topic Re: PenFed Auto Loan in Auto Loans

PenFed Auto Loan

Anonymous — Sat, 04 Dec 2021 15:38:04 GMT

I joined PenFed back in early 2021 but never went ahead with an auto loan. Now in the market again and decided to go ahead and see what kind of rates they can give me (also waiting on 2 other CU's I'm a member of).

Anyways, did the application online and it went to "Under Review"...what I do find odd is that they didn't even do an HP (at least not yet). I've got plenty of alerts setup as when my other 2 CU's pulled last night, I got alerts immediately.

Is that normal for PenFed? Or maybe it went to review because their system couldn't pull a report right away?

Re: PenFed Auto Loan

coldfusion — Sat, 04 Dec 2021 16:12:16 GMT

Did you have a preapproval offer extended to you that you chose to accept online?

Are your reports locked or frozen?

Re: PenFed Auto Loan

Anonymous — Sat, 04 Dec 2021 16:17:40 GMT

@coldfusion wrote:
Did you have a preapproval offer extended to you that you chose to accept online?
Are your reports locked or frozen?

Nope to both questions. I did add my spouse as a co-applicant and she's not a member, not sure if that makes a difference? I know reports aren't locked as I just did a Chrysler Finance pre-approval and got an HP lol.

Re: PenFed Auto Loan

4sallypat — Sat, 04 Dec 2021 16:44:19 GMT

I just applied with PenFed used car loan (buyout lease end).

Over the phone application.

Savings & checking accounts over 1 year.

EQ 09 = 778

EQ instant HP.

Approved instantly @ 3.16% (used car loan).

Re: PenFed Auto Loan

7774x — Sat, 04 Dec 2021 23:53:05 GMT

@Anonymous wrote:
I joined PenFed back in early 2021 but never went ahead with an auto loan. Now in the market again and decided to go ahead and see what kind of rates they can give me (also waiting on 2 other CU's I'm a member of).

Anyways, did the application online and it went to "Under Review"...what I do find odd is that they didn't even do an HP (at least not yet). I've got plenty of alerts setup as when my other 2 CU's pulled last night, I got alerts immediately.

Is that normal for PenFed? Or maybe it went to review because their system couldn't pull a report right away?

Strange , Me too ..no HP..have other accounts with Pen for over year..They report to all 3 CRAs ...Auto loan listed ..CUs ,PenFed, Navy good people to deal

Re: PenFed Auto Loan

Anonymous — Sun, 26 Dec 2021 13:22:00 GMT

I applied to PenFed last week. Instant preapproval with five loan choices with an EQ soft pull. Great new system.

Re: PenFed Auto Loan

sweets2323 — Tue, 08 Mar 2022 14:32:26 GMT

When I called Penfed, they advised they will do a soft pull for the pre approval and provide numbers, to give an idea.

Final rate will rate and hard pull will ne done if I proceed.

Re: PenFed Auto Loan

cjc6464 — Tue, 08 Mar 2022 14:53:52 GMT

Same here, I just refi'd my auto from NFCU. My grandparents were on my previous car, but did a home refinance so I needed to get a car on my own. Navy approved me but at 8.69%, made two payments and when the refi was done I put my grandparent back on and Penfed gave me 4.04. No HP, both members for 2+ years