If you’re in the market for a new or used car, you’ll need to finance your purchase. One option is to get an auto loan from PenFed Credit Union. PenFed offers competitive rates, flexible terms, and a variety of benefits that can make financing your car more affordable and convenient.

PenFed is a member-owned credit union that has been serving military members and their families for over 85 years. PenFed offers a wide range of financial products and services, including auto loans, mortgages, credit cards, and checking and savings accounts.

PenFed auto loans are available for new and used cars, and you can choose from a variety of loan terms to fit your budget. PenFed also offers a variety of discounts and incentives, such as a 0.25% discount for automatic payments and a 0.50% discount for using PenFed’s online banking services.

If you’re considering getting an auto loan, PenFed is a great option to consider. PenFed offers competitive rates, flexible terms, and a variety of benefits that can make financing your car more affordable and convenient.

Here are some of the benefits of getting a PenFed auto loan:

• Competitive rates
• Flexible terms
• Variety of loan options
• Discounts and incentives
• Convenient online banking services
• Member-owned credit union

If you’re a military member or family member, PenFed is a great option for your auto financing needs. PenFed has been serving the military community for over 85 years, and they offer a variety of products and services that are tailored to the needs of military members and their families.

What are the rates and terms for a PenFed auto loan?

PenFed auto loan rates vary depending on your credit score, loan term, and the type of vehicle you’re financing. However, PenFed generally offers some of the most competitive rates in the industry.

For new cars, PenFed offers rates as low as 2.49% APR for terms up to 60 months. For used cars, PenFed offers rates as low as 3.49% APR for terms up to 60 months.

PenFed also offers a variety of loan terms to fit your budget. You can choose from terms as short as 24 months to as long as 84 months.

What are the benefits of getting a PenFed auto loan?

There are many benefits to getting a PenFed auto loan, including:

• Competitive rates: PenFed offers some of the most competitive auto loan rates in the industry.
• Flexible terms: PenFed offers a variety of loan terms to fit your budget.
• Variety of loan options: PenFed offers a variety of loan options, including new car loans, used car loans, and refinancing loans.
• Discounts and incentives: PenFed offers a variety of discounts and incentives, such as a 0.25% discount for automatic payments and a 0.50% discount for using PenFed’s online banking services.
• Convenient online banking services: PenFed offers convenient online banking services that make it easy to manage your loan account.
• Member-owned credit union: PenFed is a member-owned credit union, which means that you’re not just a customer, you’re a member. This means that you have a say in how PenFed is run, and you can benefit from PenFed’s profits.

How do I apply for a PenFed auto loan?

Applying for a PenFed auto loan is easy. You can apply online, over the phone, or in person at a PenFed branch.

To apply online, visit PenFed’s website and click on the "Auto Loans" tab. You will then be able to complete an online application.

To apply over the phone, call PenFed’s auto loan department at 1-800-247-5626.

To apply in person, visit a PenFed branch near you.

What are the requirements for getting a PenFed auto loan?

To qualify for a PenFed auto loan, you must meet the following requirements:

• Be a PenFed member
• Have a good credit score
• Have a steady income
• Be able to make a down payment

What is the maximum amount I can borrow with a PenFed auto loan?

The maximum amount you can borrow with a PenFed auto loan is $100,000.

Can I get a PenFed auto loan if I have bad credit?

PenFed does offer auto loans to borrowers with bad credit. However, you may have to pay a higher interest rate than borrowers with good credit.

Can I refinance my existing auto loan with PenFed?

Yes, you can refinance your existing auto loan with PenFed. PenFed offers competitive rates and flexible terms on refinancing loans.

FAQ

What is the minimum credit score required to get a PenFed auto loan?

PenFed does not have a minimum credit score requirement for auto loans. However, borrowers with higher credit scores will typically qualify for lower interest rates.

What is the maximum loan amount for a PenFed auto loan?

The maximum loan amount for a PenFed auto loan is $100,000.

Can I get a PenFed auto loan if I have bad credit?

Yes, you can get a PenFed auto loan if you have bad credit. However, you may have to pay a higher interest rate than borrowers with good credit.

Can I refinance my existing auto loan with PenFed?

Yes, you can refinance your existing auto loan with PenFed. PenFed offers competitive rates and flexible terms on refinancing loans.

How long does it take to get approved for a PenFed auto loan?

PenFed typically approves auto loan applications within 24 hours.

What are the fees associated with a PenFed auto loan?

PenFed charges a $20 application fee and a $75 loan origination fee.

Can I make extra payments on my PenFed auto loan?

Yes, you can make extra payments on your PenFed auto loan at any time. There is no penalty for making extra payments.

What happens if I miss a payment on my PenFed auto loan?

If you miss a payment on your PenFed auto loan, you will be charged a late fee. The late fee is $25 for the first missed payment and $35 for each subsequent missed payment.

Can I get a PenFed auto loan if I am not a member of PenFed?

No, you must be a member of PenFed to get an auto loan. However, joining PenFed is easy and free.

Conclusion

PenFed auto loans are a great option for anyone looking for a competitive rate, flexible terms, and a variety of benefits. Whether you’re buying a new or used car, PenFed has a loan option that’s right for you.

If you’re not already a PenFed member, joining is easy and free. Once you’re a member, you can apply for a PenFed auto loan online, over the phone, or in person at a PenFed branch.

To learn more about PenFed auto loans, visit PenFed’s website: https://www.penfed.org/auto-loans

Invitation to comment and share

What do you think of PenFed auto loans? Have you ever gotten an auto loan from PenFed? Share your thoughts in the comments below!