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PenFed Auto Loan

LazarusLong
Regular Contributor

PenFed Auto Loan

I joined PenFed back in early 2021 but never went ahead with an auto loan.  Now in the market again and decided to go ahead and see what kind of rates they can give me (also waiting on 2 other CU's I'm a member of).

 

Anyways, did the application online and it went to "Under Review"...what I do find odd is that they didn't even do an HP (at least not yet).  I've got plenty of alerts setup as when my other 2 CU's pulled last night, I got alerts immediately.

 

Is that normal for PenFed?  Or maybe it went to review because their system couldn't pull a report right away?

AAoA = 6.8 yrs
AoOA = 22.6 yrs
7 REPLIES 7
coldfusion
Community Leader
Super Contributor

Re: PenFed Auto Loan

Did you have a preapproval offer extended to you that you chose to accept online?

Are your reports locked or frozen?

(6/2022)
FICO 8 (EX) 830 (TU) 836 (EQ) 831
FICO 9 (EX) 849 (TU) 845 (EQ) 846

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 2 of 8
LazarusLong
Regular Contributor

Re: PenFed Auto Loan


@coldfusion wrote:

Did you have a preapproval offer extended to you that you chose to accept online?

Are your reports locked or frozen?


Nope to both questions.  I did add my spouse as a co-applicant and she's not a member, not sure if that makes a difference?  I know reports aren't locked as I just did a Chrysler Finance pre-approval and got an HP lol.

AAoA = 6.8 yrs
AoOA = 22.6 yrs
Message 3 of 8
4sallypat
Valued Contributor

Re: PenFed Auto Loan

I just applied with PenFed used car loan (buyout lease end).


Over the phone application.

 

Savings & checking accounts over 1 year.

 

EQ 09 = 778

 

EQ instant HP.

 

Approved instantly @ 3.16% (used car loan).

PenFedAutoLoan2021.jpg

Message 4 of 8
7774x
Regular Contributor

Re: PenFed Auto Loan


@LazarusLong wrote:

I joined PenFed back in early 2021 but never went ahead with an auto loan.  Now in the market again and decided to go ahead and see what kind of rates they can give me (also waiting on 2 other CU's I'm a member of).

 

Anyways, did the application online and it went to "Under Review"...what I do find odd is that they didn't even do an HP (at least not yet).  I've got plenty of alerts setup as when my other 2 CU's pulled last night, I got alerts immediately.

 

Is that normal for PenFed?  Or maybe it went to review because their system couldn't pull a report right away?


Strange , Me too ..no HP..have other accounts with Pen for over year..They report to all 3 CRAs ...Auto loan listed ..CUs ,PenFed, Navy good people to deal 

Message 5 of 8
BackInAction
Established Member

Re: PenFed Auto Loan

I applied to PenFed last week. Instant preapproval with five loan choices with an EQ soft pull. Great new system.

Message 6 of 8
sweets2323
Established Member

Re: PenFed Auto Loan

When I called Penfed, they advised they will do a soft pull for the pre approval and provide numbers, to give an idea. 

 Final rate will rate and hard pull will ne done if I proceed.

Auto Score 8 Equifax 725
Auto Score 9 Equifax 734 Transunion 717 Experian 718
Auto Loan 5, 4, 2 Equifax 744 Transunion 730 Experian 748
Message 7 of 8
cjc6464
New Contributor

Re: PenFed Auto Loan

Same here, I just refi'd my auto from NFCU. My grandparents were on my previous car, but did a home refinance so I needed to get a car on my own. Navy approved me but at 8.69%, made two payments and when the refi was done I put my grandparent back on and Penfed gave me 4.04. No HP, both members for 2+ years

UTL= 5%
Chase Freedom Flex- $700
Navy Federal More Rewards Amex- $8,500
Navy Federal Cash Rewards- $1,000
PenFed Power Cash- $2,500
Macys- $800
Shell Mastercard- $800
Discover- $1,000
USAA Rewards Amex-$6,000
Best Buy-$6,000
AMEX BCP- $1,000
Target Redcard- $300
Navy Federal PLOC- $2,000
Penfed Auto- 4.04%
Discover Student Loan- 27k @ 26K
Message 8 of 8
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