su_maverick

Hi All,
As I know that it is always tough to find loans for 10+ year old cars, I wanted to share my experience for those prospectively looking. Since interest rates are still pretty damn low, I decided to finance half of the purchase of my car. After looking at the available options, one of the NSX guys I know suggested Pentagon Federal Credit Union as that is what a bunch of those guys use.

It ended up being one of the smoothest processes out there and my rate was very close to what you typically would get for a new car.

Note - I have no affiliation with PenFed, just a very satisfied new customer.

jwex16

I second the opinion of them. Great to deal with and rates are attractive. even mortgages can be great. They paid all closing costs on a refi a couple years ago. Have not seen the deal since.

onager

I thought PenFed only did loans for within a few model-years? What rate did you get? I used LightStream for my turbo purchase last month and it also was a great experience. Mine was $30k for 60 months at 3.3% if you're curious.

su_maverick

They had no qualms about a 2001. Lightstream would have been my second choice but their rates were higher. I got 2.99 for 20k and 60mo

onager

Damn. Haha.

su_maverick

Lightstream is owned by SunTrust I believe and they are my company's bank. Only have good things to say about dealing with them so not a bad choice either.

split71

I've been using PenFed for years. Their customer service is fantastic and the services they offer are even better. They are even open on Sundays!!

I remember having to finance my M5 several years back, they gave me a note @ 1.49% on an ~8 year old M5. Kudos to Penfed. Granted, this is is with an excellent credit score.

su_maverick

Their rates are still very low for cars under 10 years old. I think its 1.99% now which is still crazy. Im opening accounts for my little brother and sister just so they can build up a history with the CU.

turbofever

Patelco is another good lender

onager

I'm sure the requirements are insane. For LightStream, you pretty much have to prove that you don't need the loan (tons in the bank, having a house...etc). I'd imagine PenFed should be similar.

Mark Dreyer

I financed my 01 TT through Fairwinds credit union 3 years ago at 2.4%. I financed an 08 company vehicle last week at 2.5%.

crash41301

also went through penfed. Very smooth transaction

ktr6

Great company to work with, I was impressed at the ease of the transaction as well.

ANJ-911

PenFed was great for me too. I think I got 2.49% on a 36 month loan.

They're cash rewards card is great too, 5% back on each statement for gas purchases, you can't beat that!!