PenFed car loans now @1.49%

[tbone28]

Rates dropped from 1.99 to 1.49 today for anyone interested.

[SamS]

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]

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]

^ 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]

Is PenFed military?

[tbone28]

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]

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]

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]

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]

Great news.

[tbone28]

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]

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

[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......

[kerrit]

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]

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]

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

[Digitalwok]

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]

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

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

[pharmdphd98]

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]

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]

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]

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.

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14.9? That's expensive!!