topic PenFed Used Auto 3.8% in Auto Loans

PenFed Used Auto 3.8%

Anonymous — Fri, 03 Apr 2020 23:12:57 GMT

Just wanted to share. I have less than stellar credit. No lates though. My utilization is around 58%. My scores on CL are in the 660's. I know that's not what they use. But just to give you a idea.

But penfed approved me for a 3.8% used auto loan for 72 months. Even if I finance it that long. My lowest rate yet.

Re: PenFed Used Auto 3.8%

Anonymous — Sat, 04 Apr 2020 06:33:15 GMT

Congrats!

Re: PenFed Used Auto 3.8%

AllZero — Sat, 04 Apr 2020 06:35:33 GMT

Congratulations on your approval!

Re: PenFed Used Auto 3.8%

Anonymous — Sun, 05 Apr 2020 04:26:35 GMT

Congrats on the Refi approval. Smart move!

Re: PenFed Used Auto 3.8%

Anonymous — Thu, 16 Apr 2020 17:10:21 GMT

What credit bureau did they pull?

Re: PenFed Used Auto 3.8%

AllZero — Thu, 16 Apr 2020 19:09:11 GMT

@Anonymous .PenFed usually pulls EQ.

Re: PenFed Used Auto 3.8%

Anonymous — Tue, 21 Apr 2020 03:51:53 GMT

FWIW my wife saw her TU Vantage 3.0 shoot up from a 682 to 822 after reducing *** only *** utilization, down to 0%. If that's not motivation, I don't know what is. We did a lump sum payoff, and saw this change in 1 month that it took for balance to be updated in her report.

Re: PenFed Used Auto 3.8%

Hut1 — Tue, 21 Apr 2020 03:53:11 GMT

Re: PenFed Used Auto 3.8%

CivalV — Wed, 13 May 2020 04:09:49 GMT

@Anonymous wrote:
Just wanted to share. I have less than stellar credit. No lates though. My utilization is around 58%. My scores on CL are in the 660's. I know that's not what they use. But just to give you a idea.

But penfed approved me for a 3.8% used auto loan for 72 months. Even if I finance it that long. My lowest rate yet.

My scores are in the high 600's as well and I was denied by NFCU. I also have Penfed but I am dreading another HP. How much did you ask for? I want a late model used vehicle with 60 months. Cap 1 prequalified me for $35k at 4-7% for 60 months depending on which vehicle I choose.

Re: PenFed Used Auto 3.8%

Superduper2014 — Wed, 13 May 2020 17:28:37 GMT

Penfed approved my gf for 18k 4.74% for 72 months.

No proof of income.

Her equifax fico was around 730. So based on score alone, she got a worse rate than OP.

What gives?

Now, when she buys the car with the check she can call penfed and choose a 60 month term and the rate will be a little better, but still I am comparing 72 months from op with lower score and she is worse off.