topic Re: Buying van through CU in Auto Loans

Buying van through CU

Annabe — Thu, 02 Sep 2021 15:16:12 GMT

Has anyone had any success lately with getting Penfed to give a loan for vehicle, with no money down?

Re: Buying van through CU

dunn2500 — Thu, 02 Sep 2021 23:42:57 GMT

bought 2 of them with no money down.....your preapproved up to certain amt, anything over you cover.....least with new vehicles is was this way

Re: Buying van through CU

Loquat — Fri, 03 Sep 2021 12:55:28 GMT

I've had several loans with PenFed and have never been asked to put money down and have always been approved for what I've requested.

My guess is that if you need more than what they approve you for them you'll cover the different out of pocket.

Have you applied yet for just inquiring? PenFed is really good. I've had several loans with them.

Re: Buying van through CU

Annabe — Tue, 07 Sep 2021 14:04:45 GMT

I have a 635 fico 9 score and around 725 fico 8 score. My usage on my Penfed card is around 40%... I have perfect payment history. The only thing getting me is my overall cc usage on all my cards which is around 30% total. I been with them almost a year. I am planning on using van for my income.

What's my chances of getting a cargo van with no money down?

Re: Buying van through CU

4sallypat — Tue, 07 Sep 2021 14:49:06 GMT

You posted in the Business Credit section noting that you are looking to get a van for business use.

PenFed and your insurance company may have an issue with the loan if you don't disclose it as a commercial or business use vehicle (not personal use)....

Re: Buying van through CU

Annabe — Tue, 07 Sep 2021 14:53:35 GMT

Yes, it was my intention to let them know it would be for commerical use.

@4sallypat wrote:
You posted in the Business Credit section noting that you are looking to get a van for business use.

PenFed and your insurance company may have an issue with the loan if you don't disclose it as a commercial or business use vehicle (not personal use)....