Reply
Contributor
bobtail
Posts: 101
Registered: ‎10-20-2008
0

PenFed Auto Loans

Anyone familiar with a penfed Payment saver auto loan?     What are their qualifications?
Valued Contributor
usmc58555
Posts: 1,673
Registered: ‎02-18-2009
0

Re: PenFed Auto Loans

Penfed is extremely conservative.

 

 

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Regular Contributor
Lyythine
Posts: 206
Registered: ‎03-05-2009
0

Re: PenFed Auto Loans


usmc58555 wrote:

Penfed is extremely conservative.

 

 


 
usmc's post might be the understatement of the year....  They are stupidly conservative! I applied recently for an auto loan and was turned down for.... TOO MANY INQUIRIES / TOO MUCH AVAILABLE CREDIT.
over 120k income, 800 scores, DTI = abut 30 - 35%.  
 So... If i cant get approved, im not sure what theyre looking for, however, I only have a credit card with them, no other accounts - so not much history...
 I would suggest NFCU if you can join, I got preapproval check for up to 50k, 1-day approval, check arrived 2 days later - at 3.99% 

 

Contributor
bobtail
Posts: 101
Registered: ‎10-20-2008
0

Re: PenFed Auto Loans

My Dad, who is now deceased was in the Navy.  Would I qualify as a family member?
Contributor
bobtail
Posts: 101
Registered: ‎10-20-2008
0

Re: PenFed Auto Loans

Is Allied easier to deal with?
Valued Contributor
usmc58555
Posts: 1,673
Registered: ‎02-18-2009
0

Re: PenFed Auto Loans

If your dad was a member and your mom is still alive  yes, your mom can sponsor you.

 

If not the reality is you probably do not qualify.

 

Penfed simply is not an option unless you have Bill gates level income and a over 750 score. ( I am asure there are exceptions but if you aposting in these forums yuo probably do not have either.)

 


We have already recommended Alliant to you. Yes you have to pay for PTA membership. Sorry sometimes you have to pay to play.

 

There is no sure thing by the way. I have no idea what your scores are so NFCU or ALLIANT may still decline to do business with you.

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Valued Member
soccrstar
Posts: 47
Registered: ‎02-01-2009
0

Re: PenFed Auto Loans

[ Edited ]

How about PenFeds 2nd Chance Car Loan Program?

 

has anyone ever tried that?

 

they sent me a mailing to request more information about it. I sent info back to them.

 

I never heard of them doing that. I know DCU does 2nd chance auto financing but its ONLY for refinancing

Message Edited by soccrstar on 06-28-2009 12:28 PM

EQ: 658 FICO / EX: 600 FICO / TU: 649 FICO / EQ: 637 USAA FAKO / EX: 637 USAA FAKO / TU: 700 USAA FAKO
Credit Karma: 590 / Credit Sesame 572
Positive Open Loan Tradelines: DCU (auto loan) $31000 / One Student Loan
24 Cards TOTAL = 9 Store cards / 4 Secured Card / 11 Credit Cards / Cards In Wallet - BoA Americard / NEWEST CARD - Blaze Mastercard
goal by 2015: UNDER 8000K in credit card debt
Valued Contributor
usmc58555
Posts: 1,673
Registered: ‎02-18-2009
0

Re: PenFed Auto Loans

You know something, we have been giving you car loan advice here for the last two months.


Whats been going on?


Are you taking any of it?

 

Did you actually join PENFED? cause you fritted away that money you spent to join- you will not be for  along time someone they want to lend to.


Did you try Ford?, many people thought Ford would be a good fit for you.

 

You have a van, have you been spending time since you started saving up even more money for a down payment?

Are you running around for Just an approval, or are you running around for an approval with outstanding terms, cause even you have stated you are rebuilding, you may have to set your sights on a lower amount to finance or that you will be getting a higher interest rate then you want.

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Valued Contributor
usmc58555
Posts: 1,673
Registered: ‎02-18-2009
0

Re: PenFed Auto Loans


soccrstar wrote:

How about PenFeds 2nd Chance Car Loan Program?

 

has anyone ever tried that?


PENFED IS EXTREMELY CONSEVATIVE IN THEIR LENDING IF THE SCORES YOU POSTED ARE CORRECT YOU ARE FRITTING AWAY TIME AND AN INQUIRY.

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Valued Member
soccrstar
Posts: 47
Registered: ‎02-01-2009
0

Re: PenFed Auto Loans

I joined years ago, they just sent me a letter stating I need to have activity or they closing it. along with it had an option to get more info on some of their products. Never applied. I know I'd never get anything. I don't play on buying another car for least another 14-20 months. providing my car last that long (2001 ford focus 199,6XX miles

EQ: 658 FICO / EX: 600 FICO / TU: 649 FICO / EQ: 637 USAA FAKO / EX: 637 USAA FAKO / TU: 700 USAA FAKO
Credit Karma: 590 / Credit Sesame 572
Positive Open Loan Tradelines: DCU (auto loan) $31000 / One Student Loan
24 Cards TOTAL = 9 Store cards / 4 Secured Card / 11 Credit Cards / Cards In Wallet - BoA Americard / NEWEST CARD - Blaze Mastercard
goal by 2015: UNDER 8000K in credit card debt

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+