd a car loan before...we have a car loan through another company, do we still have to add on $5000 to the loan? Or does that only apply if you wanted a loan for 60 months?

Also, are there costs associated with refi'ing a car loan? Besides the membership fee?
the 5k is only if you have a Penfed auto loan and want to refinance that loan (you also do not qualify for the promotional rate). Besides joining Penfed their should be no other fee with a refinance unless your original loan has an early payoff fee or something weird.
Reply Helpful Comment? 0 0
Joined May 2008
L4: Apprentice
48 Reputation
#32
What is the deal for existing members? Has anyone tried?
It says promotional rate doesn't apply existing customers.
Reply Helpful Comment? 0 0
Joined Mar 2006
L5: Journeyman
1,067 Reputation
#33
Quote from Wichard20 View Post :
the 5k is only if you have a Penfed auto loan and want to refinance that loan (you also do not qualify for the promotional rate). Besides joining Penfed their should be no other fee with a refinance unless your original loan has an early payoff fee or something weird.

Thank you! Just submitted and am currently under review. Guess we'll see what happens!
Reply Helpful Comment? 0 0
Joined Nov 2009
L2: Beginner
34 Reputation
#34
Only 0.49% if you're buying a new car through Penfed auto buying service, which is Zag. I used it last month to find the best quotes around for my car. I didn't use it in the end, but I used those quotes to negotiate. I ended up with 0% with another dealer that gave a more competitive price than the dealers that participate in this program.

However, when you used this service, always ask for the out the door price to compare. Don't let a dealer lure you in with a cheap quote and then add on hundred dollars of fees later.

Just my 2 cents.
Reply Helpful Comment? 0 0
Joined Mar 2006
L5: Journeyman
1,067 Reputation
#35
Another question for you all...how long does it take for them to review you if you are under review? Thanks in advance!
Reply Helpful Comment? 0 0
Joined Nov 2008
Cigar deals anyone?
217 Reputation
#36
I'm thinking about refinancing my current (used) auto loan through PenFed, but I plan on trading my car in rather soon. I owe less than the trade in value of my car by at least 2k. Would it be worth it to refi my current vehicle? or should I wait it out to finance my next car purchase through them?
Reply Helpful Comment? 0 0
Joined May 2005
The Stampede
380 Reputation
Original Poster
#37
Quote from gluck View Post :
What is the deal for existing members? Has anyone tried?
It says promotional rate doesn't apply existing customers.
My understanding is your need to add 5k to your loan and the rate is 1.99 I believe. I am interested in refi of a Penfed loan as well and sent them a secure message but have not heard back yet.
Reply Helpful Comment? 0 0

Sign up for a Slickdeals account to remove this ad.

Joined Sep 2007
L2: Beginner
22 Reputation
#38
Quote from LargeJames View Post :
I'm thinking about refinancing my current (used) auto loan through PenFed, but I plan on trading my car in rather soon. I owe less than the trade in value of my car by at least 2k. Would it be worth it to refi my current vehicle? or should I wait it out to finance my next car purchase through them?
I've refinanced a couple of cars with PenFed, and wouldn't say that it is an easy and quick process. Depending on when you trade in your car, you might still have registration or title paperwork floating around that could impact the ability to trade in your car or pay the correct lien holder. Our last refinance took about 90 days for all of the paperwork to get to the correct parties. If you won't be trading your car in for at least 90 days, than its up to you to see if the cost savings are worth the hassle and ding on your credit score.
Reply Helpful Comment? 0 0
Joined Dec 2007
L3: Novice
38 Reputation
#39
Wondering if anyone knows.

I currently have a loan with penfed but I am trading in my car. Is it better to get a new loan through penfed or just go to the dealer- see the best they can do and then refinancing with Penfed if I don't like their rate? Sometimes dealer rates have surprised me. For a new loan does Penfed give you a blank check or do I have the dealer call them and work out the details after applying?

Secondly, I have significant equity in my car but do not want the hassle of selling outright. My current car is in my name and I the new one will be in my companies name so I want to capture the equity personally rather than invest it in the new car. Can I just go into the dealer telling them I have a trade, see what they offer me and then tell them I want it in cash (of course with payoff and old loan docs in hand, taking home just the equity). Seems like I should be able to do this but I never have.

Advice appreciated.
Reply Helpful Comment? 0 0
Joined Apr 2009
L2: Beginner
61 Reputation
#40
Quote from MrsJerseyJets View Post :
I've never refi'd a car loan before...we have a car loan through another company, do we still have to add on $5000 to the loan? Or does that only apply if you wanted a loan for 60 months?

Also, are there costs associated with refi'ing a car loan? Besides the membership fee?
I would like to know this as well. Can anyone that has refi'd through PenFed comment on this? Thanks.
Reply Helpful Comment? 0 0
Joined May 2005
The Stampede
380 Reputation
Original Poster
#41
Quote from nfusion770 View Post :
Wondering if anyone knows.

I currently have a loan with penfed but I am trading in my car. Is it better to get a new loan through penfed or just go to the dealer- see the best they can do and then refinancing with Penfed if I don't like their rate? Sometimes dealer rates have surprised me. For a new loan does Penfed give you a blank check or do I have the dealer call them and work out the details after applying?

Secondly, I have significant equity in my car but do not want the hassle of selling outright. My current car is in my name and I the new one will be in my companies name so I want to capture the equity personally rather than invest it in the new car. Can I just go into the dealer telling them I have a trade, see what they offer me and then tell them I want it in cash (of course with payoff and old loan docs in hand, taking home just the equity). Seems like I should be able to do this but I never have.

Advice appreciated.
when I purchased my car using Penfed I got approved to a certain amount and it was just a blank check I handed the dealer. When you apply I think you can say its for an exact car or you are still shopping and get approved to a certain amount.

I am not familiar with cashing out the trade in but do you have a carmax near by? Sometimes they offer a better a value and will just hand you a check.
Reply Helpful Comment? 0 0
Joined Dec 2004
L6: Expert
260 Reputation
#42
Is there any fees to do refi?
Reply Helpful Comment? 0 0
Joined Aug 2008
L1: Learner
10 Reputation
#43
Is there any credit score limit to get this rate?
I'm wondering how much will be the rate if the score is around 750?
Reply Helpful Comment? 0 0
Joined Dec 2007
L3: Novice
38 Reputation
#44
Quote from Wichard20 View Post :
when I purchased my car using Penfed I got approved to a certain amount and it was just a blank check I handed the dealer. When you apply I think you can say its for an exact car or you are still shopping and get approved to a certain amount.

I am not familiar with cashing out the trade in but do you have a carmax near by? Sometimes they offer better a value and will just hand you a check.
No Carmax in MN.

Thanks for the info on Penfed. Sounds like Cap One blank check.

Might just refi my wifes car while we are at it.
Reply Helpful Comment? 0 0

Sign up for a Slickdeals account to remove this ad.

Joined Oct 2008
L4: Apprentice
136 Reputation
#45
Quote from nfusion770 View Post :
Wondering if anyone knows.

I currently have a loan with penfed but I am trading in my car. Is it better to get a new loan through penfed or just go to the dealer- see the best they can do and then refinancing with Penfed if I don't like their rate? Sometimes dealer rates have surprised me. For a new loan does Penfed give you a blank check or do I have the dealer call them and work out the details after applying?

Secondly, I have significant equity in my car but do not want the hassle of selling outright. My current car is in my name and I the new one will be in my companies name so I want to capture the equity personally rather than invest it in the new car. Can I just go into the dealer telling them I have a trade, see what they offer me and then tell them I want it in cash (of course with payoff and old loan docs in hand, taking home just the equity). Seems like I should be able to do this but I never have.

Advice appreciated.
Get the Penfed loan approved first then decide after you see the dealer offer. Sometimes manufacturer subsidies do beat out a good bank rate.

Of course you can negotiate with the dealer how they pay you for the trade in. Make the deal first and iron out the details later. They won't want to muck up a good deal just because someone has to write an extra check. Just make sure you don't wind up getting screwed by missing something with the extra transactions.
Reply Helpful Comment? 0 0
Page 3 of 44
1 2 3 4 5
Join the Conversation
Add a Comment
 
Slickdeals Price Tracker
Saving money just got easier.
Start Tracking Today
Copyright 1999 - 2015. Slickdeals, LLC. All Rights Reserved. Copyright / DMCA Notice  •  Privacy Policy  •  Terms of Service  •  Acceptable Use Policy (Rules)