topic Re: PENFED Auto Loan in Auto Loans

PENFED Auto Loan

jibc1978 — Mon, 22 Jun 2015 02:09:40 GMT

Good Evening People!!

In the not so distant future i'm planning on applying for an auto loan from PENFED, in order to be better prepared for that I'm asking if someone has had the opportunity to go through the process and can give me an idea of how the process went and if possible a few pointers as well. I already have an account with them so I hope it is not too painful a process.

Much appreciated!!!

Re: PENFED Auto Loan

Anonymous — Fri, 26 Jun 2015 23:57:27 GMT

I am also interested in PenFed for an auto loan. I read older posts that they only pull EQ. Is this still true?

Re: PENFED Auto Loan

tonyjones — Sat, 27 Jun 2015 16:29:39 GMT

@Anonymous wrote:
I am also interested in PenFed for an auto loan. I read older posts that they only pull EQ. Is this still true?

Yes EQ 08 is what they pull, PenFed process is easy, apply online and they'll let you know ASAP. Then go to dealership negotitate price, call PenFed back with VIN#, Make, Model and they will overnight you a check for your car.

Re: PENFED Auto Loan

Jlex0201 — Mon, 29 Jun 2015 05:25:15 GMT

I doubt EQ is what they pull I just applied for a loan, mind you I currently have no current car loan. I make $143,000 a year plus 20% bonuses and I have a $850 rent, $380 a month in Student loans and my scores are 633EQ 620TU and 627EX and couldnt get a $51,200 car loan to a Audi dealership.

Re: PENFED Auto Loan

savingmoney87 — Mon, 29 Jun 2015 05:38:47 GMT

Yes, as toneyjones states I only received a pull from EQ. It was fairly simple, I was instantly approved and had my check mailed. Once I found the car called in with the collateral details. I loved the process very straight forward and had 60 days to find my car. They had the best interest rates out always. I was approved at 680, with bankruptcy 6 years old, no other baddies at 2.49%. I think since then their rate for auto has been advertised lower. Good luck.

Re: PENFED Auto Loan

Anonymous — Tue, 30 Jun 2015 02:37:03 GMT

@Jlex0201 wrote:
I doubt EQ is what they pull I just applied for a loan, mind you I currently have no current car loan. I make $143,000 a year plus 20% bonuses and I have a $850 rent, $380 a month in Student loans and my scores are 633EQ 620TU and 627EX and couldnt get a $51,200 car loan to a Audi dealership.

Penfed fulls EQ but they use NextGen scores for all their applications.. Here is more info. about it...http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Next-Gen-Scores-are-Great/td-p/3273472

Re: PENFED Auto Loan

youdontkillmoney — Tue, 30 Jun 2015 13:51:45 GMT

@Jlex0201 wrote:
I doubt EQ is what they pull I just applied for a loan, mind you I currently have no current car loan. I make $143,000 a year plus 20% bonuses and I have a $850 rent, $380 a month in Student loans and my scores are 633EQ 620TU and 627EX and couldnt get a $51,200 car loan to a Audi dealership.

^^^^^^

Your income and cash flows look strong, was it the credit scores they were worried about or stated as reason for denial, something on the credit report?

Re: PENFED Auto Loan

Jlex0201 — Tue, 30 Jun 2015 14:10:50 GMT

I wish I knew why I was denied. Sad about it actually. If only they would say "not enough down payment " or "too much car" whatever but they didn't say. Could be because of some collections from 2008 scheduled to drop in August.

Re: PENFED Auto Loan

Hoya08 — Tue, 30 Jun 2015 14:57:37 GMT

From what I've heard, PenFed is a stickler with credit scores. Also, besides the collections, what else may be holding your score down? CC utilization rate?