Great Financing Rates at PenFed

[ARE911]

How fast is the approval process typically?

How soon do they cut the check after you submit your application?

Thanks guys.

[SamS]

Originally Posted by ARE911

How fast is the approval process typically?

How soon do they cut the check after you submit your application?

Thanks guys.

About 24-48 hours after you apply online. They'll mail you out a check the same day you get approved.

[tbone28]

Originally Posted by SamS

About 24-48 hours after you apply online. They'll mail you out a check the same day you get approved.

Since the application is good for 3 months (before they need to run your credit again), do we have an option to get approved but not have them cut a check until closer to the car's delivery?

[SamS]

Originally Posted by tbone28

Since the application is good for 3 months (before they need to run your credit again), do we have an option to get approved but not have them cut a check until closer to the car's delivery?

Maybe. It would be best to call them.

[chuxdelux]

Originally Posted by tbone28

Since the application is good for 3 months (before they need to run your credit again), do we have an option to get approved but not have them cut a check until closer to the car's delivery?

I need to find out this info as well. I'll give them a call tomorrow. I should have my boss sold this week hopefully, and can move forward with ordering my m3.

[tbone28]

Just called PenFed....

Once loan app is approved, they will cut you a check in both your name and the dealer's name. You don't make payments until the check is cashed by your dealer (i.e. you don't start making payments right away ).

The check is good for 3 months, so I asked what happens if I don't take delivery of the car within the next 3 months. Check is void he says. But, before the 3 months expires, we can call PenFed back and have them cancel the current check and re-apply (shorter application process since they already have pertinent info and it's for the same car).

In order to lock in the same 1.99% rate (in case rates have risen by then), it's important to call in before the 3 month expiration period and explain that the car has not arrived yet. Otherwise, no guarantee they will honor the initial 1.99 rate.

Please share if you are getting a different answer

[8_is_enough]

i've been a happy penfed customer for five years

[loflier]

I got my 1.79% rate from NFCU. Quick process. Best rate I can find. Better than USAA.

[tbone28]

Originally Posted by loflier

I got my 1.79% rate from NFCU. Quick process. Best rate I can find. Better than USAA.

Is being in the military (or family of) required for membership? I checked out NFCU's website, and it seems that's the case.

[loflier]

Here is the link to NFCU's eligibility process.

https://www.navyfederal.org/about/el...checklist.php#

[tbone28]

Originally Posted by loflier

Here is the link to NFCU's eligibility process.

https://www.navyfederal.org/about/el...checklist.php#

Thank you I don't qualify. 1.99% it is for me

[loflier]

Originally Posted by tbone28

Thank you I don't qualify. 1.99% it is for me

1.99% is still a great deal! On 75k over 60 months, it's about $7 difference. Monthly. A latte and scone a month.

[tbone28]

Originally Posted by loflier

1.99% is still a great deal! On 75k over 60 months, it's about $7 difference. Monthly. A latte and scone a month.

oh, but I would OH SO enjoy that afternoon snack

[loflier]

Originally Posted by tbone28

oh, but I would OH SO enjoy that afternoon snack

[Peahi]

Man those rates are fantastic!!!! Lower than the rate of inflation!

[Aquariu///M]

What credit score you need?
739 enough?

[tbone28]

Originally Posted by dukeM3

What credit score you need?
739 enough?

I'm not sure, but for me they gave me approval almost immediately after I finished the application process. You can give it a try and it will tell you pretty quickly what rate you qualify for.

[Bigmikeystyle247]

I refinanced one of my cars through penfed, definitely dealing with penfed on my next loan.

[tbone28]

Western Federal credit union is also at 1.99% for anyone interested.

[jqsmooth]

I signed up last year to get the financing for the M3, but they asked for a lot of documentations. So, I ended up going with BMWFS which had a decent rate of 2.99%. I've never had a lower rate than that on ANY loans to date.

I kept the small checking account open and I recently applied for a smaller loan for a beater. No docs needed this time. Got approved online instantly. Great option for anyone looking for financing. 1.99% for 48 months(60 months is available). I'll have both cars paid off in 4 years. hahaha

Thanks OP for posting, I might not have looked at penfed again if it wasn't for your post.

[positiveions]

the difference between 1.79 and 1.99 is very minute. Both of those are great rates.

[one13M]

I got 1.64 thru service credit union for up to 70 months. Best I have ever seen. They will match and beat just about any rate you can find, although I was told that 1.64 is their "floore". Credit score is also pretty good- 777.

B