Yes, as of 3-1 they raised the rate. So even if you applied and were approved at 1.49, if you have not received your funds, you will be charged the higher rate. We decided not to go with Pen Fed, and financed with the dealership instead at 1.49 % . So it is worth your while to shop the rate around. Also, make sure that whatever loan you get, that it doesn't front load the interest at the beginning of the loan ( like most mortgages), or that there is no issue with pre-payment.
I will be happy to call Penfed today to tell them nevermind, I got a better rate at the dealership.
Check my this post I got .9% from local credit union. Shop around.
I have used Penfed 3 times now. A couple years ago 2.49 was the best I had ever found on a used car loan. Then it was 1.99, both those vehicles have been sold and my current one is 1.49%. They will continue to get my business, I always have some strange hiccup in the process but they always make it right ASAP. I always apply online then call in and have then run it almost immediately.
One thing I like and Im not sure if its the norm now days as I only have 1 car note currently, but I pay extra each month and its deducted from the next months amount due. Right now they have my next payment due is June haha.
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