Penfed car loan approved(have questions)

[Anonymous]

I asked for and was approved for $24,000 use car loan from Penfed, now I would like to get a new car instead of the used. My question is will Penfed approve another loan and void the one I have now which is good for 90 days?

[Appleman]

Give them a call and they will give you an answer. I bet they can alter current approval to a new car.

Please let us know what you find out.

[Anonymous]

+1
If they approved you for 24k used
A new car should NOT be a problem at all

1) A new car is better collateral than a used,
that's why you may wind up with a better rate and the ability to borrow more for a longer period of time.

2) Of within in reason...I'm not saying you go from 24k used to 60k new
But 24k used might be close to 28-30k new, no problem.

That is why you'll see a lender say
Used loan up to say 5 years @ X rate &
New loans up to 6-7 years @ Y rate

(Yes, I know a few lenders give luv for really recent model used cars) but in general brand new cars are treated as better collateral, so rates are lower and one can but a bit more car with more favorable terms... because in case of default it's easier to resale a newer asset, sorry to bring that up but that's the deal....it's easier and more profitable to repo and flip a 2016 than it is to 'hope' things work out flipping a 2011!

[elim]

Similar experience here. Call them, they will cancel the old loan and let you run the numbers again (or modify existing).  Happens all the time. Great CS for we who change our minds while shopping.      :]