topic Re: PenFed Maximum Loan in Auto Loans

PenFed Maximum Loan

Anonymous — Sun, 26 Dec 2021 13:25:38 GMT

I applied to PenFed last week for a $124,000 car loan. Instant approval on a SP for $100,000. I believe $100,000 is PenFed's maximum car loan?

Re: PenFed Maximum Loan

Creditplz — Tue, 28 Dec 2021 22:16:45 GMT

I believe so, most CU cap out at 100k.

Usually you go into the dealer and let them choose the lender for you, I've had Ally approve $175k, and BofA I believe goes the distance as well.

along with MBFS, BMWFS, PFS, AFS, and many other manufacturer-lenders.

Re: PenFed Maximum Loan

Anonymous — Tue, 28 Dec 2021 22:20:29 GMT

You are right on point and I appreciate the valuble information.

@Creditplz wrote:
I believe so, most CU cap out at 100k.

Usually you go into the dealer and let them choose the lender for you, I've had Ally approve $175k, and BofA I believe goes the distance as well.

along with MBFS, BMWFS, PFS, AFS, and many other manufacturer-lenders.

Re: PenFed Maximum Loan

CerebralZulu — Fri, 31 Dec 2021 02:05:31 GMT

@Anonymous wrote:
I applied to PenFed last week for a $124,000 car loan. Instant approval on a SP for $100,000. I believe $100,000 is PenFed's maximum car loan?

Did you have an offer with PenFed or was this a cold app?