topic Re: PenFed Refinance? in Auto Loans

PenFed Refinance?

toi34 — Wed, 29 Apr 2015 03:24:17 GMT

Has anyone refinanced a car with PenFed? ...just wondering what the requirements were and what your experiance was like? Thanks!

Re: PenFed Refinance?

Nahgee — Thu, 30 Apr 2015 18:52:39 GMT

I just applied a few mins ago. I'll keep you posted on the outcome.

Re: PenFed Refinance?

toi34 — Thu, 30 Apr 2015 21:38:34 GMT

Awesome....thanks! Good luck. :-)

Re: PenFed Refinance?

Nahgee — Mon, 04 May 2015 22:33:41 GMT

Good news! I was approved for my refi, it was a smooth process. I filled out the app, it was approved within 24hrs, and the check was overnighted to me ($25 charge) I got a better interest rate than I currently had (5.2% compared to 11.75%) and I'm very pleased.

Re: PenFed Refinance?

Anonymous — Tue, 05 May 2015 04:51:07 GMT

@Nahgee wrote:
Good news! I was approved for my refi, it was a smooth process. I filled out the app, it was approved within 24hrs, and the check was overnighted to me ($25 charge) I got a better interest rate than I currently had (5.2% compared to 11.75%) and I'm very pleased.

how much was your refinance value and what is the your credit score?

did they ask for your income? paystubs etc.

Re: PenFed Refinance?

toi34 — Tue, 05 May 2015 05:48:55 GMT

Excellent! What are your overall stats?

Re: PenFed Refinance?

Anonymous — Tue, 05 May 2015 05:58:10 GMT

I used Penfed to Refi back in 2011 on my BMW M3.

Originall, BMW financial had given me 3.49% But pulled some BS and when I got the paper work it was 3.99% So Rode the loan out for a year. Then applied for the penfed refi was instantly approved for my payoff amount at the remaining 4 years at 1.49% My fico's back then were in the low 7's maybe high 6's

Penfed then overnighted me a check. Made it out to BMW finanical. Confirmed payoff amount then sent it in. Within a week they cashed it and sent the title over to penfed. Penfed then sent me a promissory note and I signed it and returned it to them.

Paid the loan off early to sell the car, no prepayment penalties at all.

Ended up getting a credit card from penfed through the pre-qual offers and got a loan for 5.5k for a trailer from them.

I cant say enough good things about Penfed.

They didnt ask for any paystubs/W2's/ or tax returns. BMW asked for my tax returns (Self-employed)

Re: PenFed Refinance?

Nahgee — Tue, 05 May 2015 16:23:30 GMT

The value of my car is $21k, the payoff amount was $18k, my EQ score is 689 (according to Cap 1) my utilization is at 45%.

No proof of income required. They also gave me 2 cc with the same pull.
Promise $5k
Visa cash back $1k

Re: PenFed Refinance?

Nahgee — Tue, 05 May 2015 16:24:43 GMT

I agree, PenFed has been awesome.

Re: PenFed Refinance?

Anonymous — Tue, 05 May 2015 17:02:28 GMT

@Nahgee wrote:
The value of my car is $21k, the payoff amount was $18k, my EQ score is 689 (according to Cap 1) my utilization is at 45%.

No proof of income required. They also gave me 2 cc with the same pull.
Promise $5k
Visa cash back $1k

sorry about asking too many questions, how old is your credit history? capitalone only report transunion score only.

I have an auto loan 14K 7.04%

DCU refinance declined 3 months ago due to insufficient income and too many credit inquiries on last 12 months.

Re: PenFed Refinance?

Nahgee — Wed, 06 May 2015 05:25:49 GMT

No worries on the questions. I got my score through Cap1 360. I had a BK discharged in Sep 2013, but I have student loans from 2005, everything else from the bk going forward has been all on time payments, and typically low utilization.

DCU denied me twice as well bc of my BK (they pulled eq and ex) the credit union I just left was okay but the interest rate was horrible.

Re: PenFed Refinance?

Anonymous — Wed, 06 May 2015 17:29:35 GMT

@Nahgee wrote:
No worries on the questions. I got my score through Cap1 360. I had a BK discharged in Sep 2013, but I have student loans from 2005, everything else from the bk going forward has been all on time payments, and typically low utilization.

DCU denied me twice as well bc of my BK (they pulled eq and ex) the credit union I just left was okay but the interest rate was horrible.

How did you get the PenFed Membership?

sounds like you have a long credit history but mine only about 1 year 3 months.

Re: PenFed Refinance?

Hoya08 — Thu, 07 May 2015 09:43:05 GMT

How did you get the PenFed Membership?

Join 1 of 2 associations affiliated with PenFed. It's a cheap 1-time due, $14 or $15.

Re: PenFed Refinance?

Nahgee — Thu, 07 May 2015 16:23:26 GMT

I joined one of the associations as stated above.

Re: PenFed Refinance?

Anonymous — Thu, 07 May 2015 19:04:50 GMT

thanks a lot for the information guys. will try to join with PenFed soon. about 3 months ago I tried to refinance my auto loan with DCU with FICO score of 674 and I got approved rate of 3.99% but unfortunatly it was declined after the sending the paystubs etc. they said insufficent income for the required amount of auto loan.

I make only 1.2K per month and then after, my credit limit increase by $6000. $1000 each for 4 credit cards and $2000 new credit card.

since that time credit score dropped to 645 and still remianing the same. and I do have 18 credit inquiries on my credit report.

Re: PenFed Refinance?

Anonymous — Mon, 27 Jul 2015 03:48:06 GMT

How soon after buying a car can you refi with Penfed and what are the requirements and how high do scores need to be? Thanks

Re: PenFed Refinance?

Anonymous — Thu, 30 Jul 2015 20:39:30 GMT

@Anonymous wrote:
How soon after buying a car can you refi with Penfed and what are the requirements and how high do scores need to be? Thanks

You can re-finance immediately, but your scores generally must be in the Good to Excellent range. Once your established with PenFed, they are more concerned that your income can meet your debt.

PenFed is considered a conservative lender, but they don’t play games and their rates are fixed based upon what kind of loan your asking. You either qualify or don’t, they don’t adjust the terms to your qualification level like many banks do.

Re: PenFed Refinance?

trant3 — Thu, 30 Jul 2015 22:51:17 GMT

As mentioned prior, PenFed is very conservative. Scores must be in the "good" range, I would say at least an EQ of 650 or above. They pull exclusively EQ and do not use the FICO 8 model. I recently refi with them, got 4.5% not what I wanted buy grateful to lower the APR. However, they did double pull by EQ for some reason, the CSR said it was due to risk based pricing since I didnt get the lowest terms . Overall, they're awesome, check was overnighted to me, loan was transfered over in no time.

Re: PenFed Refinance?

Anonymous — Fri, 31 Jul 2015 07:17:55 GMT

Thanks for the info, I googled credit unions in my area and called several today, spoke to one that said once we have our discharge papers we can probably refi with them, didn't matter how long we had the vehicle. Im going to wait until sept when we have the papers and then try to refi.