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      02-15-2010, 12:07 AM   #1
duk
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Penfed?

For those of you that went the penfed way, did you guys negotiate and order the car first then get the loan or other way around?
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      02-15-2010, 12:13 AM   #2
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negotiate and ordered first. I'm very happy with Penfed too.
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      02-15-2010, 12:21 AM   #3
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Quote:
Originally Posted by ihyln View Post
negotiate and ordered first. I'm very happy with Penfed too.
+1
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      02-15-2010, 12:48 AM   #4
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did u do 100% financing or paid some down in cash as well?
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      02-15-2010, 01:18 AM   #5
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100%
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      02-15-2010, 01:46 AM   #6
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Negotiated and ordered first. Got a loan for about 50% of total cost through PenFed.
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      02-15-2010, 02:21 AM   #7
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thanks guys for the info! are there any penalties for advance payments
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      02-15-2010, 05:14 AM   #8
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Try Service Credit Union

I'm a member of PenFed but if your retired military or recv'd a Bronze Star/ Purple Heart or better, Service Credit Union beats their auto loan rate. SCU takes an additional 1% off their advertised rate if you fall into one of these catagories. It may be worth looking into.

http://www.servicecu.org/military_index.aspx

There is no penalty for paying the loan off early.
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      02-15-2010, 07:05 AM   #9
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Penfed is great
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      02-15-2010, 08:33 AM   #10
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Quote:
Originally Posted by Moxie View Post
I'm a member of PenFed but if your retired military or recv'd a Bronze Star/ Purple Heart or better, Service Credit Union beats their auto loan rate. SCU takes an additional 1% off their advertised rate if you fall into one of these catagories. It may be worth looking into.

http://www.servicecu.org/military_index.aspx

There is no penalty for paying the loan off early.
I'm a member of Service Credit Union and happy to be. Got a better auto loan rate through them and as you said, payed off the loan early with no penalty. The process of securing the loan literally took 10 minutes from start to money in checking account.
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      02-20-2010, 12:36 AM   #11
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PenFed +1. Negotiate first. No penalty.
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      02-20-2010, 01:56 PM   #12
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Will they fund the loan once the car is ordered, not sure how this works?

Thanks!
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      02-20-2010, 02:08 PM   #13
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Quote:
Originally Posted by scmguru View Post
Will they fund the loan once the car is ordered, not sure how this works?

Thanks!
They will, but I'd contact them before ordering the car to be sure everything's G2G.
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      02-20-2010, 08:40 PM   #14
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penfed ftw
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      02-20-2010, 10:04 PM   #15
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Negotiated first...
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      02-20-2010, 10:15 PM   #16
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depends on how much is being put down. If your not putting down much then I would apply for the loan first. Penfed can be difficult to get a loan through if you dont have perfect qualifications. You dont want to be stuck with a car order but no loan.
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      11-01-2012, 10:54 AM   #17
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Has anyone used Penfed for a private sale? I have already negotiated a price with the seller and I am selling my car this weekend. I assume that after I have the final figures of my down payment and loan amount I can fill out the application on Penfed's web site?
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      11-01-2012, 11:08 AM   #18
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Quote:
Originally Posted by WW335 View Post
Has anyone used Penfed for a private sale? I have already negotiated a price with the seller and I am selling my car this weekend. I assume that after I have the final figures of my down payment and loan amount I can fill out the application on Penfed's web site?
I applied and was approved for an amount before finding the car I wanted. Once I found the the car I wanted to buy, I had to provide vehicle specific and seller information and they sent the check to me in the seller's name. It wasn't all too difficult a process although it took a couple more days to get the checks than they had originally told me; I was told at the time that their loan processing department was overloaded so it could be better now.
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      11-01-2012, 11:14 AM   #19
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Quote:
Originally Posted by roddyc View Post
I applied and was approved for an amount before finding the car I wanted. Once I found the the car I wanted to buy, I had to provide vehicle specific and seller information and they sent the check to me in the seller's name. It wasn't all too difficult a process although it took a couple more days to get the checks than they had originally told me; I was told at the time that their loan processing department was overloaded so it could be better now.
Interesting. So I could get pre-approved for a loan amount and then after I provide them with all of the transaction-specific details they will cut the check in that amount?
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      11-01-2012, 12:31 PM   #20
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Quote:
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Interesting. So I could get pre-approved for a loan amount and then after I provide them with all of the transaction-specific details they will cut the check in that amount?
Yes, same as buying a house. Get approved for a loan and then go out and buy.
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      11-01-2012, 12:44 PM   #21
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Negotiated then applied for loan. PenFed FTW and the customer service (so far) is great!
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      11-01-2012, 01:01 PM   #22
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Negotiated then applied for loan. PenFed FTW and the customer service (so far) is great!
I should mention that aside from my check coming a couple days later than I was told, the customer service was phenomenal. The customer service hours were great and the people on the other end of the line could actually give you an answer you could understand (logically and linguistically).
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