R56 Financing with PenFed

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Oct 12, 2008 | 10:59 PM

#376

jeremyjcw

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Quote:

Originally Posted by msport

As for me, they just pulled my credit and sent the loan package out the next day. I guess it differs from person to person but once the approval comes through the process is a cakewalk.

Same here. I actually have the check in hand (car get's here sometime soon), but my primary local institution has matched the loan terms so I'm going with them instead. I'll be calling PenFed tomorrow to see how to cancel the loan.

Super easy process though. I'd definitely recommend them if you can't find the same/better rate locally.

Oct 13, 2008 | 05:43 PM

#377

iwashmycar

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From: Columbus, Ohio

Quote:

Originally Posted by iwashmycar

well not exactly nearby, but like an hour-and a half away...

I guess we'll see if things change once i call tomorrow.

ahh turnd out the denial letter was for when they ran it a few weeks ago... had some wrong info on there

Nov 19, 2008 | 01:08 PM

#378

User 051420

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Just applied for PenFed financing and got an almost instant approval with a secondary offer for a Gold Card. Declined the card, only use platinum.

So far, so good!

Nov 19, 2008 | 01:18 PM

#379

Coopdy

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Joined: Jun 2008

Posts: 575

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From: Pacific NW

Quote:

Originally Posted by nsarchett

Just applied for PenFed financing and got an almost instant approval with a secondary offer for a Gold Card. Declined the card, only use platinum.

So far, so good!

That's great. I just used Pen Fed for my MINI which I picked up on Friday and so far everything has gone so smoothly and effortlessly with them!

Congrats on the impending MINI!

Nov 19, 2008 | 03:18 PM

#380

wannab drivin

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Joined: Sep 2008

Posts: 238

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From: Southern Maine

Quote:

Originally Posted by swflaboy

When I was first looking at buying an '08 MINI back in July, Bank of America had that rate for a 60mo term. I generally start checking rates at www.bankrate.com. You click on auto and then click on the appropriate state and city and it will give you an listing of current rates. The rate he quoted did not show up for me here in Sarasota, FL even though we have BOA here. But if you clicked Cali and Irvine (where I had a family address) you would have gotten that rate. It looks like it is gone now.

I've also been quoted 4.69 for 60 months through the dealer using Fifth-Third.

ETA: When I actually took delivery of the car around Dec. 20th the rate had dropped to 4.19%. I haven't checked what the rates have done since then.

Last edited by wannab drivin; Feb 5, 2009 at 09:24 AM.

Dec 17, 2008 | 05:24 PM

#381

iloveminis

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Joined: Oct 2008

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looking through PenFed, how do I become eligible? Do I need an immediate family member in the military?

Nevermind... I found it.

Last edited by iloveminis; Dec 17, 2008 at 05:25 PM. Reason: NM

Feb 5, 2009 | 09:20 AM

#382

Coopdy

4th Gear

Joined: Jun 2008

Posts: 575

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From: Pacific NW

Looks like a good time to finance a new car now with Pen Fed: 3.99%! When I financed mine (just three months ago) the rate with them was 4.75%. Now of course this isn't a home loan so the difference isn't as monumental, but still 3.99 is such a great rate and so far I have found Pen Fed to be really easy to work with and would recommend them.

Feb 5, 2009 | 10:11 AM

#383

desertmini21

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Joined: Jul 2008

Posts: 346

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From: New Mexico

That is a good rate.

At $20,000 for five years you will save $7.00 a month versus a loan financed for the same amount of money and length of time at 4.75%.