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Old 02-01-2010, 10:15 AM   #1
Blade


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

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!!
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Last edited by Blade; 02-01-2010 at 10:18 AM. Reason: Typos everywhere...even in the stupid thread title.
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Old 02-01-2010, 10:59 AM   #2
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Quote:
Originally Posted by Blade View Post
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.
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Old 02-01-2010, 11:45 AM   #3
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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.
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Old 02-01-2010, 11:52 AM   #4
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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

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Old 02-01-2010, 11:56 AM   #5
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I know Bank of America has some great rates as well right now. Not a credit union though.
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Old 02-01-2010, 12:41 PM   #6
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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!
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Old 02-01-2010, 02:11 PM   #7
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I went with Randolph Brooks Federal Credit Union.

3.4% for 60 months.
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Old 02-01-2010, 02:24 PM   #8
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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
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Old 02-01-2010, 02:36 PM   #9
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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.
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Old 02-01-2010, 02:38 PM   #10
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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.
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Old 02-01-2010, 03:15 PM   #11
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my rate from Altra credit union is 3.99% for 48 months
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Old 02-01-2010, 03:19 PM   #12
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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.)
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Old 02-01-2010, 03:29 PM   #13
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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.
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Old 02-01-2010, 03:46 PM   #14
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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?
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Old 02-01-2010, 03:56 PM   #15
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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?
The speed of the approval process makes me think that. I am an IT Developer, so my assumption is that they have a batch process where they take all the apps, run the credit score and come up with a determination. I am guessin the computer that processes this has a cutoff score and variables such as delinquint (sp?) accounts and other alerts. If the score is below the cutoff and alerts pop up on the report, they probably take a closer look.

Mine went through in 30 secs, and to make sure I called 2 hours later and check if anything else was required and all they asked was the bill of sale and 2 paystubs.

The above is just speculation on my part, but from what I have read any score above 600 is considered credit eligible, if you go below, it gets iffy. When I used to work for a bank, our cutoff for loan approvals was 620.

I am not saying you wouldn't get approved under 600, but I don't think you will get the best rate.
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Old 02-01-2010, 03:58 PM   #16
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Pen Fed also has something called the payment saver, or something like that. Basically almost like a lease except you own the car (and of course there's no mileage charges, insurance requirements, etc). They figure out what the value of the car would be after the 48 months or whatever your term is, and your payments are based on the difference between that and the purchase price. At the end of the loan, you can either give the car back to PenFed (in which case there would be a mileage penalty for >15k/year), sell it, or keep it and pay the balance. For our purposes, it basically allows us to pay the down payment at the end of the loan term -- which allows us to keep the cash in investments with a much higher yield than the loan rate -- and keeps the monthly payments low.

Definitely not for everyone, and I would warn against it unless you already have the money on hand, would be willing to part with it in 4 years, and can earn more than the interest you'd pay, but for some it may be worth looking into. (I think the rate for the payment saver is 4.24 instead of 3.99). Also, be aware that the 3.99 rate is online only...if you go into a branch it'll be more.
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Old 02-01-2010, 04:00 PM   #17
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^ Right On.
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Old 02-01-2010, 04:21 PM   #18
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I guess I just wait untill the end of feb or the 1st couple wks in March to apply for a loan. I just paid all my debt off two wks ago and if I applied now I would get denied for sure b/c nothing has changed on my credit report. How long does it usually take to come up on my score when everything is paid in full? Also who does "Pentagon FCU" use to get their FICO score from?
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Old 02-01-2010, 04:56 PM   #19
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You can get the USAA $750 easily w/o it.
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Originally Posted by NoUCantDriveIt View Post
How so Frank? (if I'm not military/ex-military, nor related to someone who is.)
USAA will allow non military to sign up for a few different accounts such as checking or savings. once signed up you are then eligible for the rebate
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Old 02-01-2010, 05:14 PM   #20
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Takes 60-90 days
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Old 02-01-2010, 07:50 PM   #21
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should I just dispute everything that I just paid off so if helps my credit score with in 30 days?
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Old 02-01-2010, 08:12 PM   #22
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Well it doesn't necessarily look good when you do that. I'm doing the same thing. Have a few more things to pay off but have already had some thongs deleted. I'm looking to purchase June 7th. I want one if the first 2011's
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Old 02-01-2010, 09:16 PM   #23
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Well it doesn't necessarily look good when you do that. I'm doing the same thing. Have a few more things to pay off but have already had some thongs deleted. I'm looking to purchase June 7th. I want one if the first 2011's

why doesn't it look good when I dispute everything I already paid off in full?
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Old 02-01-2010, 09:26 PM   #24
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How about if the credit sore is non-existent.

I'm just starting to build my credit score.
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Old 02-01-2010, 09:32 PM   #25
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When things are in dispute status there show as a pending dispute. It's good if it's stuff you paid off, I was under the impression you were going to dispute everything in your report lol. My apologies. It will also help if you have the papers from them saying you have paid it off. Try to get a "deletion" note. They then by law have to completly take it off your report
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