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

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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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Created 08-01-2012 at 04:18 PM by Wichard20
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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/
[COLOR="Red"]

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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#3
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...
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#4
As low as 0.99% or 0.49% (48 months) if you use their car buying service. Thinking about this.
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#5
Quote from skiumah
:
As low as 0.99% or 0.49% (48 months) if you use their car buying service. Thinking about this.
May not be a good idea of using their car service as the savings on the total price of the car if you buy it on your own would be more than the 1% in interest you save .. The dealer can even match the apr

Like the price I paid for a car is $27,400 and the same model is being shown for a target price of $29,421. The interest rate I got approved by the dealer was 2.54% ( But I have a lot of debt and did purchase another car only a month back).

You can also get better pricing from the dealer if you use their finance.. and then refinance as there is no prepayment penalty. ( of course you should have the patience to shop around and do some leg work as always to save $$$)

I am thinking of refinancing it with the 1.49%
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#6
I have a year old Penfed loan at 1.99% and would like to get this refi. I am a little confused to this statement on their website?

Keep in Mind: If refinancing a PenFed loan, you must apply for an additional $5,000. 15% down payment for 72 month loan term is required.

So do I need to give 15% down and do a 72 month? Why do I need to apply for an additional $5000?

Anyone know?
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#7
I financed an used auto two weeks ago at 1.99. I just called to get the rate adjusted and was denied!! And since the offer do not apply to Refinance one of their own, I'm screwed.
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#8
Quote from yazyazoo
:
I have a year old Penfed loan at 1.99% and would like to get this refi. I am a little confused to this statement on their website?

Keep in Mind: If refinancing a PenFed loan, you must apply for an additional $5,000. 15% down payment for 72 month loan term is required.

So do I need to give 15% down and do a 72 month? Why do I need to apply for an additional $5000?

Anyone know?
The promo won't apply to Refi PenFed loans. If you Refi a PenFed loan, you will get a higher APR. Also, your current loan will be increased by $5000 if up to 60 months.
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#9
Quote from dzyr4tt
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May not be a good idea of using their car service as the savings on the total price of the car if you buy it on your own would be more than the 1% in interest you save .. The dealer can even match the apr
Do you think someone can always beat a car buying service price? I know USAA does the same thing and I've never used one.
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#10
I've got a loan with chase at 3.33% with about a year left...trying to decide if it's worth the trouble. Anybody done this before with them? Pretty painless or just a pain?
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#11
My wife just completed a refi from ford credit last week (at 1.99). Pretty simple, she did it all by herself like a big girl Smilie I just applied to refi my suntrust 1.99 loan at the new 1.49 rate. I figure it wont count as another inquiry on my credit being so close together. Don't car if it does. $20 less a month, 300-400 over the life of the loan and I get to close my suntrust account.
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#12
Quote from Wichard20
:
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
Thanks OP!

I applied but didn't get an instant decision. I am being referred to an agent and my application is being reviewed......
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padawan
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#13
bought car at 22% apr.

refi through military and had it dropped to 12%

can i refi this again to get this 1.4%
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#14
Quote from dubmang
:
bought car at 22% apr.

refi through military and had it dropped to 12%

can i refi this again to get this 1.4%

22% apr EEK!
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#15
Good rate, bad term. 24 months too long. Should never be longer than 36 months.
Quote from dubmang
:
bought car at 22% apr.

refi through military and had it dropped to 12%

can i refi this again to get this 1.4%
If you rates were that, then your credit must be crap. I'm surprised you even got an auto loan. I doubt they would do that.

~JS
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