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Penfed Payment Saver Loan

Established Member

Penfed Payment Saver Loan

Has any one tried this loan product?

Im curious about it, It's seems kinda like a lease.

 

from penfed website:

Loan Payment Example: A $40,000 used auto financed at 1.74% APR; 60 monthly payments of approximately $329 each, with a final balloon payment of approximately $25,054. $40,000 used auto financed at 1.74% APR; 48 monthly payments of approximately $287 each, with a final balloon payment of approximately $29,637.

 

Let me know if anyone's how hard is approval and what they pull?

1 REPLY
Established Member

Re: Penfed Payment Saver Loan

If you can manage the balloon interest payment, this lease like loan should work pretty well for you. Mostly 'charge-offs' within the last 2 years are a deal breaker. A score of 670+ should do the job provided that your payment history is otherwise low risk within the context of the last 5 years.