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Just in case anyone is looking for financing on a used car, and hasn't managed to hear about Pentagon Federal at some point in this subforum, you may want to check them out. They offer 3.99% on used cars (with a few restrictions on mileage and age), and you choose how long you want to take to pay back the loan (one to five years). They say you have to be a family member of someone who was in the military (I am), but you can also just make a small donation to the NMFA. I bought an Envoy a few months ago to replace my Camaro and PenFed was very easy to work with. I filled out an online app telling them what the loan amount would be and how long I wanted it for, they ran my credit, and I had a check in the mail within a week. I took the check to the dealership, found the car I wanted, had the finance guy fill in the info on the check, and that was that. The only other thing I had to do was sign a couple documents they mailed to me after the check was cashed. All in all, financing through PenFed was a dream compared to working with the assholes at the dealership like I've done in the past.
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Oct 22, 2009 20:37
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Blinkman987 posted:How long have you used PenFed? I've always known them as a lender who only takes the cream of the prime at those rates unless you have a long history with them or a premium credit rating. I had never heard of them until I read someone else's post on here talking about their used car loans. I signed up, filled out the app, and that was it. I do have a pretty high credit score though (780ish, I think), so I'm sure that helped.
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Oct 23, 2009 21:22
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I just bought a car back in July and financed through PenFed. Most of what Nija said is correct, mine worked out slightly different though. 1. I figured out the maximum amount I wanted to spend per month using an online calculator, and used the loan amount ($22K in my case) as my starting point. 2. Created a savings account with PenFed, used my dad as a reference since he was in the Navy, and deposited $20 into the account. 3. I applied for a used car loan for $22K online. 4. A week or so later, a check and some paperwork showed up in the mail. The check was good for up to $22K. 5. Went car shopping. PenFed uses the NADA value of the car, plus up to 10% for taxes/registration/whatever as your "ceiling". You can find the NADA value online. Whatever the NADA value is + 10% is the most you're allowed to spend, regardless of what the check says. 6. After I found the car I wanted, I filled out the info on the check, gave it to the dealership, and they took care of the rest. 7. PenFed sent me a loan document to sign and return about a week later. 8. After all that, the loan was active and I started receiving monthly statements. It was super easy, and I'd definitely use them again in the future.
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Jan 21, 2010 01:30
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If they're offering to meet or beat 3.99%, and you're happy with the price you're paying, I don't see why you wouldn't want to take their offer. If you apply for a PenFed loan and get your check, the loan isn't active until you cash the check, and the check is only good for 60 or 90 days if I remember right. You can always apply through them, get the check, and not use it if you don't have to.
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Jan 27, 2010 20:53
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