PenFed car loans now @1.49%

tbone28 · 08-01-2012, 12:20 PM

Rates dropped from 1.99 to 1.49 today for anyone interested.

SamS · 08-01-2012, 12:31 PM

That is sweet. I have two loans with them at 2.49%, which I thought was a great rate at the time. Too bad no option to re-fi existing Penfed loan.

tbone28 · 08-01-2012, 12:57 PM

it is. It was 1.99 when I applied back in May. Lucky for me my car wasn't in production yet and so I didn't have a VIN number to complete the application. Now I do and they dropped the rate

Keep an eye on Western Federal Credit Union. They're still at 1.99, but may drop to 1.49 too? Maybe you can refi with them?

https://www.western.org/index.aspx

Rambler · 08-01-2012, 01:01 PM

^ Same here - Glad it's taken me so long to decide on which car to get since now I will have a better rate!

Ghetto2315 · 08-01-2012, 02:54 PM

Is PenFed military?

tbone28 · 08-01-2012, 04:01 PM

Quote:

Originally Posted by Ghetto2315

Is PenFed military?

Yes, but if you're not, you can pay a $15 application fee, which is what I did.

trucheli · 08-01-2012, 07:23 PM

1.49% and counting down. PenFed adjust their rates at the beginning of each month and they will give you 90 days to disburse the funds of your loan. If the rate changes within those 90 days they will give you the new adjusted rate. There are pretty good chances that the rates keep coming down in the following months.

Also, for the ones who do European Delivery you get 60 days before your first payment but you need to request that. They are very familiar with European Delivery.

PenFed has been great for me since I have financed all my vehicles at great rates.

SamS · 08-01-2012, 08:32 PM

Quote:

Originally Posted by trucheli

Also, for the ones who do European Delivery you get 60 days before your first payment but you need to request that. They are very familiar with European Delivery.

Damn, I never knew that! Oh well, that is all in the past, and means I've put a couple more payments toward the payoff

loflier · 08-01-2012, 08:45 PM

Wow. That's pretty sweet. I got 1.79 from NFCU. I thought that was as good as I could get. Is the 1.49 good for up to 60 months?

Koop · 08-01-2012, 08:50 PM

Great news.

tbone28 · 08-01-2012, 08:54 PM

Quote:

Originally Posted by loflier

Wow. That's pretty sweet. I got 1.79 from NFCU. I thought that was as good as I could get. Is the 1.49 good for up to 60 months?

The rate you end up getting is the rate at the time they disperse the check. It could be higher, lower, or the same rate as when you opened the application. Chances of rates going higher are low though. The application itself is good for 90 days before you have to reapply (because they need to run a new credit report).

For example, I applied at the end of May, when the rate was 1.99%. I couldn't complete the app because I was waiting for a VIN number. Luckily for me, now that I have a VIN number, the rate dropped to 1.49%.

chuxdelux · 08-01-2012, 11:04 PM

I was so excited when I got the email showing 1.49%.

acevo8 · 08-02-2012, 12:17 AM

Darn, I missed out on this by about 3 weeks..... the dealer cashed my check about 3 weeks ago at 1.99%. I called Penfed about it, and they said this deal is only for new customers. Since my application has already been processed and cashed, they couldn't roll me into the 1.49%, which really stinks because I didn't even make the first payment yet......

kerrit · 08-02-2012, 12:44 AM

Glad I found this thread. Currently paying 3.49 since its a used loan thru my local credit union. 1.49% refi sounds better

tbone28 · 08-02-2012, 12:45 AM

Quote:

Originally Posted by acevo8

Darn, I missed out on this by about 3 weeks..... the dealer cashed my check about 3 weeks ago at 1.99%. I called Penfed about it, and they said this deal is only for new customers. Since my application has already been processed and cashed, they couldn't roll me into the 1.49%, which really stinks because I didn't even make the first payment yet......

But you are enjoying your car already

acevo8 · 08-02-2012, 03:15 PM

Not quite, I'm in the limbo state at the moment waiting for it to arrive

Digitalwok · 08-02-2012, 03:41 PM

Nuts...I re-fi both my loans with PenFed at 1.9 and 2.5. Reminds me of that commerical where the new kids get the new supplies and the existing kids get nothing. We should be allowed to re-fi or have our rate automatically drop...that would be great!

Dear customer, today we are automatically dropping your interest rate to 1.5% because our new customers are getting a better rate and we value your business.

acevo8 · 08-02-2012, 04:50 PM

^^ - I'm with you on taking care of existing customers

If only such an e-mail would exist....

pharmdphd98 · 08-03-2012, 10:47 AM

Quote:

Originally Posted by tbone28

Rates dropped from 1.99 to 1.49 today for anyone interested.

What credit score is required for this rate? Thanks.

tbone28 · 08-03-2012, 11:18 AM

Quote:

Originally Posted by pharmdphd98

What credit score is required for this rate? Thanks.

I'm not sure. The requirements aren't listed on the website. I got an immediate approval when I applied though. Perhaps you can call to find out requirements before applying so they don't run your credit.

pharmdphd98 · 08-03-2012, 04:13 PM

Quote:

Originally Posted by tbone28

I'm not sure. The requirements aren't listed on the website. I got an immediate approval when I applied though. Perhaps you can call to find out requirements before applying so they don't run your credit.

Thanks!

s2kroma · 12-14-2012, 12:38 AM

Quote:

Originally Posted by johnomonn

I am searching for the best car loans then, I heard a news about the PenFed company. They offers car loans at the rate of 14.9 %. If anyone had an experience with that company according auto finance, Please produce that attachments to view more information about the topic.

subprime leads
new car finance lead providers

14.9? That's expensive!!

08-01-2012, 12:20 PM	#1
tbone28 vvvvvvvvvvvvvv Drives: ^^^^^ Join Date: May 2012 Location: Bay Area, CA Posts: 1,274 iTrader: (10)	PenFed car loans now @1.49% Rates dropped from 1.99 to 1.49 today for anyone interested.
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08-01-2012, 07:23 PM	#7
trucheli Second Lieutenant Drives: 2012 E92 M3 ED ZCP Join Date: Jan 2007 Location: Miami Posts: 222 iTrader: (0)	1.49% and counting down. PenFed adjust their rates at the beginning of each month and they will give you 90 days to disburse the funds of your loan. If the rate changes within those 90 days they will give you the new adjusted rate. There are pretty good chances that the rates keep coming down in the following months. Also, for the ones who do European Delivery you get 60 days before your first payment but you need to request that. They are very familiar with European Delivery. PenFed has been great for me since I have financed all my vehicles at great rates. __________________

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08-01-2012, 12:31 PM	#2
SamS Brigadier General Drives: 2013 ActiveHybrid 3 Join Date: Jul 2010 Location: Dallas, TX Posts: 4,039 iTrader: (0)	That is sweet. I have two loans with them at 2.49%, which I thought was a great rate at the time. Too bad no option to re-fi existing Penfed loan.

08-01-2012, 12:57 PM	#3
tbone28 vvvvvvvvvvvvvv Drives: ^^^^^ Join Date: May 2012 Location: Bay Area, CA Posts: 1,274 iTrader: (10)	it is. It was 1.99 when I applied back in May. Lucky for me my car wasn't in production yet and so I didn't have a VIN number to complete the application. Now I do and they dropped the rate Keep an eye on Western Federal Credit Union. They're still at 1.99, but may drop to 1.49 too? Maybe you can refi with them? https://www.western.org/index.aspx

08-01-2012, 01:01 PM	#4
Rambler Private First Class Drives: 2011 335d; 2013 E92 M3 DCT ZCP Join Date: Apr 2009 Location: Eastern Connecticut Posts: 106 iTrader: (0)	^ Same here - Glad it's taken me so long to decide on which car to get since now I will have a better rate!

08-01-2012, 02:54 PM	#5
Ghetto2315 Captain Drives: Like I Stole It... Join Date: Feb 2012 Location: Jersey Shore Posts: 753 iTrader: (1) Garage List 2012 BMW M3 E92 [3.20] 2010 GENESIS COUPE ... [5.00] 2001 JEEP WRANGLER ... [5.00]	Is PenFed military?

08-01-2012, 08:45 PM	#9
loflier Private First Class Drives: 2011 ZCP DCT E92 2005 4Runner Join Date: Dec 2010 Location: Crestview FL Posts: 126 iTrader: (0)	Wow. That's pretty sweet. I got 1.79 from NFCU. I thought that was as good as I could get. Is the 1.49 good for up to 60 months?

08-01-2012, 08:50 PM	#10
Koop Second Lieutenant Drives: E92 M3 & E34 M5 Join Date: Feb 2012 Location: United States Posts: 213 iTrader: (0)	Great news.

08-01-2012, 11:04 PM	#12
chuxdelux Lieutenant Drives: 09 E90 M3, 2011 MCS Join Date: Jul 2011 Location: Honolulu,HI Posts: 464 iTrader: (1)	I was so excited when I got the email showing 1.49%.

08-02-2012, 12:17 AM	#13
acevo8 Enlisted Member Drives: Mitsubishi Evo 8 Join Date: Mar 2011 Location: Chicago, IL Posts: 43 iTrader: (1)	Darn, I missed out on this by about 3 weeks..... the dealer cashed my check about 3 weeks ago at 1.99%. I called Penfed about it, and they said this deal is only for new customers. Since my application has already been processed and cashed, they couldn't roll me into the 1.49%, which really stinks because I didn't even make the first payment yet......

08-02-2012, 12:44 AM	#14
kerrit Second Lieutenant Drives: 2008 Melbourne Red E90 M3 Join Date: Jul 2012 Location: Bellevue, WA Posts: 235 iTrader: (2) Garage List 2008 Kawasaki ZX-10R [0.00] 2008 BMW E90 M3 [0.00]	Glad I found this thread. Currently paying 3.49 since its a used loan thru my local credit union. 1.49% refi sounds better

08-02-2012, 03:15 PM	#16
acevo8 Enlisted Member Drives: Mitsubishi Evo 8 Join Date: Mar 2011 Location: Chicago, IL Posts: 43 iTrader: (1)	Not quite, I'm in the limbo state at the moment waiting for it to arrive

08-02-2012, 03:41 PM	#17
Digitalwok Private First Class Drives: 2009 M3 IB Join Date: Jun 2011 Location: US east Posts: 103 iTrader: (0) Garage List 2010 Cervelo S3 [0.00] 2009 BMW M3 [0.00] 2010 Audi Q7 [0.00]	Nuts...I re-fi both my loans with PenFed at 1.9 and 2.5. Reminds me of that commerical where the new kids get the new supplies and the existing kids get nothing. We should be allowed to re-fi or have our rate automatically drop...that would be great! Dear customer, today we are automatically dropping your interest rate to 1.5% because our new customers are getting a better rate and we value your business.

08-02-2012, 04:50 PM	#18
acevo8 Enlisted Member Drives: Mitsubishi Evo 8 Join Date: Mar 2011 Location: Chicago, IL Posts: 43 iTrader: (1)	^^ - I'm with you on taking care of existing customers If only such an e-mail would exist....