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

Wichard20 368 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

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#46
Applied to refinance earlier today and didn't get the instant decision... Just checked back and the status has changed from "UNDER REVIEW" to "PREPARING TO DISBURSE." I'm assuming this means I was approved?
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The Stampede
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#47
Quote from nfusion770 View Post :
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.
i asked my brother who did car sales and he said people could cash out rather then have it applied, i will say YMMV though
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#48
looks like Nissan is still offering 0% financing if you want a NEW Nissan

and i wonder if Penfed would approve me if I wanna buy a Toyota Supra for $20k. my local credit union said its too expensive considering the age of the car. i guess they don't watch fast n furious lol
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#49
Despite the 'online only' I called about a refi and they wouldn't honor the lower rate as an existing member unless I took out an additional $5000.
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#50
Quote from tenchichrono View Post :
Damn... just refinanced with them at 1.99%... wonder if I can get the 1.49% rate instead? I just submitted an email asking if I could...
Same, please report back and let me know if it works.
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#51
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.
1. It all depends on your credit and car incentives. BMW/Audi and many other dealers provide incentives or special promos for their cars. I would take advantage of that and do an option contract - which pretty much means take what the dealer offers and shop around for a better rate in next X days and roll the loan over.
2. I would negotiate on the price of the car without the trade first then throw in the trade talk. If you have a carmax around you get a rough estimate before going to dealer. I sold my car to carmax and took the additional equity as a check. Not sure how the dealers do it.
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L10: Grand Master
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#52
Quote from Jason's Storm View Post :
Good rate, bad term. 24 months too long. Should never be longer than 36 months.
That has to be the dumbest thing I have ever read on slickdeals... and slickdeals is pretty much a hot bed for dumb statements.
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#53
Quote from lastig21 View Post :
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.
Thanks and rep'd.
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#54
Quote from xceebeex View Post :
I would say most definitely, 2.99 is twice what the current rate is. I would go for the 48 month loan if I were you. Your payments would probably be about the same (give or take a bit) but you would have 6 less payments.
Run the numbers to decide. I was curious, so did a quick look with $20k car.

http://www.bankrate.com/calculato...lator.aspx

$20k for 60 months at 3% ~ $360/mo

$20k for 60 months at 1.5% ~ $345/mo

$18k for 54 months at 1.5% ~ $345/mo

$20k for 48 months at 1.5% ~ $430/mo

$18k for 48 months at 1.5% ~ $385/mo

At first I thought it was going to be $70 more a month, but forgot to take into account the 6 months of payments which add up to about $2k, so really is only about $15 more. Alternatively it's about $15 savings going longer. So, $30 x 48 = $1440 vs $345 x 6 extra payments = $2070. Difference is greater than I had expected, so I may be doing something wrong with my comparisons. In any case, for straight loans, it's always interest savings by borrowing less, lowering interest rate, and/or paying off faster.

One last data point:

$18k for 60 months at 1.5% ~ $310/mo
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#55
Thanks for the feedback on my questions. I usually handle each transaction separately. I usually get at least one dealer that will match edmunds TMV price by email and hammer out all the details before I visit. I hate hassling with this crap. I want the least time consuming avenue to getting back home whilst not getting screwed.
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#56
Quote from automated View Post :
Same, please report back and let me know if it works.
Yeah, I'll reply once I get an email back.
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#57
btw guys, just because you select a longer term let's say 60 months versus 36 months doesn't mean you can't pay extra $ into your monthly payments to knock out the lien quicker.
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#58
Quote from tenchichrono View Post :
btw guys, just because you select a longer term let's say 60 months versus 36 months doesn't mean you can't pay extra $ into your monthly payments to knock out the lien quicker.
Thats true, but only if people are disciplined. Actually, when you get down to rates this low the money is so cheap it almost makes no sense to pay off early, unless you have a burning hatred of all debt or something.
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#59
Quote from notebookreunion View Post :
Run the numbers to decide. I was curious, so did a quick look with $20k car.

http://www.bankrate.com/calculato...lator.aspx

$20k for 60 months at 3% ~ $360/mo

$20k for 60 months at 1.5% ~ $345/mo

$18k for 54 months at 1.5% ~ $345/mo

$20k for 48 months at 1.5% ~ $430/mo

$18k for 48 months at 1.5% ~ $385/mo

At first I thought it was going to be $70 more a month, but forgot to take into account the 6 months of payments which add up to about $2k, so really is only about $15 more. Alternatively it's about $15 savings going longer. So, $30 x 48 = $1440 vs $345 x 6 extra payments = $2070. Difference is greater than I had expected, so I may be doing something wrong with my comparisons. In any case, for straight loans, it's always interest savings by borrowing less, lowering interest rate, and/or paying off faster.

One last data point:

$18k for 60 months at 1.5% ~ $310/mo
I guess it depends on what the motivation is for refinancing. If the individual will make payments in the same amount that they are paying now (or slightly higher) then I would say go for the longest term you can get at the 1.49% rate. That way it is the lowest monthly payment, so if you have a rainy day/month you can save a few bucks.

What people have to be careful with is financing just to get that lower monthly payment because oftentimes they choose a term that is longer than what they currently have left. So even though the rate is lower, they may end up paying more in the long run if they just pay minimums.
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#60
I was approved for the 1.99% rate about a month ago. I received a draft check but haven't used it. Went ahead and applied again and was approved for the 1.49%. However, my new application was quickly shown to have been "withdrawn at member's request". Called Penfed and was told by the rep she couldn't tell why the 2nd application was withdrawn but she assured me that I could use the draft check from the 1st application to get the 1.49% rate. I asked for official confirmation but she couldn't provide any.
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