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How exactly do these loans like PenFed work? You go to the dealership and negotiate the price of the car after your down payment, the apply to PenFed for that amount, and if you are approved they send you a check? So then you just go into the dealership with the two checks, your personal check and the PenFed check, that equals out to the final price after all fees? I've never purchased this way before. Also, PenFed's used car loan says this: "For purchases of previously titled vehicles or refinances of original owner vehicles 2007 and older." So what if I wanted to buy a used car that was 2008 or 2009?
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Jan 20, 2010 19:46
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| # ¿ Apr 27, 2024 14:57 |
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SuperCaptainJ posted:Yes - you finalize a price through a dealer, apply at PenFed, get a check, and take it to the dealer when you sign your paperwork. Thanks for the info. Is there any way to pre-qualify? I'd rather avoid the chance that I finalize a price with a dealer, apply for the loan, and not be accepted. Also how long does it take to receive the check if you are accepted?
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Jan 20, 2010 22:47
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Boogeyman posted:PenFed Follow up question regarding PenFed... I found a car that I like and I'll probably move on it. The dealer asked what I was going to do as far as financing and I said I can get a 3.99% loan through PenFed. He said, "Well what if we can meet or beat that?". I haven't actually applied to PenFed yet for the loan, but my credit score is 798 and I don't see why they'd reject me. Is there any harm to me letting the dealer try to match it? The flip side to that is, what if they can't? I haven't applied for the PenFed loan so I can't take their check in there. Should I apply for the loan and have it just in case? But what happens if I don't need to use it? EDIT: Dealer says they will beat the 3.99% so I may as well just go with that. Butthole Prince fucked around with this message at 20:51 on Jan 26, 2010 |
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Jan 25, 2010 23:58
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