Does anyone have any experience with PenFed? I read a lot of bad reviews online. They are currently offering 1.49% APR up to 60 months, my local credit union has 1.75% up to 36 months and 1.99% up to 60 months, and MINI Financial has 1.9% APR up to 60 months.
I was thinking of going with PenFed, but am unsure if the savings in APR is worth the hassle I’ve read about in some of the reviews.
Thanks!

 

I've read many good reviews about PenFed, actually. Most of the bad things I have read seemed to be from disgruntled applicants who were either turned down or got the run-around trying to get approved - neither of which was my experience. My experience and that of a friend who also applied have been positive - very straight-forward process, friendly staff, and quick approval (but we have well-established credit - so that helps). The home mortgage issues seem to be greater at PenFed than the auto loan issues.

I'm a fine-print reader. The detailed promissory note I received along with the check for a 1.49% 60-month loan was the bottom line - auto loan credit extended precisely as advertised with no hassle, no hidden fees, no gimmicks and no tricks. Recommended.

 

We had a mortgage with them for several years, they offered one of the best rates we could find and had no hassles with them. We just recently paid it off with a re-finance, but for the years we were with them we had absolutely zero problems.

 

I've had nothing but positive experiences with PenFed. Actually, I used them to purchase my 2011 MINI last month and the whole process was simple. Everything is done online. Also I used them to finance a vehicle four years ago and had no problems.

 

Excellent customer service. I got pre-approval right away and when I changed my mind on the car I wanted they wrote up a new loan with the new VIN and dollar amount within minutes and mailed the check right out. When you call you get customer service folks who speak English right away...a huge plus IMO.

The only downside is that they won't approve everyone, they require fairly decent credit score to get a loan. I got the 1.49% for 60 months on my used MINI 2 months ago.

 

I too had a great experience with them. I opened an account specifically for an auto loan a few years ago, and while I didn't get instant online approval, it was approved within a couple of days and they sent the paperwork/check right away. Easiest loan experience ever.

That said, the difference between a 1.49 & a 1.9% loan really isn't that much on a per month basis. So I wouldn't really let that sway your decision too much. It's certainly nice to have options though.

-Dan

 

Have you looked at Mini finance? There are currently some 0.9% offers but I don't know if they apply across all models. They usually roll the offers at the start of the month so you may see something else come along in November if your car continues to be delayed.

 

PenFed is excellent. I have financed 4 cars with them. Apply online and get the check the next day. Always easy to deal with. Would highly recommend.

 

Thanks for all the replies everybody!