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Penfed

Established Member

Penfed

When I start applying for car loans I would like to apply to Penfed. My question is, if I do get approved for membership would I have to open a checkings account with them just to get the auto loan?

Message 1 of 10
9 REPLIES
Established Contributor

Re: Penfed

Membership requires having $5 in a savings account. I think they call it a regular share account. You do not need a checking account. Keep in mind they will use the hard pull from joining for ANY credit applications within 60 days. If your also looking for a credit card or anything I'd make sure they are the first that you apply with as they can be sensitive to inquiries. 


Message 2 of 10
Established Member

Re: Penfed


Default4 wrote:

Membership requires having $5 in a savings account. I think they call it a regular share account. You do not need a checking account. Keep in mind they will use the hard pull from joining for ANY credit applications within 60 days. If your also looking for a credit card or anything I'd make sure they are the first that you apply with as they can be sensitive to inquiries. 


Thank you for reply and advise. I am going to apply to them first when the time comes.

Message 3 of 10
Regular Contributor

Re: Penfed

What paperwork does Pended ask for?
Message 4 of 10
Regular Contributor

Re: Penfed


Omnipotent wrote:
What paperwork does Pended ask for?

To join?  Nothing, just a donation to one of two non-profit organizations to open a savings account, $5 minimum balance.

 

To purchase a car?  Apply on-line for approval.  When purchasing 1) a new car, PenFed requires the VIN #; 2) a used car, a copy (front & back) of the vehicle title.

Message 5 of 10
Regular Contributor

Re: Penfed

What about personal paperwork to either start or wrap up the paperwork?
Message 6 of 10
Regular Contributor

Re: Penfed

Paperwork to qualify for the loan varies from applicant to applicant.  They may or may not require your last 2 paystubs.

Message 7 of 10
Established Member

Re: Penfed

I personally don't know what they require so I can't help with that and I also want to thank Hoya08 for that extra info. But when I finanlly apply and if I get accepted and go with them I can come back and post here what they required if you're still looking at penfed.

Message 8 of 10
Regular Contributor

Re: Penfed

I have a used-car loan through PenFED and they never asked for my paystubs.  I applied online and received a pending-approval notification for about 3-days.  I called them and was told me I was approved.  

 

I received a copy of the car title, emailed it to my LO, and a check was printed on the spot (I'm about 2.5 miles from a PenFED branch).  The only documents I signed was a PenFED repayment agreement (terms & interest rates).

 

For a new vehicle purchase, PenFED will require the VIN # to assess the vehicle's value (they use NADA) and cut you a check.  PenFED is strict with the loan amount they'll extend based upon NADA's valuation.  Whereas USAA will extend a loan up to 120% of their vechicle valuation (they use Black Book).

Message 9 of 10
Established Member

Re: Penfed

Thank you for the extra info.


Hoya08 wrote:

I have a used-car loan through PenFED and they never asked for my paystubs.  I applied online and received a pending-approval notification for about 3-days.  I called them and was told me I was approved.  

 

I received a copy of the car title, emailed it to my LO, and a check was printed on the spot (I'm about 2.5 miles from a PenFED branch).  The only documents I signed was a PenFED repayment agreement (terms & interest rates).

 

For a new vehicle purchase, PenFED will require the VIN # to assess the vehicle's value (they use NADA) and cut you a check.  PenFED is strict with the loan amount they'll extend based upon NADA's valuation.  Whereas USAA will extend a loan up to 120% of their vechicle valuation (they use Black Book).


 

Message 10 of 10