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HELP PLEASE - PenFed Auto Refinance Pending

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Anonymous
Not applicable

HELP PLEASE - PenFed Auto Refinance Pending

Hey everyone.

 

Please help. I'm a member of PenFed and just applied for an Auto Refinance Loan today. I was told to call back in 36 hours or 2 days, because the status was "pending". My Equifax score is 712.  Can anyone who has applied for a PenFed auto loan refinance advise as to whether you think I'll be approved?  The APR for the refinance is an amazing 1.99%

Message 1 of 11
10 REPLIES 10
Creditaddict
Legendary Contributor

Re: HELP PLEASE - PenFed Auto Refinance Pending

Sounds like you just need to wait 2 days... Deep breath... and release!!

Message 2 of 11
Anonymous
Not applicable

Re: HELP PLEASE - PenFed Auto Refinance Pending

Sounds like a plan.  I'll say a prayer while I do that deep breathing!

Message 3 of 11
Anonymous
Not applicable

PenFed Auto Refinance Approved!

Well, just got approved for a refinance with PenFed at 1.99%.  Sweet deal.  I hope to have my car paid outright very soon. My lesson learned: Don't lease a car. You lose too much money that way.  Keep a car as long as you possibly can. Plus, it's a Lexus so I'm getting great use out of it and it's never given me any significant trouble.

Message 4 of 11
IOBA
Senior Contributor

Re: PenFed Auto Refinance Approved!

Just FYI -

 

Penfed requires a FICO score of 700+ to give new credit.   They will sometimes factor in other things, like your relationship with them if your credit score is borderline.

 

My car has 116k+  Keeping that car as long as possible!  Smiley Happy

Message 5 of 11
Booner72
Senior Contributor

Re: PenFed Auto Refinance Approved!


@IOBA wrote:

Just FYI -

 

Penfed requires a FICO score of 700+ to give new credit.   They will sometimes factor in other things, like your relationship with them if your credit score is borderline.

 

My car has 116k+  Keeping that car as long as possible!  Smiley Happy


That's nothing.  My Pathfinder had 180 and still ran like a CHAMP (though was falling apart aside from that part).  When we were selling it on craiglist last weekend I saw LOTS of "good runners" with 250+K miles.  Some even had over 300K.   I read on here that people "need" a new car bc it has over 100K miles.  I don't think that's a very good reason for "needing" a new car.  Just change the oil and do the maintenance. And tell yourself you LOVE this car and you LOVE no payment.   

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Message 6 of 11
IOBA
Senior Contributor

Re: PenFed Auto Refinance Approved!

My car has regular "spa days".  Smiley Happy

 

I have regularly gotten 1.5x miles over the drop dead mileage life of a car, I think in part because I do  the "spa days".  My car is NOT disposable.  I pay cash for my cars....love it!  Love the no car payment!

Message 7 of 11
Booner72
Senior Contributor

Re: PenFed Auto Refinance Approved!

What's a spa day?

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Message 8 of 11
IOBA
Senior Contributor

Re: PenFed Auto Refinance Approved!

Maintenance... the car gets pampered....you know, oil change, lube job, fluids topped off, tires rotated and filled, and a car wash!  Smiley Happy  I call it a car spa day.  My car gets pampered.

Message 9 of 11
IMCUTE2
Contributor

Re: PenFed Auto Refinance Approved!

Hi Friends,

After being approved for PenFed Visa I decided to apply to refinance my auto loan as well since they pull your credit report once and its good for 90 days.  I applied this morning to get the message UNDER REVIEW.  Check status on application after 30 mins called to verify information as was APPROVED!! PenFed has been great to me I went from a loan with Chase @ 10.5 refinanced with Hawthorne Credit Union @ 7.5 at the time they offered lowering interest rate 3%.  1 year ago now with PenFed @ 1.99 and my car is worth more than I owe.  This year is ending great for me so far.  I don't know my Equifax score it wasn't provided when I received my Visa card from them.  My approvals since October DISCOVER 2K, BARCLAY 4.5K, CHASE FREEDOM 3K, CITIBANK 2.5K, HAWTHORNE CREDIT UNION VISA CLI 3K, PENFED VISA 5K.  Then the refinance!! YAY ME!!!  NOW I WILL BE GARDENING FOR A WHILE.  THANKS ALL FOR YOUR HELP ITS GREATLY APPRECIATED

FICO08 TU 785 EQ 763 EX 744 as of 05/06/15 GOAL 800+ ALL 3 BY 2016
Message 10 of 11
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