Re: Penfed auto loan process
04-25-2012 11:37 AM
Discernment, We didn't apply jointly. We applied first in his name only because his income is much higher than mine and he has a more established employment history. Anyhow, in waiting in the unknown of not being able to register online, I actually went ahead and submitted my own application. However, in order to include and consider his income, they wanted us to apply jointly I believe. At this point, I had gotten hubby to get the member number himself and saw his conditional approval. I actually have some blemishes on my credit, but pretty good past auto credit, and thought my husband might have a better chance alone than me with him. So I withdrew my application.
They haven't told us how much down payment we need to put down at all. However, they are asking for the purchase order which would show price out the door, which would include any trade-in (we dono't have one) or down payment. That's fine by me as I wasn't going to use the money for any other purposes, but I'm just confused. I thought I indicated I wanted a blank check, but apparently they really want to give me a specific check.
I'm pretty stoked about finding them (through these sites). 1.99% is a great rate and even though the dealer is offering 0% to quailfied buyers it would then remove several rebates, including a 1,500 one.