cancel
Showing results for 
Search instead for 
Did you mean: 

How do I get a PenFed Preapproval?

Beeg2121
New Visitor

How do I get a PenFed Preapproval?

I would like to get a pre-approval from Penfed, how can I do this?  I am a Penfed Member, but I don't want a Hard Inquiry before I actually decide to Buy the Vehicle.  Any Help will be appreciated.

Message 1 of 8
7 REPLIES 7
Loquat
Moderator

Re: How do I get a PenFed Preapproval?

There's no way to force a pre-approval. I've been with PenFed for many years and I've never received a pre-approval for an auto loan. With that being said, I've never had any of my auto loans be declined either.

If you really want to use them just apply as you may be waiting many, many years if you're hoping for a pre-approval to come your way.
Message 2 of 8
barca
Regular Contributor

Re: How do I get a PenFed Preapproval?

you can also use capital one auto - thier pre approval is soft inquiry and solid.

Message 3 of 8
4sallypat
Valued Contributor

Re: How do I get a PenFed Preapproval?

+1 for Cap 1 Auto Navigator to get an idea of your credit worthiness.

 

As for PenFed, I have done a chat with them and they stated at the best rates are for top tier credit scores.

They can't quote the rate until they do a HP.

PenFed pulls EQ.

 

For me, I am buying out my leased car and their rate is very competitive compared to the major banks.

I have to decide by end of the month between my local CU and PenFed - both are around 2.5% for 60 months which is very good.

My local CU I have done business with over 20 years should be the one to go with, but PenFed (1 year) has been good to me as well with a recent new credit card for $12.5K SL....

Message 4 of 8
dunn2500
Frequent Contributor

Re: How do I get a PenFed Preapproval?

if you have a pen fed acct check out "offers"on your homepage......

 

ive had a auto loan in that section since i joined....it tells me how much my int rates are for what term i would choose, thats the pre approval section....

Message 5 of 8
PackAttack07
Established Member

Re: How do I get a PenFed Preapproval?

You are unlikely to avoid a Hard Pull from PenFed in this situation. If it's purely for the purposes of loan shopping you have to authorize the hard pull. However, if you're trying to have funding in hand mainly for shopping the (actually, any) actual car, PenFed DOES do that.

 

PenFed is one of the few lenders that provides a "no-questions asked" check for the purposes of an auto loan up to a specified maximum amount at a predetermined, single interest rate. They do have higher underwriting requirements for this option (I think the cut-off is 680 on their FICO vs. their normal minimum of 620 for pre-specified vehicle loans), but this allows you to purchase classic cars and older vehicles most lenders exclude once they become 7-10 years old. I could have bought a Model T if I wanted to as long as it had a VIN and it was insured.

 

I think the check is good for 90 days (could be 60, not sure), but that lets you buy from private sellers or any dealer with funding secured and maximum flexibility - you can buy literally anything street legal up to that loan amount they preauthorize you for.

 

The hard pull is likely unavoidable but HPs aren't the end of the world especially if you concentrate them together for auto loan shopping. You also have the option of letting the loan offer & check lapse and won't have a new account if you can find better loan terms. Figured I'd mention this if it applied to what you want to do; probably not though.

 

Message 6 of 8
BackInAction
Established Member

Re: How do I get a PenFed Preapproval?

I applied for a PenFed car loan a few days ago. It was a SP preapproval and they replied with 5 offers for me to choose from. I would say that this is a new system for them and it works perfectly.

Message 7 of 8
Loquat
Moderator

Re: How do I get a PenFed Preapproval?


@BackInAction wrote:

I applied for a PenFed car loan a few days ago. It was a SP preapproval and they replied with 5 offers for me to choose from. I would say that this is a new system for them and it works perfectly.


Very nice.  Didn't know they were doing this.  Seems very customer friendly for sure...especially if the pre-approvals hold true.  Do you know by chance if they HP after you accept?

Message 8 of 8
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.