PEN Fed Requiremesnts

92SelfMade · ‎10-28-2011

Does anyone know what are penfed requirements for auto loan and if u were approved what were yours scores and if u were denied for what I could greatly use the info I am trying to refinance my car with them and get a couple of their credit cards

GCSCORE · ‎10-28-2011

On Wednesday, I joined PenFed and was approved for an auto loan (new car). I received the check in today's mail (regular mail, not the $15 expedited service).

My EQ FICO score is 688.

I'm at 1% UTIL

13 years AOA

one baddie that falls off 12/11

one inquiry prior to PenFed sending in theirs

no history of auto loans on my CR

They also approved me for their rewards visa the same day.

Starting Score: 650's
Current Score: 729
Goal Score: 751

92SelfMade · ‎10-28-2011

has anyone been aproved with 2 years of credit hisroty with penfed

teenastie · ‎10-28-2011

@GCSCORE wrote:
On Wednesday, I joined PenFed and was approved for an auto loan (new car). I received the check in today's mail (regular mail, not the $15 expedited service).

My EQ FICO score is 688.
I'm at 1% UTIL
13 years AOA
one baddie that falls off 12/11
one inquiry prior to PenFed sending in theirs
no history of auto loans on my CR

They also approved me for their rewards visa the same day.

At what APR did PENFED approve you?

What was the loan amount?

Did they require any money down?

Thanks in advance for your response

GCSCORE · ‎10-29-2011

They approved me at 2.49% for 60 months and 3.49% for 72 months. The choice was mine. My loan amount is 36K which is what I asked for.

For new cars, they will only finance 85% of MSRP + fees/taxes. So the amount I need to put down will depend on how good of a deal that I'm able to negotiate and the value of my trade in. Right now, it looks like I will be putting down around $4000.

Starting Score: 650's
Current Score: 729
Goal Score: 751

gotdebt · ‎11-20-2011

@GCSCORE wrote:
They approved me at 2.49% for 60 months and 3.49% for 72 months. The choice was mine. My loan amount is 36K which is what I asked for.

For new cars, they will only finance 85% of MSRP + fees/taxes. So the amount I need to put down will depend on how good of a deal that I'm able to negotiate and the value of my trade in. Right now, it looks like I will be putting down around $4000.
Actually, PenFed WILL finance 100% of MSRP on loans LESS than 72 months. I was just approved for $55k on a new car for 60 months (which is what I asked for) and they didn't require anything down. On a refinance, they give up to NADA retail value for new cars (meaning you are the original owner). For older vehicles that you aren't the original owner, the requirements are different...just check out their website. I realize this may be too late for this conversation, but I wanted to post for anyone searching for advice in the future.