07CarreraS

I have my car enroute crossing the Atlantic and was wondering if anyone has had financing experience with PenFed CU. I opened an account with them a few months ago with just a $100 deposit because I was told they offer some pretty good rates. I'm not sure what there income doc requirements are though. I'm S/E so I don't show much income at the end of the year obviously. I have $50,000 cash to put down but obviously "cash is King" and I'd rather part with as little as possible and stick it in my SEP/IRA.

Chris C.

There's a lot of info on PenFed on Rennlist, many have used them. My Dad used them when they had VERY advantageous rates on financing about 10 years back.

Bank of America and another credit union found by my dealer were able to beat their used car rates easily when I was in the market recently

It might help you get what you need if you have a more specific question.

technivoro.us

I've financed three vehicles with Penfed. I don't recall any formal documentation requirements beyond their online application.

Keadog

At least "some" dealers' finance departments don't like dealing with PenFed because they don't have a "special relationship" with them.
When I financed part of my Boxster, I told the finance guy I didn't care what he got out of the deal as long as he met or beat PenFed. And he beat them.
When I did use them (6 years ago), I don't remember any issues getting the money. Only problem I had was I received the title and they harassed me so much about mailing it to them, I just paid the loan off rather than risk them losing the original.
Good luck!

trucheli

All my cars have been financed thru PenFed. My experience has been nothing but positive except than talking to someone who don't know how European Delivery works and didn't know about the 60 days grace period for the first payment on a loan. I don't know the income requirements but I know you have to have at least 680 Fico in order to get approved on a loan. The fact that your are putting down a large down payment I don't see any issues getting approved if you meet the FICO requirement. My latest loan was thru Payment Saver puting down $48000 on a $128,000 car. My monthly payment is $688 and after 5 years I have a $53000 payoff which I can refinance or sell the car. Since I will keep my car more than 5 years I will make extra payments in order to lower the principal. Money is cheap right now, take advantage of these rates even on a 72 month loan.

BlueSander

I'm new to this whole thing. I thought you have to make the monthly payment so that at the end of the term, the car would be paid off for?

trucheli

You make a reduced payment and at the end the 5 years you have a balloon payment to payoff the loan. You have the option to make the payoff payment, sell the car at the price of the payoff amount or re-finance the payoff amount.

Werks 1

PENFED is great...... Great terms better than PORSCHE FINANCIAL

07CarreraS

I went through Navy Fed CU. Got my check today for $78,000. No questions asked, no docs needed. Under 2% for 60 months. Putting $61,000 down tomorrow when I pick the car up.

917k

Rates are great now. I partly fin mine via a CU and got 1.8%/60. Irrational to use all cash as I'm sure I can invest better than that.

07CarreraS

My thoughts exactly. I was almost tempted to go back and ask for another $10-$15k

Sharm

If you refinance am existing loan through penfed will they give you a new or used car rate and is there an origination fee for refinancing? Thanks

bogdan_p

I've refinanced with penfed, never saw an origination fee.

PatrickC23

PenFed is awesome as everyone has said - had them on my M5 at 1.49% and also refinanced my previous condo through them for minimal closing costs. Both times i just applied online and was approved. If i ever want debt again, I would use them. I think I only needed to donate $15 to get in.

Peruna

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