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

Wichard20 372 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

657 Comments

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#16
When I click on Get Started, and then try to login, it gives me an error that my request cannot be processed and that I've been logged out. Meh.
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#17
would be nice to get more details without having to go through the BS of signing up first.
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#18
Quote from baronvdb View Post :
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?
I have about 2 years left, but am in the same boat. Can someone elaborate on this?

I've never refinanced anything before, so do I have to sign onto a new 36 month term? Or in the end am I essentially just completely my existing term at a lower rate and through a differnt company?
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#19
Quote from baronvdb View Post :
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?
I refi'd with them and it was one of the easiest transactions I ever did. Albeit it was over the phone which might have simplified it but I plan to combine vehicle payments again with this.

Right now I have enough equity in 1 to combine both and get 1.49% where as now I am at 2.24% with BOA on one and 1.92% with Well Fargo on another.
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#20
Well I just rolled through it online, we'll see what happens since I can't enter 2 vehicles to payoff with the online app. It valued our Acadia for more than what I will be combining both for so thats a decent start. Looks like I will be saving $82 a month but I am adding about a year of loan life on one of the loans. I will still continue to pay more as always so it will work out better in the end. Fingers crossed!
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#21
Quote from Jason's Storm View Post :
Good rate, bad term. 24 months too long. Should never be longer than 36 months. 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
Just pay more every month if you want a different term, there are plenty of online calculators for this. The advantage is, if you have a bad month, you can pay less....
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#22
Quote from Jason's Storm View Post :
Good rate, bad term. 24 months too long. Should never be longer than 36 months.

~JS
That is one of the silliest things I have ever read. Why would you finance something for 24 months if the rate was the same for 60 months? You can always pay more and if you get in a bind your min payment would be A LOT lower.
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#23
Quote from AngryPirate View Post :
When I click on Get Started, and then try to login, it gives me an error that my request cannot be processed and that I've been logged out. Meh.
Same.
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#24
Wow, just when you thought 1.99% apr was low, penfed does it again and lowers their car loan rate to 1.49%!!!

https://www.penfed.org/Auto-Loans...ome-mainAd

bounce

This applies to NEW and USED cars!!!
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#25
If you are a member you can get one of these cards to save around 5% on gas also:

https://www.penfed.org/Platinum-Cash-Rewards/

https://www.penfed.org/platinum-rewards/
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#26
My current auto loan has 54 moths left, and is at 2.99% Is it worth it to refinance at this rate?

Thanks
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#27
Quote from toubis View Post :
My current auto loan has 54 moths left, and is at 2.99% Is it worth it to refinance at this rate?

Thanks
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.
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#28
Thanks for the heads up on this. I did do a home equity loan w/ them 3 years ago. It was the longest process! It took the entire summer to get that loan finalized. We applied on Memorial Day weekend online, there was lots of back and forth in between. We signed the docs the day before Labor Day weekend. I hope their car financing is a lot easier. I will definitely look into it because I already secured financing at 1.9%, why not get it at a lower rate since I'm still waiting on my car to come in!
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#29
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?
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#30
Repped and done. Just saved ~$100/mo over USAA.

Never refinanced before, but it was straight forward. Just pay the $20 or $25 to join Penfed (if you are not qualified) and set everything up.

If you do not like saving money in the long run, then don't bother...otherwise leave this thread and get on it.
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