PenFed interest rate

[Anonymous]

Hi I had a auto loan with PenFed for a term of 72 months but I paid it off actually in less then a year. I have less then 1 percent utilization on no derogs. The first time I took out a loan with them PenFed gave me 3.64 interest rate and now there giving me 7.9 which is crazy. My fico score 8 is 710. With PenFed because they ran next gen 2 for some odd reason it's in the mid 600s. Which other company should I go with to possibly get a better rate and that doesn't use theat utterly useless scoring system Next Gen 2. I was thinking maybe capitol one? Any suggestions?

[DeeBee78]

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@Anonymous wrote:
Hi I had a auto loan with PenFed for a term of 72 months but I paid it off actually in less then a year. I have less then 1 percent utilization on no derogs. The first time I took out a loan with them PenFed gave me 3.64 interest rate and now there giving me 7.9 which is crazy. My fico score 8 is 710. With PenFed because they ran next gen 2 for some odd reason it's in the mid 600s. Which other company should I go with to possibly get a better rate and that doesn't use theat utterly useless scoring system Next Gen 2. I was thinking maybe capitol one? Any suggestions?

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DCU's rates are as low as 1.49% with direct deposit, 1.99% without it. 

They're EQ-puller, and they use outdated scoring models (FICO 04 or FICO 05, if I recall...). 

For what it's worth, my EQ FICO 08 is 714 and I just refi'd with them at 2.74% 

[Anonymous]

What was your aaoa when they pulled your report and did they require any proof of income or what did they require from you. Also I heard dcu does 2 credit checks, one to become a member and one for the loan is that true?

[DeeBee78]

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@Anonymous wrote:
What was your aaoa when they pulled your report and did they require any proof of income or what did they require from you. Also I heard dcu does 2 credit checks, one to become a member and one for the loan is that true?

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AAoA is less than two years at this time. No proof of income was needed. I had to upload my driver's license, social security card, and proof of address (AT&T cell phone bill).

And yes, they do a HP for each separate product - once for membership, once for the loan product. I had a small issue with my membership application disappearing into the void, but once it was resolved the entire process was easy. I was able to close my loan over the phone this morning. 

[Anonymous]

I would try DCU or if you can get in NFCU.