topic Re: Just join PenFed. Can I apply for an auto loan now? in Auto Loans

Just join PenFed. Can I apply for an auto loan now?

Anonymous — Tue, 20 Apr 2021 14:26:50 GMT

I joined PenFed literally a few days ago with the idea that I would apply for an auto loan in about six months. As life would have it, my current car went into the shop and I was informed that it would cost just under $5k to repair it (the car is a 2006 Dodge Magnum with over 300k miles). Although I've enjoyed not having a car payment in quite some time, I guess it's time. Is it too early to try PenFed being that I've only been a member for less than a week?

Re: Just join PenFed. Can I apply for an auto loan now?

4sallypat — Tue, 20 Apr 2021 14:51:42 GMT

Yes, you can apply for an auto loan, but make sure first you call them and ask if there are any ID or credit verification holds on your current account.

When I opened a PenFed savings account (auto transfer from an external account), I noticed it delayed funding for a week each month.

I called them and asked why and they said they needed to approve the savings account before it will fund instantly.

I provided them my SS card, ID and utility bill.

They asked for a SP of my credit which I granted and now I am officially "approved" without any restrictions / holds.

Re: Just join PenFed. Can I apply for an auto loan now?

Anonymous — Tue, 20 Apr 2021 15:13:47 GMT

I do remember when I funded the account it showed a negative amount. I will make the call.

Thank you!

Re: Just join PenFed. Can I apply for an auto loan now?

7774x — Wed, 21 Apr 2021 22:56:46 GMT

Penfed wiil want Driver license ,Utility bill .uploaded to them before loan action

Re: Just join PenFed. Can I apply for an auto loan now?

dunn2500 — Thu, 22 Apr 2021 07:11:24 GMT

they didnt as me for DL or utility bill, i applied for auto loan either same day or possibly the next day at the latest when i joined last year......is this something new?.......just my SSN

Re: Just join PenFed. Can I apply for an auto loan now?

Anonymous — Fri, 23 Apr 2021 00:24:48 GMT

I called Penfed and they told me that they had everything they needed. Customer service told me that for the first few times, there will be a hold on my deposits.

Re: Just join PenFed. Can I apply for an auto loan now?

Loquat — Sat, 24 Apr 2021 16:15:02 GMT

PenFed will hold deposits for either 3-6 months on new accounts I believe. It's been that way for a long time now. Some folks are able to escape the waiting period but even myself, when I joined years ago, had to deal with it.

But even with the hold, there was no delay in lending action. I applied and was approved for a credit card the same day of membership approval. The auto loan followed a couple of days later that was also approved.

If you want to apply for an auto loan, you don't need to wait, just app whenever you're ready.

Re: Just join PenFed. Can I apply for an auto loan now?

Horseshoez — Sat, 24 Apr 2021 17:23:56 GMT

@Loquat wrote:
PenFed will hold deposits for either 3-6 months on new accounts I believe. It's been that way for a long time now. Some folks are able to escape the waiting period but even myself, when I joined years ago, had to deal with it.

But even with the hold, there was no delay in lending action. I applied and was approved for a credit card the same day of membership approval. The auto loan followed a couple of days later that was also approved.

If you want to apply for an auto loan, you don't need to wait, just app whenever you're ready.

I'm curious about the "PenFed will hold deposits for either 3-6 months on new accounts..." comment; I opened a new account last September and my money was available after about 6 days.

Re: Just join PenFed. Can I apply for an auto loan now?

Loquat — Sat, 24 Apr 2021 22:19:12 GMT

@Horseshoez wrote:
@Loquat wrote:
PenFed will hold deposits for either 3-6 months on new accounts I believe. It's been that way for a long time now. Some folks are able to escape the waiting period but even myself, when I joined years ago, had to deal with it.

But even with the hold, there was no delay in lending action. I applied and was approved for a credit card the same day of membership approval. The auto loan followed a couple of days later that was also approved.

If you want to apply for an auto loan, you don't need to wait, just app whenever you're ready.
I'm curious about the "PenFed will hold deposits for either 3-6 months on new accounts..." comment; I opened a new account last September and my money was available after about 6 days.

@Horseshoez Sorry I didn't provide clarity...the hlld for 3-6 months was referring to what you mentioned, meaning that they once release funds right away...they hold it for 3-5 business days for the first 3-6 months of account opening. I don't know why they do such but it's been their practice for as long as I've been with them.