PenFed.... Not so great rate

[Anonymous]

So I recently joined PenFed because I wanted to get a car loan and was actually thrown off by the rate they gave me for a 2015 used Fiat through their car buying service. I have worked to fix my credit over the past 2 years and are hovering right over the 700 mark on all 3. They said they don't go off of FICO scores and now im pretty pissed that I took an HP on m EQfor this account and not going to use it. 

FICO EQ 9 - 704

FICO EQ8 0 700

Rate given: 6.9% 

Reasons: 

Too many new accounts

Serious Delinquency (22 months ago)

I was going through the approvals and saw people at this score get the best rate so....

[Medic981]

It is not the FICO score holding you back it is the recent delinquency that hurt you. What is the length of the loan and how much are they offering to lend you? 6.9% is not that bad of an interest rate. 

[Anonymous]

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@Medic981 wrote:

It is not the FICO score holding you back it is the recent delinquency that hurt you. What is the length of the loan and how much are they offering to lend you? 6.9% is not that bad of an interest rate. 

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It's 60 Months for 12.5k. I'm putting 4k from my end. 

They also pulled my credit 2 times. I'm closing them out. Worhtless

[Kevin5974]

I wouldnt want to hold a loan on a Fiat either... You had to put 4k down because they are worthless, unfortunately. The vehicle will likely have issues long before that loan is close to being paid...

[Anonymous]

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@Kevin5974 wrote:
I wouldnt want to hold a loan on a Fiat either... You had to put 4k down because they are worthless, unfortunately. The vehicle will likely have issues long before that loan is close to being paid...

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4k is my choice out of pocket. I need a fun beater that's fun to drive. My M3 is practically a garage queen from now on T