PenFed Auto Loan

[Starting_Over2013]

I apologize in advance if this has been addressed within another post recently - I didn't see anything!

I applied for a standard auto loan with PenFed yesterday and the status immediately showed as "Pending with Loan Officer". I provided information on the trade-in vehicle, as well as information on the vehicle to be purchased. I wanted to see if anyone has information on when I may expect a decision and what additional information I may need to provide? Also, if approved, will I receive a blank check (limited to the dollar amount of approval) to take to the dealership? When I applied, I estimated tax, title & fees and included that in the loan amount request. I couldn't find any info related to the loan process on the PenFed site. 

In the past, we've spent hours at the dealership finalizing paperwork, etc., so I'm trying to avoid all of that hassle! 

Thanks in advance for any info you can provide! 

[Dragen]

I just went through this with them back in November and again last month. I too applied and went through 'pending with loan officer'; the first time, it was approved later that day with no input from me, the second time, they needed me to unlock my Equifax so they could pull another report. If they need something from you, they will send you an email and also send a message to your account portal. 

As for the check, yes, they will send you a blank check the same day of your approval, or if you prefer, they'll overnight it.

Have you checked your application status? You may have an answer already, but if not, you should definitely know something tomorrow. 

Good luck! 

[Starting_Over2013]

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@Dragen wrote:

I just went through this with them back in November and again last month. I too applied and went through 'pending with loan officer'; the first time, it was approved later that day with no input from me, the second time, they needed me to unlock my Equifax so they could pull another report. If they need something from you, they will send you an email and also send a message to your account portal. 

As for the check, yes, they will send you a blank check the same day of your approval, or if you prefer, they'll overnight it.

Have you checked your application status? You may have an answer already, but if not, you should definitely know something tomorrow. 

Good luck! 

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Thanks so much for the input! The status is now showing as 'Preparing to Disburse', but I haven't received anything regarding the final rate, etc. Hopefully I'll receive that info tomorrow!