Penfed approval

[Anonymous]

I just want to take a moment to thank everyone on this forum for all their guidance over the last few months that I have been here asking questions. It is because of you that I have found all of the ways to improve my scores, which cards to apply for, and most importantly, Penfed and NFCU.

I was approved yesterday for new Toyota through Penfed for 100% of loan at 2.94% and 60 months after using their car buying service for a reduction in interest rate. It was instant and very simple process. Got a great price going through the Truecar service as well with no hassle. Best part is that as others have said it was SP. I had called a few times over the last month and received numerous different answers from all of the reps I had spoken with as to whether or not it would be HP or SP. I had heard SP for 90 days and also only 30 days. I was told HP everytime. I even heard a 45 day. That was new. I had never heard anyone hear ever say 45 days. I am at 50 days right now so I know the 30 and 45 days didn't apply in my situation. 

I don't remember my score exactly but at the time of my original pull for membership and cc, but it was along the lines of 730-740. Currently it is 719 since I have several new lines that started reporting and dropped all of my ages. My AAoA at that time was just over 2 years, AoOA was 7 years, and only had 1 paid loan, 1 active loan, 2 cc(oldest was 5 months and newest was 1 month). Only account I had with lates was my paid off loan and most recent late was almost 3 years. My EQ also has a collection for $25 but I believe Fico 9 doesn't count them under $100. 

I know everyone has different experiences with Penfed but it seems most have good experiences and I can say for me they have been wonderful to work with and so glad I have found them. Hope this helps anyone looking for new loan.

[Appleman]

Congrats on the approval and great rate! Enjoy the new car..

[Loquat]

Very nice OP!  Congrats on the approval and enjoy the new Toyota.  PenFed is pretty awesome.  They were there for me when others weren't.  I've had several auto loans with them and probably will look to them again when the time comes.  

[19eighty5]

Congratulations on your approval!

[marmaladepie]

Congrats on the approval and new car.

How did you get the 2.9 rate? I’ve tried to use or explore their car buying service online and was only able to see 3.49 for 60 mo (also publicly avail lowest rate online). Score is over 800. Wondering if make of car is the reason.
Thanks in advance.

[Anonymous]

Yeah when you go to their website, 60 months lowest rate is 3.49%. I was told you get a reduction in the rate when using the car buying service. So I applied for preapproval and called in to see what the rate would be using the car service since the rate quoted was the standard rate. I was told that they won't know until the loan is finalized and verified using the car service. 

So I went down to the dealership and found my truck. I called Penfed from the dealership to see what I needed to do next. They told me that they should give me a certificate showing I used the Truecar site that Penfed uses. They ended up inputting it online somehow. That was late Saturday and loan reps weren't there to verify if it was received so when I woke up on Sunday I called in and they did have it. I gave the information from my purchase order, was put on hold, and then notified I was approved for the full thing at 2.94%.

I guess there isn't a way to know in advance what the rate will be. But I was told that if I wanted to do 36 months it would've been .99%. But my payments would've been way too high so I passed. I almost did the 48 months at 1.99% but ultimately chose to stick with the 60 months. I can justify paying 2.94

[marmaladepie]

Very helpful info, thanks so much.
I guess it actually means I have to click through and apply first to know what the rate is.
Still deciding on two different make/model cars thus didn’t want to prematurely apply for anything. In the mean time I am having to give my info to multiple dealers and they are already being so aggressive w the sales calls and emails.
Were you able to get and further discounts off of the advertised price on your car? Some of the vehicles through their True Car buying portal lists as “member pricing” but doesn’t show me what that is. Just curious if you were able to negotiate your car down from advertised price on that site.
Thanks a million!

[Anonymous]

I got the preapproval initially. Then went to a dealership that had reached out to me via calls, text, email. Two local Toyota dealerships are part of the Truecar program. I got hit up almost immediately. Each of them sent all ways of communication and numerous times of each. 

I didn't get the official rate until after the deal was done and they got confirmation. So don't expect them to give it to you until then. But if you have the scores for the lowest rate you know you'll get at least that and will be better upon verification.

I did get a much better deal than they had listed. I played the two dealerships against each other. On the Truecar site they show you what others paid. They have like the low price, average, and high. I paid at the low end. And walked out paying less than MSRP(from the manufacturer not after dealer add ons) after doc fees and taxes as well as extended warranty. I'm sure others have gotten better deals than I did, but it is the best deal I have gotten as I am not the best negotiator and combined with the interest rate very happy. Best rate I would've gotten through Toyota was 4.99%. They told me they couldn't beat my rate and didn't even try to convince me. They never even asked my social to run my credit.