topic Re: Penfed Prequal APR Question in Auto Loans

Penfed Prequal APR Question

MrToad1 — Mon, 19 Jun 2023 17:32:58 GMT

Good afternoon,

I submitted an auto loan application through Penfed recently. I got prequalifed for 6.64% for 72 months based on some choices.

I am waiting to hear back on the approval, but could I realistically expect 6.64%?

My EQ V8 is 644 and V9 is 629

Re: Penfed Prequal APR Question

sccredit — Mon, 19 Jun 2023 20:49:17 GMT

My experience with PenFed for an auto loan was about 10 years ago so it may be dated. IIRC my prequal rate was exactly my approved rate.

Re: Penfed Prequal APR Question

MrToad1 — Mon, 19 Jun 2023 22:04:34 GMT

Thanks for the information. NFCU kind of scared me with their APR. I have been refreshing my email 100x today waiting for an approval from PenFed but it's a holiday.

My understanding is if they prequalify you then you're pretty much set. According to the rep I talked to. It gave me a list of x months = rate. So it was a set % vs a big range like NFCU gave me before I called and got the APR after approval.

Re: Penfed Prequal APR Question

Trinzero — Sun, 25 Jun 2023 19:22:45 GMT

Hello and congrats!

I did a prequal and then the actual purchase and I did get the rate they gave me at prequal. This was within the last week.

Im still waiting for the check because they mail it normal mail and so I couldn't pick up the car yet.

I guess it depends on the dealer 😕

Re: Penfed Prequal APR Question

MrToad1 — Sun, 25 Jun 2023 20:01:25 GMT

It was the same for me. Yes waiting for snail mail check was not fun lol.

It will be a live check for the pre-approved amount. Which I was thinking would be like NFCU where they enter the amount. I wasn't planning on using the full amount. Which I have an official check from my bank that will make it over the cost

@Trinzero wrote:
Hello and congrats!
I did a prequal and then the actual purchase and I did get the rate they gave me at prequal. This was within the last week.
Im still waiting for the check because they mail it normal mail and so I couldn't pick up the car yet.
I guess it depends on the dealer 😕