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PenFed Auto Loan

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
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Frequent Contributor

PenFed Auto Loan

Hi, I’m interested in a new car loan from PenFed.

What is the loan application process? Do they do a HP? Can app be done online?

Thanks
Message 1 of 8
7 REPLIES 7
Frequent Contributor

Re: PenFed Auto Loan

I have one auto loan with PenFed. I thought it was a great experience and got an awesome rate.

Yes, you can seek approval online. They will do an HP. If approved, it will be a conditional approval for a certain amount. Final disposition will rely upon satisfactory collateral (value of the car).

Once you achieve final approval, they will mail you a check to take to the dealership.
Personal Credit -
AMEX: Platinum, Green, Cash Magnet, Delta Gold
PNC: Cash Rewards
NFCU: Flaghship Rewards, Cash Rewards, CLOC
PSECU: Founders
BB&T: Spectrum Cash Rewards
CapOne: Quicksilver
Discover: IT Chrome
Synchrony: PayPal 2%, PayPal Credit
Barclays: Uber
Store Cards: Target
AU Cards: Citi Rewards+

Business Credit-
AMEX: Blue Business Plus, Amazon Prime, Simply Cash Plus
Message 2 of 8
Frequent Contributor

Re: PenFed Auto Loan

Thanks! Great info
Message 3 of 8
Regular Contributor

Re: PenFed Auto Loan

It's interesting because I had the WORST experience and mad at myself for it. 

 

They made me HP for membership and said they would use the same app. I went to open the car loan and another HP! Like **bleep**! I called them and made many complaints and according to the terms of banking, they can pull it at any time.

 

I was getting over it but at the time my EQ FICO 8 was at 691 and had the worst rate and wouldn't allow me to buy from private party.

 

I ran back to NFCU real quick. I'd rather pay them more on interest for a better relationship







Message 4 of 8
Regular Contributor

Re: PenFed Auto Loan

Penfed is a good CU but Everytime would run to navy.
Message 5 of 8
Frequent Contributor

Re: PenFed Auto Loan

I like Navy too!

I’ll check rates from both before picking one.
Message 6 of 8
Established Member

Re: PenFed Auto Loan

Do you have to be ex-armed forces to go with NFCU?

Message 7 of 8
Valued Contributor

Re: PenFed Auto Loan

Unfortunately NFCU isn't open to the public like PenFed. I think either you or a family member needs to have served either at some point or currently be serving but I am not 100% sure on this one.

Message 8 of 8