Just join PenFed. Can I apply for an auto loan now?

[Anonymous]

I joined PenFed literally a few days ago with the idea that I would apply for an auto loan in about six months.  As life would have it, my current car went into the shop and I was informed that it would cost just under $5k to repair it (the car is a 2006 Dodge Magnum with over 300k miles).  Although I've enjoyed not having a car payment in quite some time, I guess it's time.  Is it too early to try PenFed being that I've only been a member for less than a week?

[4sallypat]

Yes, you can apply for an auto loan, but make sure first you call them and ask if there are any ID or credit verification holds on your current account.

When I opened a PenFed savings account (auto transfer from an external account), I noticed it delayed funding for a week each month.

I called them and asked why and they said they needed to approve the savings account before it will fund instantly.

I provided them my SS card, ID and utility bill. 

They asked for a SP of my credit which I granted and now I am officially "approved" without any restrictions / holds.

[Anonymous]

 I do remember when I funded the account it showed a negative amount.  I will make the call.  

Thank you!

[7774x]

Penfed wiil want Driver license ,Utility bill .uploaded to them before loan action

[dunn2500]

they didnt as me for DL or utility bill, i applied for auto loan either same day or possibly the next day at the latest when i joined last year......is this something new?.......just my SSN

[Anonymous]

I called Penfed and they told me that they had everything they needed. Customer service told me that for the first few times, there will be a hold on my deposits.

[Loquat]

PenFed will hold deposits for either 3-6 months on new accounts I believe. It's been that way for a long time now. Some folks are able to escape the waiting period but even myself, when I joined years ago, had to deal with it.

But even with the hold, there was no delay in lending action. I applied and was approved for a credit card the same day of membership approval. The auto loan followed a couple of days later that was also approved.

If you want to apply for an auto loan, you don't need to wait, just app whenever you're ready.

[Horseshoez]

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@Loquat wrote:
PenFed will hold deposits for either 3-6 months on new accounts I believe. It's been that way for a long time now. Some folks are able to escape the waiting period but even myself, when I joined years ago, had to deal with it.

But even with the hold, there was no delay in lending action. I applied and was approved for a credit card the same day of membership approval. The auto loan followed a couple of days later that was also approved.

If you want to apply for an auto loan, you don't need to wait, just app whenever you're ready.

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I'm curious about the "PenFed will hold deposits for either 3-6 months on new accounts..." comment; I opened a new account last September and my money was available after about 6 days.

[Loquat]

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@Horseshoez wrote:

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@Loquat wrote:
PenFed will hold deposits for either 3-6 months on new accounts I believe. It's been that way for a long time now. Some folks are able to escape the waiting period but even myself, when I joined years ago, had to deal with it.

But even with the hold, there was no delay in lending action. I applied and was approved for a credit card the same day of membership approval. The auto loan followed a couple of days later that was also approved.

If you want to apply for an auto loan, you don't need to wait, just app whenever you're ready.

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I'm curious about the "PenFed will hold deposits for either 3-6 months on new accounts..." comment; I opened a new account last September and my money was available after about 6 days.

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@Horseshoez Sorry I didn't provide clarity...the hlld for 3-6 months was referring to what you mentioned, meaning that they once release funds right away...they hold it for 3-5 business days for the first 3-6 months of account opening.  I don't know why they do such but it's been their practice for as long as I've been with them.