Penfed Auto Loan FICO Version

[Tito1183]

I may have asked this before but can't remember and can't find it. 

What FICO version does Penfed use for their auto loans?  All other things in line, what score is needed for the lowest rates they offer?

[madmann26]

You might want to shop around or look a few posts down.

Folks have been reporting Chase has been beating PenFed and no one has been able to get their lowest rate.

[brk1971]

I dunno what version they use, but I got their advertised (lowest) rate on a cash out refinance (via SP pre-approval tool). 

There is a debate currently raging in my head as to whether to pull the trigger or not.

[Adkins]

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@Tito1183 wrote:

I may have asked this before but can't remember and can't find it. 

What FICO version does Penfed use for their auto loans?  All other things in line, what score is needed for the lowest rates they offer?

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A post from a year old indicated they pulled EQ FICO 9. 

https://ficoforums.myfico.com/t5/Auto-Loans/More-penFed-Auto-Loan-questions/td-p/6247050

[brk1971]

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@Adkins wrote:

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@Tito1183 wrote:

I may have asked this before but can't remember and can't find it. 

What FICO version does Penfed use for their auto loans?  All other things in line, what score is needed for the lowest rates they offer?

---

A post from a year old indicated they pulled EQ FICO 9. 

https://ficoforums.myfico.com/t5/Auto-Loans/More-penFed-Auto-Loan-questions/td-p/6247050

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I pulled the trigger, and the HP was EQ. I'm sure it'll be EQ9, but will see when the documents arrive.

FWIW, the final rate was the same as the pre-approval rate - their lowest advertised rate for the vehicle / term I chose, no change in terms after the hard pull, etc. (pre-approval appears to have been solid in my case)

Took me direct to esign page next and was done 19 seconds after I clicked continue.

My employer uses ADP for payroll so the income / job verification part is automatic (PenFed uses TheWorkNumber on the back end).

[Loquat]

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@Tito1183 wrote:

I may have asked this before but can't remember and can't find it. 

What FICO version does Penfed use for their auto loans?  All other things in line, what score is needed for the lowest rates they offer?

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PenFed usually isn't that hard to work with (or get an approval from) in regards to an auto loan.  They do use EQ Fico 9 scoring for their underwriting.  The rate you get will be dependent upon your income and score.  I've had several loans with them and they've already been really good as far as rate and very fast as far as sending the draft to use for purchase. 

[jcooks]

I was able to get penfed lowest rate that was advertised on Sept 2021.  I went with the slightly higher interest but went with a 72 mo loan instead.  

[myfavoritehue]

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@brk1971 wrote:

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@Adkins wrote:

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@Tito1183 wrote:

I may have asked this before but can't remember and can't find it. 

What FICO version does Penfed use for their auto loans?  All other things in line, what score is needed for the lowest rates they offer?

---

A post from a year old indicated they pulled EQ FICO 9. 

https://ficoforums.myfico.com/t5/Auto-Loans/More-penFed-Auto-Loan-questions/td-p/6247050

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I pulled the trigger, and the HP was EQ. I'm sure it'll be EQ9, but will see when the documents arrive.

FWIW, the final rate was the same as the pre-approval rate - their lowest advertised rate for the vehicle / term I chose, no change in terms after the hard pull, etc. (pre-approval appears to have been solid in my case)

Took me direct to esign page next and was done 19 seconds after I clicked continue.

My employer uses ADP for payroll so the income / job verification part is automatic (PenFed uses TheWorkNumber on the back end).

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Did you purchase from a dealer or a private party?

Spoke with a rep yesterday and they mentioned that if no title is sent the auto loan becomes a personal loan with a higher rate.
Did they ever request the title?

[brk1971]

Mine was a refi from a Navy Federal loan. Was a bit of a complicated case comparatively, as the title was issued in Missouri and when I moved to Texas I did not change the title to a Texas one at the time I registered it here.  (Texas doesn't require that.)  

In Missouri, the DMV doesn't send the title to the lienholder, so I had it. (Navy required a copy back then.)

So had to wait for the lien release from NFCU to pair with the Missouri title I had possession of... then to take that to the Texas DMV to retitle it with the lien change. (Texas sends it directly to the lienholder.)