No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Hello I have a question about PenFed. I just recently became a member and have a need for a new car. I signed up for the car buying service and have an appointment to look at a car tomorrow. Actually have several appointments at different dealerships. Some of the dealerships I spoke with today want to go through Honda financial event hough they got my contact information from PenFed. My fico 8 EQ is 766 and my fico 9 EQ is 769. My last derogatory on my credit report is over 4 years ago. I have a car loan that I'm paying on now that I will trade in if the numbers work out. Does PenFed work on Saturdays if I apply for a loan through them. I think I will get a better rate if I went with them. My current loan I got through my local credit union and it was the best rate around 3 years ago. Thanks for any replies
Honda was offering 0% in January. You should at least ask ...
https://www.carsdirect.com/deals-articles/honda-unveils-unprecedented-0-apr-deal
Thanks for the info I will look into it.
i used pen fed car buying service in feb but yeah if honda is offering 0% than hard to beat in financing, however if there are rebates in lieu of 0% youll have to weight that out.....some see 0% and just assume its the better deal but it isnt if rebates add up to more money off the car vs what youll spend in interest difference between 0% and say 2%.....pick the better of the 2
with the service i had to locate a truck in a town where pen fed/true car had their offer.....not all dealers are on their service, pen fed just overnighted me a check and i flew out to Arizona to pick it up.....soon as the check came i sent the dealership a photo of it, it was cashed before i even landed at airport (i received an email from GM congratulating me on my purchase while in the air, lol).....i had the deal/numbers already worked out b4 i applied for loan though, i did save an extra .75% though off .......
btw pen fed used EQ F9 auto for my last 2 loans.....
Luckily I have truecar penfed offers around me. I checked last night and I should qualify for 0% or .09% through Honda Finance, depending how much final payments are. After I go to the dealership and pick a car i will apply with penfed and see what rate I get. I know I can probably save alot on gap insurance through penfed if I go that route. My last vehicle that I refinanced through a local credit union offered me gap insurance at a cost of 200 dollars for 5 years. They told me to ask for a rebate from the dealership for the unused portion of my gap insurance from them. I went to the dealership and 6 weeks later they sent me a check for 1100. I didnt realize at the time but I paid 1500 for gap insurance for a 72 month loan through them.
You can buy gap insurance through your auto insurance company. I got mine through USAA. I wouldn't buy gap through a dealer. That's where they make their money. You don't have to get it from them.
@dunn2500 wrote:i used pen fed car buying service in feb but yeah if honda is offering 0% than hard to beat in financing, however if there are rebates in lieu of 0% youll have to weight that out.....some see 0% and just assume its the better deal but it isnt if rebates add up to more money off the car vs what youll spend in interest difference between 0% and say 2%.....pick the better of the 2
with the service i had to locate a truck in a town where pen fed/true car had their offer.....not all dealers are on their service, pen fed just overnighted me a check and i flew out to Arizona to pick it up.....soon as the check came i sent the dealership a photo of it, it was cashed before i even landed at airport (i received an email from GM congratulating me on my purchase while in the air, lol).....i had the deal/numbers already worked out b4 i applied for loan though, i did save an extra .75% though off .......
btw pen fed used EQ F9 auto for my last 2 loans.....
Good point @dunn2500 - the cash incentives + manufacturer rebates instead of low financing sometimes outweigh the rate.
Because you can't combine both the incentives/rebates and low captive bank rate financing - it's one or the other.
So it's always a good idea to check if your CU rate along with the rebates outweigh the captive bank's low rate...
@Anonymous wrote:Luckily I have truecar penfed offers around me. I checked last night and I should qualify for 0% or .09% through Honda Finance, depending how much final payments are. After I go to the dealership and pick a car i will apply with penfed and see what rate I get. I know I can probably save alot on gap insurance through penfed if I go that route. My last vehicle that I refinanced through a local credit union offered me gap insurance at a cost of 200 dollars for 5 years. They told me to ask for a rebate from the dealership for the unused portion of my gap insurance from them. I went to the dealership and 6 weeks later they sent me a check for 1100. I didnt realize at the time but I paid 1500 for gap insurance for a 72 month loan through them.
i had them in my area too just the price was better out of state, so i went that route......i checked almost nationwide but did save about 5k from local so was worth it
@4sallypat wrote:
@dunn2500 wrote:i used pen fed car buying service in feb but yeah if honda is offering 0% than hard to beat in financing, however if there are rebates in lieu of 0% youll have to weight that out.....some see 0% and just assume its the better deal but it isnt if rebates add up to more money off the car vs what youll spend in interest difference between 0% and say 2%.....pick the better of the 2
with the service i had to locate a truck in a town where pen fed/true car had their offer.....not all dealers are on their service, pen fed just overnighted me a check and i flew out to Arizona to pick it up.....soon as the check came i sent the dealership a photo of it, it was cashed before i even landed at airport (i received an email from GM congratulating me on my purchase while in the air, lol).....i had the deal/numbers already worked out b4 i applied for loan though, i did save an extra .75% though off .......
btw pen fed used EQ F9 auto for my last 2 loans.....
Good point @dunn2500 - the cash incentives + manufacturer rebates instead of low financing sometimes outweigh the rate.Because you can't combine both the incentives/rebates and low captive bank rate financing - it's one or the other.
So it's always a good idea to check if your CU rate along with the rebates outweigh the captive bank's low rate...
on trucks it typically is but idk about right now.......0% vs 2% is about 2k interest on 45k over 60 months months i believe, just have to check......