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Good afternoon,
I submitted an auto loan application through Penfed recently. I got prequalifed for 6.64% for 72 months based on some choices.
I am waiting to hear back on the approval, but could I realistically expect 6.64%?
My EQ V8 is 644 and V9 is 629
My experience with PenFed for an auto loan was about 10 years ago so it may be dated. IIRC my prequal rate was exactly my approved rate.
Thanks for the information. NFCU kind of scared me with their APR. I have been refreshing my email 100x today waiting for an approval from PenFed but it's a holiday.
My understanding is if they prequalify you then you're pretty much set. According to the rep I talked to. It gave me a list of x months = rate. So it was a set % vs a big range like NFCU gave me before I called and got the APR after approval.
Hello and congrats!
I did a prequal and then the actual purchase and I did get the rate they gave me at prequal. This was within the last week.
Im still waiting for the check because they mail it normal mail and so I couldn't pick up the car yet.
I guess it depends on the dealer 😕
It was the same for me. Yes waiting for snail mail check was not fun lol.
It will be a live check for the pre-approved amount. Which I was thinking would be like NFCU where they enter the amount. I wasn't planning on using the full amount. Which I have an official check from my bank that will make it over the cost
@Trinzero wrote:Hello and congrats!
I did a prequal and then the actual purchase and I did get the rate they gave me at prequal. This was within the last week.
Im still waiting for the check because they mail it normal mail and so I couldn't pick up the car yet.
I guess it depends on the dealer 😕