PenFed Refinance?

toi34 · ‎04-28-2015

Has anyone refinanced a car with PenFed? ...just wondering what the requirements were and what your experiance was like? Thanks!

Nahgee · ‎04-30-2015

I just applied a few mins ago. I'll keep you posted on the outcome.

toi34 · ‎04-30-2015

Awesome....thanks! Good luck. :-)

Nahgee · ‎05-04-2015

Good news! I was approved for my refi, it was a smooth process. I filled out the app, it was approved within 24hrs, and the check was overnighted to me ($25 charge) I got a better interest rate than I currently had (5.2% compared to 11.75%) and I'm very pleased.

Anonymous · ‎05-04-2015

@Nahgee wrote:
Good news! I was approved for my refi, it was a smooth process. I filled out the app, it was approved within 24hrs, and the check was overnighted to me ($25 charge) I got a better interest rate than I currently had (5.2% compared to 11.75%) and I'm very pleased.

how much was your refinance value and what is the your credit score?

did they ask for your income? paystubs etc.

toi34 · ‎05-04-2015

Excellent! What are your overall stats?

Anonymous · ‎05-04-2015

I used Penfed to Refi back in 2011 on my BMW M3.

Originall, BMW financial had given me 3.49% But pulled some BS and when I got the paper work it was 3.99% So Rode the loan out for a year. Then applied for the penfed refi was instantly approved for my payoff amount at the remaining 4 years at 1.49% My fico's back then were in the low 7's maybe high 6's

Penfed then overnighted me a check. Made it out to BMW finanical. Confirmed payoff amount then sent it in. Within a week they cashed it and sent the title over to penfed. Penfed then sent me a promissory note and I signed it and returned it to them.

Paid the loan off early to sell the car, no prepayment penalties at all.

Ended up getting a credit card from penfed through the pre-qual offers and got a loan for 5.5k for a trailer from them.

I cant say enough good things about Penfed.

They didnt ask for any paystubs/W2's/ or tax returns. BMW asked for my tax returns (Self-employed)

Nahgee · ‎05-05-2015

The value of my car is $21k, the payoff amount was $18k, my EQ score is 689 (according to Cap 1) my utilization is at 45%.

No proof of income required. They also gave me 2 cc with the same pull.
Promise $5k
Visa cash back $1k

Nahgee · ‎05-05-2015

I agree, PenFed has been awesome.

Anonymous · ‎05-05-2015

@Nahgee wrote:
The value of my car is $21k, the payoff amount was $18k, my EQ score is 689 (according to Cap 1) my utilization is at 45%.

No proof of income required. They also gave me 2 cc with the same pull.
Promise $5k
Visa cash back $1k

sorry about asking too many questions, how old is your credit history? capitalone only report transunion score only.

I have an auto loan 14K 7.04%

DCU refinance declined 3 months ago due to insufficient income and too many credit inquiries on last 12 months.