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Refinance Auto through PenFed

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Valued Member

Refinance Auto through PenFed

I had been waiting for my scores to improve before trying to refinance my auto loan, yesterday my new 3 credit report became available and I noticed that under the auto loan part it said that I should qualify for the best interest rates.  From all of the information that I have read through the forum I wanted to start a relationship with PenFed.  I reached out to them by phone yesterday morning to open a account with them and apply for the refinance loan.  The customer serivice rep was very helpful and polite through the whole process.  After getting all of my information to open my account she took the information for the loan. When she submitted she said that it had been sent to their loan department for review.  She asked me if I minded holding and she would reach out to them to see if she couldn't get it finished while I was on the phone.  After about 5 minutes she came back and said that the loan was approved but the interest rate was going to be a little higher because of my credit score ( I still have 2 baddies on my credit that come off the end of the year).  The interest rate for the loan would be 4.9% which is a little more than half of what my current rate is, so it was a easy decision to take it.

 

Over all it didn't help my payment which wasn't what I was trying to do but it cut 9 months off my loan and will end up saving me about $4500 over the life of the loan.

 

After she finished up the loan information I was feeling lucky so I asked if we could use the same pull to apply for their Platinum Rewards Visa Signature Card. I really wanted this card for the fact that it's 5x points on gas and I normally spend $250 to $300 a month on gas.  She said that they would normally use the same pull and took the application for the card.  Again when she submitted the application it went to review and again she asked if I would mind holding and she would reach out to see if she could get a answer.  Within a few minutes she came back on the line and said that the application had been approved with a CL of $5K.  I was a little disappointed with the spending limit since my last 2 cards through CSR and Chase Southwest Airlines had limits of $17K and $23K, but didn't want to push it and ask for a higher limit.

 

Over all I felt like it was a great day and was well worth the HP that I took.  I haven't gotten any notification on what credit report they pulled yet but will keep a eye open for that.  Credit scores below are what FICO 8 showed me at yesterday before I called PenFed.

 

EQ 681

TU 673

EX 710

Thanks agian to everyone on here for providing and sharing all the information they have, it has helped me a lot and as you can see saved me money!

Starting Score: EQ 659 TU 698 EX 701
Current Score: EQ 684 TU 782 EX 707
Goal Score: 750


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Valued Contributor

Re: Refinance Auto through PenFed

Congrats! Cutting interest in half is awesome and a CC to boot!

Message 2 of 4
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New Member

Re: Refinance Auto through PenFed

I joined PenFed a couple weeks ago and was approved for the Cash Rewards Visa with 10k SL. I called today to app for auto refi. I currently have a 2018 vehicle with a 7.9% rate with 65 months remaining on the loan. PenFed approved me with a 4.6% rate. It didn't reduce my payment but reduced 5 months off the life of my loan, saving me almost $2,400. I'll take it. I'm happy to be building a relationship with PenFed.

American Express Skymiles SL 1000; Associated Bank SL 5500; Capital One Platinum SL 500; Credit One 1050 (will be closing 2019); Discover It 1000; PenFed SL 10k
Comenity cards: JJill 300, Overstock 1200, Wayfair 4800, VS 300
Ally Auto Loan 25k
Starting rebuild 2018; BK chapter 13 in 2012, discharged in 2017;
10/10/18 Fico8 Scores:
Experian 667
Equifax 729
TU 660
Message 3 of 4
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Established Contributor

Re: Refinance Auto through PenFed


@651PsychRN wrote:

I joined PenFed a couple weeks ago and was approved for the Cash Rewards Visa with 10k SL. I called today to app for auto refi. I currently have a 2018 vehicle with a 7.9% rate with 65 months remaining on the loan. PenFed approved me with a 4.6% rate. It didn't reduce my payment but reduced 5 months off the life of my loan, saving me almost $2,400. I'll take it. I'm happy to be building a relationship with PenFed.


When did you first get your loan for your 2018 vehicle? I just bought a new car with about the same interest rate as you. I don't know how long I have to wait to refinance, but I definitely want to when my scores are in the 720's or so.

I think I've found the sacred map that may lead me to this garden everyone keeps talking about.



Officially collection free as of 3/19/19!!
STARTING SCORES: 377 (11/2013) & 580 (3/2018)
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