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      03-25-2014, 04:43 PM   #1
MojorisinM3
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Best used car loan rate?

Seeing used car loans around 2% I plan to finance part of my purchase. Where are the best loan rates?
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      03-25-2014, 04:45 PM   #2
wakeboarder109
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Quote:
Originally Posted by MojorisinM3 View Post
Seeing used car loans around 2% I plan to finance part of my purchase. Where are the best loan rates?
I have had two PenFed loans with zero issues.
https://www.penfed.org/used-auto-loan/
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      03-25-2014, 04:45 PM   #3
kwality
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+1 my friend had used penfed.
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      03-25-2014, 04:55 PM   #4
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Do you need to be a member?
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      03-25-2014, 04:55 PM   #5
chris3g
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you can become a member in about 5 minutes
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      03-25-2014, 05:10 PM   #6
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Joining now. Thanks for the tip!

1.49% for 36 months. $25k = $500 interest
1.99% for 48 months. $25k = $1000 interest
2.49% for 60 months. $25k = $1600 interest

I guess I'm going with the 3 year option. Saves a ton of interest.

Although I do have a question - if I do 60 months, but pay the same payment as the 36 month loan, then do I pay the same amount of interest? Or is all the interest front loaded, and I would end up paying more?
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      03-25-2014, 06:36 PM   #7
Jonnykin
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Wish I lived in the US.... I'm paying 5.9.
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      03-25-2014, 07:04 PM   #8
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Quote:
Originally Posted by MojorisinM3 View Post
Joining now. Thanks for the tip!

1.49% for 36 months. $25k = $500 interest
1.99% for 48 months. $25k = $1000 interest
2.49% for 60 months. $25k = $1600 interest

I guess I'm going with the 3 year option. Saves a ton of interest.

Although I do have a question - if I do 60 months, but pay the same payment as the 36 month loan, then do I pay the same amount of interest? Or is all the interest front loaded, and I would end up paying more?
I've never looked into it extensively but I believe you can avoid interest by paying the loan off early.

My current loan is 1.49% for 60 months and with it that low I really haven't taken the time to look further into it. If you call and ask please let us know though
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      03-25-2014, 07:24 PM   #9
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1.24% for 65 months is the cheapest I've seen: https://www.dcu.org/loans/auto-choices.html
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      03-25-2014, 09:41 PM   #10
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Quote:
Originally Posted by okusa View Post
1.24% for 65 months is the cheapest I've seen: https://www.dcu.org/loans/auto-choices.html

Just did this last week.

Super easy and quick!

Plus they will finance for up to 120% of the car value.

George
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      03-25-2014, 11:16 PM   #11
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Quote:
Originally Posted by okusa View Post
1.24% for 65 months is the cheapest I've seen: https://www.dcu.org/loans/auto-choices.html
I was going to use Penfed, maybe i'll look into these guys as well. Thanks for the post.
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      03-25-2014, 11:19 PM   #12
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Quote:
Originally Posted by dagolfpro
Quote:
Originally Posted by okusa View Post
1.24% for 65 months is the cheapest I've seen: https://www.dcu.org/loans/auto-choices.html
I was going to use Penfed, maybe i'll look into these guys as well. Thanks for the post.
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      03-25-2014, 11:35 PM   #13
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Current loan is with Penfed - good process, good customer service, but I just joined DCU, which is almost 1 point less for the same term, no fees.

Can't go wrong with either one.
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      03-26-2014, 09:26 AM   #14
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IS there any loan that I can apply for that is NON federal one? I am not member to any federal and I don't have any relative that is so as well. Bank rates sucks and I am very tempted to get these rates.
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      03-26-2014, 10:42 AM   #15
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Quote:
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IS there any loan that I can apply for that is NON federal one? I am not member to any federal and I don't have any relative that is so as well. Bank rates sucks and I am very tempted to get these rates.
You can easily join most of them like PenFed with a small donation. I believe it is $10 or $20.
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      03-26-2014, 03:57 PM   #16
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Yes most credit unions can be joined with a small donation to a charity or community organization. I believe for Penfed, you can go through the application process for joining and they even have a link to the organization they recommend.
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      03-26-2014, 10:47 PM   #17
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Quote:
Originally Posted by okusa View Post
1.24% for 65 months is the cheapest I've seen: https://www.dcu.org/loans/auto-choices.html
Thanks buddy. Beats PenFed for sure.
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      03-27-2014, 10:07 AM   #18
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Quote:
Originally Posted by webninja View Post
Yes most credit unions can be joined with a small donation to a charity or community organization. I believe for Penfed, you can go through the application process for joining and they even have a link to the organization they recommend.
You guys are doing the CU route even from out of state? DCU seems to be the lowest but it's in MA and I'm located in WI.
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      03-27-2014, 10:45 AM   #19
WWM3
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Quote:
Originally Posted by IzzyGray
Quote:
Originally Posted by webninja View Post
Yes most credit unions can be joined with a small donation to a charity or community organization. I believe for Penfed, you can go through the application process for joining and they even have a link to the organization they recommend.
You guys are doing the CU route even from out of state? DCU seems to be the lowest but it's in MA and I'm located in WI.
PenFed is located in Nebraska if I remember correctly. A lot of out of state forum members have used them for loans (including me) without issue. I would assume this would be true of DCU.
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      03-27-2014, 12:43 PM   #20
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Quote:
Originally Posted by wakeboarder109 View Post
You can easily join most of them like PenFed with a small donation. I believe it is $10 or $20.
And if you have AAA, they pay for the donation.
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      03-31-2014, 05:07 PM   #21
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I've used penfed for a few cars, they are very good. I currently have a 1.49 for 48 months.
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      03-31-2014, 09:40 PM   #22
M3ANMACHINE
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PenFed for sure
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