Pentagon Federal Credit Union = Can't beat these loan rates.

[Blade]

I posted this in tmac's thread about credit union financing. But I found this credit union last week. Their loan rates are incredibly low. I went to Wachovia, GMAC and Charlotte Metro Credit Union and they offered me 7% for any term.

Penfed has me approved at 3.99% for 60 months or 4.75% for 72 months. Since there is no early termination fees (ETFs) I am gonna go with the 72 months, to keep the payments low, and make lump some payments on the principal during those special triple paycheck months and bonus time

If you are military affiliated, you are already halfway in for membership. If you are not these are the steps:

1) Go to https://www.penfed.org/ explore the site, to do research if you feel like it.
2) Go to https://www.penfed.org/howToJoin/overview.asp and pick option #7
3) Pay the $20 one time fee and make the $5 deposit for the savings account they will sign you up for.
4) Register for online banking. You will need your member ID, which comes in the mail. To get around that, just call them at 800-247-5626, its listed on the bottom left of each page. They will give it to you over the phone.

Once you are registered, apply for the loan:
1) You will be already logged in, so select "apply now" at the top.
2) Pick you product, put as much of the info as you can. They know you won't have the vin# or anything, but put as many details of the ride as possible.
3) Submit the app, about 30 secs to min later you are pre approved.
4) You can check the status of the loan later by goin to "apply now" again, and look at your pending loan.
5) There will be notes in red color font, asking for paystubs, bill of sale etc etc.

If you have ANY questions call 800-247-5626, they actually answer the phone and are damn good at answering your questions.

Good luck!!

[Mr_Draco]

Originally Posted by Blade

I posted this in tmac's thread about credit union financing. But I found this credit union last week. Their loan rates are incredibly low. I went to Wachovia, GMAC and Charlotte Metro Credit Union and they offered me 7% for any term.

Penfed has me approved at 3.99% for 60 months or 4.75% for 72 months. Since there is no early termination fees (ETFs) I am gonna go with the 72 months, to keep the payments low, and make lump some payments on the principal during those special triple paycheck months and bonus time

If you are military affiliated, you are already halfway in for membership. If you are not these are the steps:

1) Go to https://www.penfed.org/ explore the site, to do research if you feel like it.
2) Go to https://www.penfed.org/howToJoin/overview.asp and pick option #7
3) Pay the $20 one time fee and make the $5 deposit for the savings account they will sign you up for.
4) Register for online banking. You will need your member ID, which comes in the mail. To get around that, just call them at 800-247-5626, its listed on the bottom left of each page. They will give it to you over the phone.

Very good information. Just would like to add, you can get the $750 USAA Discount very easy if you do this.

[franknbeans]

Yup... this is how I got my loan. My father was in the Air Force so I didn't have to pay to get in.

[rmnc3r]

Looks like better rates are available if you search.
MY wife's CU offered 3.99% for 72 months recently.
The invitation came by mail but I didn't see it on their
website.
http://www.schoolsfirstfcu.org

Rostsa Ruck, G.I!!
RixRad

[mjlash22]

I know Bank of America has some great rates as well right now. Not a credit union though.

[Onereign]

I got 3.95% for 60 months with my local credit union. Was a promotional rate that ended in Nov., but I managed to talk them into holding it till my car came in, good thing I got my VIN this weekend!

[Dakota Kid]

I went with Randolph Brooks Federal Credit Union.

3.4% for 60 months.

[FutureCamaroOwner]

This is all great news. I will be looking for my loan after a few months( once my credit deletions post) and save 5500 for the down payment. What's your credit like. Good fair excellent? Thanks guys

[Blade]

Originally Posted by FutureCamaroOwner

This is all great news. I will be looking for my loan after a few months( once my credit deletions post) and save 5500 for the down payment. What's your credit like. Good fair excellent? Thanks guys

Mine is good. But quite honestly, I don't think Credit Unions give two s***s unless your score is below 600.

[Frank in MD]

Originally Posted by Mr_Draco

Very good information. Just would like to add, you can get the $750 USAA Discount very easy if you do this.

You can get the USAA $750 easily w/o it.

[97 ragtop]

my rate from Altra credit union is 3.99% for 48 months

[NoUCantDriveIt]

Originally Posted by Rockmont

You can get the USAA $750 easily w/o it.

How so Frank? (if I'm not military/ex-military, nor related to someone who is.)

[Dakota Kid]

Originally Posted by FutureCamaroOwner

This is all great news. I will be looking for my loan after a few months( once my credit deletions post) and save 5500 for the down payment. What's your credit like. Good fair excellent? Thanks guys

780 FICO.

[USCG]

Originally Posted by Blade

Mine is good. But quite honestly, I don't think Credit Unions give two s***s unless your score is below 600.

What makes you say that? I ask b/c I recently just paid in full all my bad debt and paid my two credit cards off... my FICO was really low but now I'm after paying all this stuff off it raises to mid 600's right off the bat... but I dont want to ask for a car load from a different credit union unless I'm sure I can get approved. I currently have a local Credit union I have been in good standing with that I thought about asking first.. Do credit unions take into consideration how long u have been a member or do they just go off the fico?