PenFed Credit Union?

[Anonymous]

So we're thinking that joining a CU would be good for us, especially when looking to refinance a car loan and RV loan in a few months (once our scores finish climbing a bit).

I looked into local CU's but that saw someone mention PenFed being excellent.  I always thought they were only available to vets/military but it seems they are open to anyone now.  So just wondering how easy they are to work with, etc.?

We've been customers with US Bank for over 30 years now but rarely have to go into a branch so not having a local branch isn't really a concern (would probably keep an account there for now anyways).

I realize this might be in the wrong section, please feel free to move it mods.

Thanks!

[thornback]

Haha no one can answer this for you - opinions of penfed are all over the map.  They're great for many and not so much for many.  Underwriting appears to be more lenient for loans than credit cards. Those that have used them for auto report good, fast, and streamlined experiences for the most part. Rates are pretty good too but can be bested by other credit unions (nfcu comes to mind). 

Personally, I'm ambivalent- neither love them or hate them. I have not had a bad experience but they don't make me feel warm and fuzzy either.  Customer service can leave a lot to be desired. That said, i absolutly think it's a membership worth having - even if you don't app for anything right away. 

They like good incomes and low/moderate DTI.  Others will come along to add thir 2cents i'm sure. 

[Anonymous]

Meh, think I'll stick with a local CU (we have many good ones in the area).  Nice to be able to go into a branch location if/when needed.

Honestly I'm really only wanting to join one for the loans lol.  We've been with US Bank for so long and I know how things "work" with their system, apps, our accounts, etc. Have never really had bad service and they do have a branch right next door to our apartment building.

[thornback]

You can become a penfed member tho - put the required $5 in the savings account and let it sit -  you never know when you may see something worthwhile-  they also send good offers in the mail -  pre-approved blank personal loan checks up to $25k, for example, you literally just deposit it into your bank account to accept - no hard pull, no income verification.  I've received a few of them over the last 3 years - just haven't needed it.

[SB_F]

Happy so far except for the HP on EQ when applying in Oct 2019. I have seen here since then that others have joined without HP. I went directly to the site to apply, but I think others may have responed to an ad or email. They are a little slow and getting the account established not in person was a pain. I did just add the Access America bank account last week and may apply for an auto loan or cc soon after gardening and significantly raising scores since applying.

[sxa001]

If you are specifically looking for good auto rates I would shop around a little bit based on what you are looking for.  For example PenFed advertises 2.49% on a used loan rate for 36 months.  DCU (Digital Credit Union) advertises the 1.99% for used loans up to 65 Months. DCU might be the better choice.  I am not sure how much you are financing, with those differences you are only talking a couple of hundred bucks difference on a 3 year loan.  PenFed is higher though on a 60 month term and could be talking $1000 difference if you did a 5 year loan.  

I can't speak to PenFed as a credit union, they have sent me offers in the past for various cards, some better than others but I haven't bitten yet.  They are a possible backup if AOD nerfs the 3% everything card.

[Anonymous]

My issue is going to be that we're probably going to be a bit upside down with our current vehicle so will have some negative equity that we need to carry over into our next vehicle. Not an idea situation so will be looking for someone willing to loan at more than 100%. 

I know one of the local CUs here indicated they would go to 130 (at a higher rate obviously) but anything has got to be lower than the 11% we're paying now lol. Scores were pretty crappy a few years ago. 

[thornback]

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@sxa001 wrote:

If you are specifically looking for good auto rates I would shop around a little bit based on what you are looking for.  For example PenFed advertises 2.49% on a used loan rate for 36 months.  DCU (Digital Credit Union) advertises the 1.99% for used loans up to 65 Months. DCU might be the better choice.  I am not sure how much you are financing, with those differences you are only talking a couple of hundred bucks difference on a 3 year loan.  PenFed is higher though on a 60 month term and could be talking $1000 difference if you did a 5 year loan.  

I can't speak to PenFed as a credit union, they have sent me offers in the past for various cards, some better than others but I haven't bitten yet.  They are a possible backup if AOD nerfs the 3% everything card.

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Ah! That's who I was thinking of when I mentioned better rates - DCU not NFCU. TY.

DCU seems to have its own issues too tho -incl very long wait times for customer service. I cant really speak on their products as I only have their savings account with $1k parked for their 6.17% interest rate (6.17% is only on the first 1k) but it may be something worth looking into for auto.