Re: Penfed finance/refinancing

Skye12329 · ‎05-31-2016

DH and i are planning on refinancing primarily his but possibly mine too, our auto loans. They are through Chase and Capital One. Wanna refinance when our scores are higher.

However here are my questions regarding penfed:

Scores recommended for best rates from them for auto?

Do they send pre-approvals for any products when your a member? If so how often?

How does financing an auto work? Like do they send you a check or direct deposit or does the dealer need to accept them for financing?

How does refinancing work with them? Do i just give them the account number?

BK7 - 2/21
Cap1 QS - 2k (4/21)
Mission Lane - 4k (11/21)
Venmo - 900 (11/21)
SavorOne - 2500 (12/21)
VentureOne - 2000 (7/22)

Appleman · ‎06-01-2016

I can answer the refinance portion:

i gave them my 14 day pay-off (usually available from most websites for your loan company)

Gave them the name and address of who had my loan.

PenFed sent me a check that I endorsed and sent via certified mail (my choice) to Chrysler Capital.

Check cleared within 7-8 days of being dropped of at post office.

They will do one equifax pull and that will be good for all products you apply for in the next 90 days. They use the NexGen score which I do not know how to get.

You may want to check out Baller's PenFed thread for score info.

Good luck, it has been worth it for me.

nycplayboy78 · ‎06-04-2016

@Appleman wrote:
I can answer the refinance portion:

i gave them my 14 day pay-off (usually available from most websites for your loan company)
Gave them the name and address of who had my loan.

PenFed sent me a check that I endorsed and sent via certified mail (my choice) to Chrysler Capital.
Check cleared within 7-8 days of being dropped of at post office.

They will do one equifax pull and that will be good for all products you apply for in the next 90 days. They use the NexGen score which I do not know how to get.
You may want to check out Baller's PenFed thread for score info.

Good luck, it has been worth it for me.

^^ ALL OF THIS ^^