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      05-24-2012, 01:30 PM   #1
socc11girl
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Great Financing Rates at PenFed

If anyone is looking for a great financing rate, I would suggest to check out Pentagon Federal Credit Union.

https://www.penfed.org/

Currently, the rate is as low as 1.99% for up to 5 years of financing!

To become a member, it is free if you are military, but if you aren't you just need to pay $15 to one of their associations and then you can become a member.

The website states that the 1.99 rate is online only, but I called in and did the application over the phone, and I still received that rate. It was a really simple approval process.
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      05-24-2012, 01:38 PM   #2
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Quote:
Originally Posted by socc11girl View Post
If anyone is looking for a great financing rate, I would suggest to check out Pentagon Federal Credit Union.

https://www.penfed.org/

Currently, the rate is as low as 1.99% for up to 5 years of financing!

To become a member, it is free if you are military, but if you aren't you just need to pay $15 to one of their associations and then you can become a member.

The website states that the 1.99 rate is online only, but I called in and did the application over the phone, and I still received that rate. It was a really simple approval process.
I highly recommend too, they have the note on my M3. Best rates I could find.
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      05-24-2012, 01:48 PM   #3
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I agree. They have the note on my 2012 335d at 1.99% Can't really beat that.
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      05-24-2012, 02:28 PM   #4
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+1, I have my Boss 302 financed through PenFed.
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      05-24-2012, 02:58 PM   #5
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My M3 also. Great rates.
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      05-24-2012, 03:22 PM   #6
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You can also refinance your car or buy a used car and get the 1.9% rate. Great deal if you are buying a pre-owned vehicle without any new car promotional rate.
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      05-24-2012, 03:23 PM   #7
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I also have my M3 financed through Penfed at 1.99%. It was a rather painless approval process though you will have to keep in touch with them throughout the process. They won't call you should they require any additional documentation -atleast that was my experience. Have any of you opted for their extended warranty program? I think its referred to as Route 66.
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      05-24-2012, 05:19 PM   #8
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also with them. although they are pretty clueless on the title process with the refinance. Somehow the title is sitting with me despite their lien on it.
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      05-24-2012, 05:23 PM   #9
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Navy Federal is 1.79%.
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      05-24-2012, 05:31 PM   #10
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Quote:
Originally Posted by nmehta211 View Post
also with them. although they are pretty clueless on the title process with the refinance. Somehow the title is sitting with me despite their lien on it.
I have the same problem with them. My M3 was refinanced through them (previous car was too) and both times they have had difficulties obtaining the title.
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      05-24-2012, 05:48 PM   #11
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Yup..I got 1.49
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      05-24-2012, 05:52 PM   #12
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Quote:
Originally Posted by Snig View Post
Navy Federal is 1.79%.
+1
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      05-25-2012, 07:19 AM   #13
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I had looked into Navy Federal, but you need to be part of the military, correct?
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      05-25-2012, 07:35 AM   #14
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Penfed FTW. I got 2.49%, but that was 8 months ago. Was still the best rate at the time.

They are really nice on the phone, too.
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      05-25-2012, 08:38 AM   #15
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Quote:
Originally Posted by socc11girl View Post
I had looked into Navy Federal, but you need to be part of the military, correct?

From their website:

What you need to join.

You must be at least 18 years old to apply for membership online. You will need to provide the following information:
Social Security and Driver's License numbers
Previous home address (if at current address for less than 2 years)
Credit Card or bank account and routing number to fund your account (if applicable)
Current e-mail address

IIRC, I have friends who are memberrs of USAA who are not active/retired military. I could be wrong though. Good luck!
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      05-25-2012, 09:01 AM   #16
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Quote:
Originally Posted by RussRamz View Post
+1
and if you're a 25 year member, you can get an extra 0.25% off. So, potential for 1.54%. Granted that's not constrained in the fine print.
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      05-25-2012, 10:01 PM   #17
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What happens if the rate increases before you take delivery? Are you able to lock in this rate?
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      05-26-2012, 07:15 AM   #18
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Quote:
Originally Posted by tbone28 View Post
What happens if the rate increases before you take delivery? Are you able to lock in this rate?
You lock in the rate when you apply. When you get approved, they cut you a check, regardless if your car is ready for delivery.
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      05-26-2012, 04:02 PM   #19
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Quote:
Originally Posted by SamS View Post
You lock in the rate when you apply. When you get approved, they cut you a check, regardless if your car is ready for delivery.
When I called and asked, they said they would cut me a check but that I would start paying interest (or make payments - I forget which it is) right away. Is this what people are doing? Are people making payments 3,4, 5 months prior to receiving delivery of the car?
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      05-26-2012, 04:18 PM   #20
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that's not bad, though assuming you can take the immediate hit to your cash flow. you'll just pay off the car a few months earlier
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      05-26-2012, 04:25 PM   #21
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Quote:
Originally Posted by tbone28 View Post
When I called and asked, they said they would cut me a check but that I would start paying interest (or make payments - I forget which it is) right away. Is this what people are doing? Are people making payments 3,4, 5 months prior to receiving delivery of the car?
You start making payments as soon as they cut you a check. You can't get a check without a VIN, so if your dealer gives you a VIN, you'll get your car soon.
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      05-26-2012, 04:41 PM   #22
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Quote:
Originally Posted by Darth One View Post
that's not bad, though assuming you can take the immediate hit to your cash flow. you'll just pay off the car a few months earlier
Ok, got it. I've never before applied for a loan while waiting for a car so didn't understand the process. I'd be ok with this to lock in the rate.

Quote:
Originally Posted by SamS View Post
You start making payments as soon as they cut you a check. You can't get a check without a VIN, so if your dealer gives you a VIN, you'll get your car soon.
My dealer has my order in the order bank. Said it may be a few weeks before he gets a production number, then he gets the VIN a week or 2 after that.

I think I get it now. Thanks for your help everyone
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