But before you apply for a PenFed auto loan, make sure to understand your loan terms because late fees can be costly. On top of that, when you buy through a dealer that’s certified by PenFed you can get additional discounts and reimbursements. Customer service rep very friendly and familiar with loan process and loan information was sent to the dealership same day. PenFed offers a variety of loans together with Sallie Mae, and your loan may have different terms depending on what you’re looking for. Apply online for a used PenFed auto loan and you may be eligible for: an internet-only rate of 1.49% for up to 60 months I know my EQ score is 705 as of today before I applied with PenFed. PenFed Auto Loan Amounts The amount you can get approved for will depend on your credit history and your income, but the minimum loan amount is $500, and the maximum is $100,000. Auto, homeowners, and renters insurance services offered through Credit Karma Insurance Services, LLC (dba Karma Insurance Services, LLC; CA resident license #0172748). Before opening an account with PenFed, consider the details of each … Soft query provides all the info lender needs for prequalification! … I called them and told them I had changed my address a long time ago, and asked what address they had, and they confirmed to me my current correct address. You can also become a member by donating to an eligible charity. I asked what of our contract we had prior to the purchase and she said that can no longer apply. Using its car buying service could also land you special discounts and offers on specific brands. The bottom line: Pentagon Federal Credit Union, or PenFed, offers student loan refinancing for its members, with loans issues by online lender Purefy. PenFed buying service: You can get up to 110 percent financing with terms from 36 and 72 months and APR ranging from 1.99 to 3.91 percent. Membership isn’t restricted by state, but PenFed has fewer than 50 physical bank branches. I was told I had exceptional score and absolutely no reason to get ANY amount (was looking for 60k)! You can get a new or used vehicle loan through PenFed or refinance an existing auto loan. It also does a good job of disclosing its rates, which isn't typical of most auto loan providers. I sent the Post to PenFed as requested. I applied for a loan on a classic car 3 days ago - a 1971 Chevrolet Nova. This is especially true for anyone looking for 36-month financing, since PenFed offers the lowest rates for loans with three-year repayment terms. But the lowest rates will depend on your credit report and your income. Credit Card generally has higher interest rates, and auto loans have much lower. Sign into your PenFed account or apply for a loan and membership. Pentagon Federal Credit Union does not only offer new auto loans. Companies pay us to be accredited or when you click a link, call a number or fill a form on our site. Compensation may factor into how and where products appear on our platform (and in what order). Of course, the offers on our platform don't represent all financial products out there, but our goal is to show you as many great options as we can. This Means Your Chances For Loan Approval Are Increased As We Will Do Our Best To Find A Lender That Wants To Lend To You. You can refinance a new or used auto loan with terms up to 72 months and loan amounts up to $100,000. Payment Saver loans allow you to pay lower monthly payments on your new or used vehicle, and then make a final balloon payment at the end of the loan term. You must be a member for at least 60 days prior to applying. 62 reviews. As a member you can receive discounts on select vehicles financed through PenFed. ConsumerAffairs is not a government agency. iPhone is a trademark of Apple Inc., registered in the U.S. and other countries. Six weeks later, I got the same Email again. I've always had long waits and no one seems to be an expert in the products I'm seeking assistance on. Credit Karma is committed to ensuring digital accessibility for people with disabilities. See older reviews below. I called again and had exactly the same conversation a second time, they went ahead and deleted my address information and reentered it and sent the title out again. But in general you must be at least 18 years old and a permanent resident or citizen of the US. Use PenFed Credit Union's auto loan calculator to determine your monthly car payment. We value your privacy. By entering your email, you agree to sign up for consumer news, tips and giveaways from ConsumerAffairs. PenFed also offers borrowers a lender credit between $500 and $2,500, depending on the size of their loans. The contents of this site may not be republished, reprinted, rewritten or recirculated without written permission. I told rep I did not have VIN # and looking only to prequalify. I've never had any issues with my checking and savings account. When it comes to PenFed Credit Union Car Loans, WalletHub is your one stop solution. Even if you use a loan calculator, you won’t know exactly what your payments and other loan terms are until you’re approved. They said, "It seems one of our employees didn't check and the dealer we called and where you bought the car was not part of the car buying program." The interest rates at PenFed also vary depending on the type of loan a member would like to apply for. But keep in mind that the shorter the repayment term, the higher the monthly payments. 5. Forgot to set a travel notification for your PenFed credit card? Your APR will be determined based on your credit at the time of application. I unfortunately didn't plan ahead and just opened the account with the minimum, and didn't have the ability to overnight the check. Who is a PenFed auto loan … PenFed Auto Loan Amounts. Copyright © 2020 Consumers Unified LLC. Customer Service. So she transferred me to the auto loan department and I updated my address information for a fourth time with them, and then got my title about a month later. PenFed auto … It is very important to do your own analysis before making any investment based on your own personal circumstances and consult with your own investment, financial, tax and legal advisers. Read our. PENFED is first choice for auto and home/line of credit loans. They then Emailed me stating this fact and asking for my correct address. Founded in 1935, Pentagon Federal Credit Union (PenFed) is an American financial institution that operates in all fifty states and some international military bases. I contacted them over email and they were very rude in the response. They will then approve the loan and send me a check in the mail within 7 days!!! PenFed is a Credit Union and requires you to become a member before you obtain any products. CREDIT KARMA OFFERS, INC. 1100 Broadway, STE 1800 Oakland, CA 94607 USAA offers a higher starting APR, and loans can only go up to $5,000. You can borrow up to 110% of the purchase price on certain new and used cars. App Store is a service mark of Apple Inc. PenFed said just come and pick you the check and give the check to the dealer and start making the payments. PenFed Credit Union Car Loans Reviews. Not sure a payment like that would fit into your budget? The loan was approved at that rate. I called the number on the PenFed site and spoke with a real person. They said we now have a loan for 4 years, gave me the loan number and the rate pay every month. Unfortunately that was not the case. I have 3 mortgage loans right now and have paid off probably 7-8 car loans throughout my life. The loan … 4. I found my car and needed an auto loan. PenFed Credit Union reviews and complaints You won’t find much in terms of customer reviews on Trustpilot and the Better Business Bureau (BBB) for PenFed — and much of what is there is … Read Reviews, Compare Latest Offers, Ask Questions or Get Customer Service Info In other words, you aren’t limited to the dealership loan rates or even other online marketplaces like LendingTree. 10%. Availability of products, features and discounts may vary by state or territory. However, some of their more notable products include their personal loans … 23%. [Back to top] More on PenFed. Here’s some key info about PenFed auto loans. They have multiple independent computer systems that have no way of communicating with each other, and every time I updated my address information by phone and the Website, it only updated my general contact information with the company, not with the auto loan department. This is a huge difference and the CU did not provide a proper reason. Add Review. When completed it went to a loan officer who approved the loan at the rate of 2.24. This company is not yet accredited. James. What's Your Rating? Like many credit unions, it offers special discounts and rebates to members. PENFED is first choice for auto and home/line of credit loans. Enter the required details, including your desired loan amount, contact information and income information. 2. Here are some important details. I applied last week for auto financing from Penfed, and was approved. I have had the loan since 2017 for a truck I bought, and everything has been simple - until now. They filled out the application for me. 1. Currently have an Amex Gold Delta with $1000/$6000 utilized, Capital One with $0/$500, and Discover with $0/1750. We’ll start sending you the news you need delivered straight to you. They said they cannot give me the money at the contract rate of 2.24 but now I had to except a rate of 3.25. Our content is intended to be used for general information purposes only. A link has directed you to this review. Its personal loan amounts go up to $20,000, which is lower than other banks but it features lower rates. The only knock I have on the company as a whole, which is why I'm assuming they can offer better rates than most companies, is their customer service department seems like a skeleton crew. PenFed Credit Union Auto Refinance Review. I bought the car and the dealer wants their money." PenFed Credit Union offers personal loans up to $20,000, with terms of 36, 48 and 60 months. Rates dip even lower for qualified borrowers who purchase a vehicle … Update - 15 SEP 2020, I stand by what I wrote in my review. Refinance your auto loan How to pay for college How to get a business loan Student loan repayment plans All about loans. While the credit union partners with a range of dealerships, it offers special incentives on select models through participating dealerships selling Alfa Romeo, Jeep, Mercedes-Benz and more. If you are a member of the U.S. armed forces or a beneficiary, this credit union is worth your money. PFCU representatives are alway eager to provide the best possible customer service possible. They said they would send the title out again, and I forgot about it until about 6 weeks later when I got another Email from them saying it was returned as undeliverable. Original Post - Pentagon FCU is supposed to be great for VA Home Loans. My review is only for the process and not the polite people at PenFed. Used Auto Loan – PenFed. They called the dealer where the car was at to get the vehicle identification number. Then they had me call PenFed to input my information over the phone. In this review: PenFed personal loans: At a glance; Pros & cons of a PenFed personal loan; Applying for a PenFed Personal Loan But you’ll pay less in interest than if you had a longer loan term. 0.0 out of 5 stars. I then went to the branch to get the check. The total amount repayable will be $6,767.64. Deposit checks quickly and easily with your smartphone or tablet. Maybe it is ok for refinancing existing loan! Only mortgage activity by Credit Karma Mortgage, LLC., dba Credit Karma is licensed by the State of New York. Enjoy reading our tips and recommendations. Their website says that you will get 2.24 interest rate if you use the service. 2. Review of recent PenFed Credit Union used auto loan experience. To get preapproved for an auto loan without a specific vehicle in mind, you need to be a PenFed member for longer than 90 days. This makes it easier to compare rates and decide if PenFed is the right company for you. Avoid Santander because the interest rate they quoted me was above 14%. If you’re thinking of applying for a mortgage from PenFed, you can apply for both membership and the loan at PenFed’s website, in … Rates and offers current as of November 30, 2020 and are subject to change. Membership required. The PenFed Mobile banking app provides around-the-clock access to your PenFed accounts. PenFed also offers Payment Saver auto loans at slightly higher rates for short payment terms, but these loans come with a final balloon payment. PenFed makes it easy for you and includes a loan comparison page that covers new auto loans, mortgage loans, and credit cards. If there are certainly other reasons behind providing 2.14 APR why it did not mention that upfront while applying. Compared to banks and other institutions, PenFed beat all others substantially. Our marketing partners don’t review, approve or endorse our editorial content. A $25,000 loan repaid over 36 months, even with a 2.49% APR, would result in a monthly payment of $721.42. Lexie speaking on behalf of PenFed says, "Yes, You can either pay the higher rate or have the CEO resolve this.". Unsubscribe easily. A joke of customer service, it's tough to even talk to a live person. Earnest fixed rate loan rates range from 2.98% APR (with Auto Pay) to 5.49% APR (with Auto Pay). The Equifax logo is a registered trademark owned by Equifax in the United States and other countries. There are no recent reviews. Most Recent Most Useful. California loans arranged pursuant to Dep't of Business Oversight Finance Lenders License #60DBO-78868. Along with other financial services, PenFed members can apply for new and used auto loans, auto refinancing, auto buying service, and Payment Saver loans for new and used vehicles. Credit Karma® is a registered trademark of Credit Karma, LLC. PenFed Credit Union Auto Refinance is an auto loan refinance offering by PenFed Credit Union, based in Alexandria, VA. PenFed doesn’t give specific auto loan eligibility criteria. That said, most new loans have flexible maximums, … Bank experience. PenFed members have access to the credit union’s competitive rates and the option to qualify for preapproval. 13%. I never had to talk with anyone, no headaches, easy peasy. How do I know I can trust these reviews about Pentagon Federal Credit Union Auto Loans? Visit PenFed’s website, navigate to the personal loans page and click Apply now. Their loan process is unbelievably bad, they tell me they can't access my credit but that I don't have any credit score. I have had the loan since 2017 for a truck I bought, and everything has been simple - until now. But upon inquiry, they gave me only 2.99% APR in contrast to what they mentioned that APR starts at 2.14. 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