No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
When I start applying for car loans I would like to apply to Penfed. My question is, if I do get approved for membership would I have to open a checkings account with them just to get the auto loan?
Membership requires having $5 in a savings account. I think they call it a regular share account. You do not need a checking account. Keep in mind they will use the hard pull from joining for ANY credit applications within 60 days. If your also looking for a credit card or anything I'd make sure they are the first that you apply with as they can be sensitive to inquiries.
@Default4 wrote:Membership requires having $5 in a savings account. I think they call it a regular share account. You do not need a checking account. Keep in mind they will use the hard pull from joining for ANY credit applications within 60 days. If your also looking for a credit card or anything I'd make sure they are the first that you apply with as they can be sensitive to inquiries.
Thank you for reply and advise. I am going to apply to them first when the time comes.
@Omnipotent wrote:
What paperwork does Pended ask for?
To join? Nothing, just a donation to one of two non-profit organizations to open a savings account, $5 minimum balance.
To purchase a car? Apply on-line for approval. When purchasing 1) a new car, PenFed requires the VIN #; 2) a used car, a copy (front & back) of the vehicle title.
Paperwork to qualify for the loan varies from applicant to applicant. They may or may not require your last 2 paystubs.
I personally don't know what they require so I can't help with that and I also want to thank Hoya08 for that extra info. But when I finanlly apply and if I get accepted and go with them I can come back and post here what they required if you're still looking at penfed.
I have a used-car loan through PenFED and they never asked for my paystubs. I applied online and received a pending-approval notification for about 3-days. I called them and was told me I was approved.
I received a copy of the car title, emailed it to my LO, and a check was printed on the spot (I'm about 2.5 miles from a PenFED branch). The only documents I signed was a PenFED repayment agreement (terms & interest rates).
For a new vehicle purchase, PenFED will require the VIN # to assess the vehicle's value (they use NADA) and cut you a check. PenFED is strict with the loan amount they'll extend based upon NADA's valuation. Whereas USAA will extend a loan up to 120% of their vechicle valuation (they use Black Book).
Thank you for the extra info.
@Hoya08 wrote:I have a used-car loan through PenFED and they never asked for my paystubs. I applied online and received a pending-approval notification for about 3-days. I called them and was told me I was approved.
I received a copy of the car title, emailed it to my LO, and a check was printed on the spot (I'm about 2.5 miles from a PenFED branch). The only documents I signed was a PenFED repayment agreement (terms & interest rates).
For a new vehicle purchase, PenFED will require the VIN # to assess the vehicle's value (they use NADA) and cut you a check. PenFED is strict with the loan amount they'll extend based upon NADA's valuation. Whereas USAA will extend a loan up to 120% of their vechicle valuation (they use Black Book).