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

Search in
Forum Thread

Penfed Car Buying Service Help

jlar12 10 August 21, 2012 at 09:14 AM
Deal
Score
0
12,824 Views

Thread Details

I would like to purchase a new car through PenFeds car buying service and their great rates https://www.penfed.org/PenFed-Car...ome-mainAd

Could someone explain to me how the Penfed car service process works?

Do I have to have the car picked out before I apply for the loan?

Do they cut me a check ahead of time?

Is there a waiting period before I can apply for a loan after joining Penfed?

Any idea about required Credit Score?

Anyone that has any experience using them your expertise would be greatly appreciated.

27 Comments

1 2

Sign up for a Slickdeals account to remove this ad.

Joined Jun 2011
L7: Teacher
371 Reputation
#2
Reply Helpful Comment? 0 0
Joined Oct 2011
L2: Beginner
10 Reputation
Original Poster
#3
While informative I don't think it answered any of my questions directly....thanks for you research I hope someone else can chime in as well.
Reply Helpful Comment? 0 0
Joined Aug 2005
L10: Grand Master
3,995 Reputation
#4
Quote from jlar12 View Post :
While informative I don't think it answered any of my questions directly....thanks for you research I hope someone else can chime in as well.
I think the person you should be asking is a Penfed employee such as a loan officer. Sorry for the obvious but these are all perfectly clear and rational questions that someone should be able to answer who works their without problem. Forums like this are great resources to for reviews of services and stuff like this, but specific details that is where the work of reading the fine print and asking the people who run the program come in.
Reply Helpful Comment? 0 0
#5
Quote from jlar12 View Post :
While informative I don't think it answered any of my questions directly....thanks for you research I hope someone else can chime in as well.
I could tell you how my bank does this and how loans that I process are completed, but each institution is different.

Where I work, all of the details are needed ahead of time. All info on you, the vehicle, etc.

Score needed will vary based on the vehicle and assigned rate. Also, your relationship is a factor here. The bigger your relationship with us, the better the rate and the easier the approval. If you haven't had a $5000 relationship with us for at least 6 months, you're a non-customer and don't get the preferential process.

Also, these answers will vary widely based on the vehicle year/make/model, the price, the NADA trade in value, etc.
Reply Helpful Comment? 0 0
Joined Oct 2011
L2: Beginner
10 Reputation
Original Poster
#6
Quote from Formless View Post :
I could tell you how my bank does this and how loans that I process are completed, but each institution is different.

Where I work, all of the details are needed ahead of time. All info on you, the vehicle, etc.

Score needed will vary based on the vehicle and assigned rate. Also, your relationship is a factor here. The bigger your relationship with us, the better the rate and the easier the approval. If you haven't had a $5000 relationship with us for at least 6 months, you're a non-customer and don't get the preferential process.

Also, these answers will vary widely based on the vehicle year/make/model, the price, the NADA trade in value, etc.
Interesting, good to know. Thanks
Reply Helpful Comment? 0 0
Joined Dec 2011
Permanently Awesome
81 Reputation
#7
Quote from jlar12 View Post :
I would like to purchase a new car through PenFeds car buying service and their great rates https://www.penfed.org/PenFed-Car...ome-mainAd

Quote :
Could someone explain to me how the Penfed car service process works?
pick a vehicle.

enter your zip code.

see 3+ participating dealers in your area.

submit your contact info.

wait for dealers to send you pricing info.

apply for a PenFed auto loan. if approved, PF sends you a blank check ("good up to $XX,XXX when used by YY-YY-YYYY")

visit a dealer or three.

make a deal.

fill out the check.

drive off with your car (some dealerships deliver)

of course, you could apply for the loan FIRST & THEN follow the other steps. this seems smarter, since you'd know your spending limit BEFORE selecting a ride.

Quote :
Do I have to have the car picked out before I apply for the loan?
no

Quote :
Do they cut me a check ahead of time?
yes

Quote :
Is there a waiting period before I can apply for a loan after joining Penfed?
no

Quote :
Any idea about required Credit Score?
700+

but that's no guarantee.

this CU is VERY PICKY about lending money.

short credit history? LIKELY DING!

few credit accounts? LIKELY DING!

high or fairly high utilization? LIKELY DING!

more than a couple recent inquires? LIKELY DING!

high or fairly high DTI? LIKELY DING!

too much available credit? LIKELY DING!

finally, realize that requests for income docs. are common.
...............
Reply Helpful Comment? 0 0
Joined Oct 2011
L2: Beginner
10 Reputation
Original Poster
#8
Thank you financechick that was awesome!
Reply Helpful Comment? 0 0

Sign up for a Slickdeals account to remove this ad.

Joined Oct 2004
L4: Apprentice
125 Reputation
#9
Quote from jlar12 View Post :
I would like to purchase a new car through PenFeds car buying service and their great rates https://www.penfed.org/PenFed-Car...ome-mainAd

Could someone explain to me how the Penfed car service process works?

Do I have to have the car picked out before I apply for the loan?

Do they cut me a check ahead of time?

Is there a waiting period before I can apply for a loan after joining Penfed?

Any idea about required Credit Score?

Anyone that has any experience using them your expertise would be greatly appreciated.
I've never used their car buying service so I can't comment on that. I can tell you my current car loan is through PenFed and I couldn't be any happier with the process. Of the several Credit Unions and Banks I have accounts with PenFed will probably be my go to place for a car loan in the future.

My last car loan consisted of them out of the blue sending me a blank check for up to 35k with a letter telling me because of my good credit I should go buy a car or refinance my existing car with the check. I had planned to buy a new car in the next few months anyway so it worked out great. I found the car I wanted sent the dealer the check, and took delivery of the car. A couple weeks later I got some papers in the mail to sign from PenFed, sent them the title and signed papers and that was it.

Completely painless never even spoke to anyone on the phone. I have heard that you need to have excellent credit and that they are very big on debt to income and utilization especially when applying for one of their credit cards however YMMV.
Reply Helpful Comment? 0 0
Joined Jan 2005
Show me the money!
2,691 Reputation
#10
I used a PenFed loan to purchase a CPO car on my own. I did not use their buying service. While applying for the loan, I told them what kind of car I was going to buy an roughly how much I wanted them to finance. They mailed me a blank check which I could use wherever I wanted, but I had a maximum amount that they'd honor it for.
Reply Helpful Comment? 0 0
Joined Oct 2011
L2: Beginner
10 Reputation
Original Poster
#11
Quote from heavylee View Post :
I used a PenFed loan to purchase a CPO car on my own. I did not use their buying service. While applying for the loan, I told them what kind of car I was going to buy an roughly how much I wanted them to finance. They mailed me a blank check which I could use wherever I wanted, but I had a maximum amount that they'd honor it for.
Do you remember what the time frame was to apply and then receive a check?
Reply Helpful Comment? 0 0
Joined Jan 2005
Show me the money!
2,691 Reputation
#12
Pretty quick. I applied online and had the check within 3-4 days maybe.
Reply Helpful Comment? 0 0
Joined Oct 2011
L2: Beginner
10 Reputation
Original Poster
#13
Quote from heavylee View Post :
Pretty quick. I applied online and had the check within 3-4 days maybe.
Oh not bad at all. Thanks
Reply Helpful Comment? 0 0
#14
Sorry to bring up an old thread but does anyone know once you apply what docs do you have to send it like proof of income or do they solely base your loan on your credit score?
Reply Helpful Comment? 0 0
Joined Oct 2011
L2: Beginner
10 Reputation
Original Poster
#15
Quote from Totalfixation View Post :
Sorry to bring up an old thread but does anyone know once you apply what docs do you have to send it like proof of income or do they solely base your loan on your credit score?
They did not request any additional information regarding my income but I don't know if that is the case for everyone.
Reply Helpful Comment? 0 0
Page 1 of 2
1 2
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)