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Discussion Starter · #1 ·
Hi all,
I just bought my Jeep a couple of weeks ago. The dealer had me financed at 3.99%. I knew I could do better. Found PenFed is offering 1.49% on auto loans.
If you're not a member, all you have to do is donate $15 to join.
I applied over the phone a few minutes ago. The entire process took about 30 minutes. I'll be saving about $2500 over the life of the loan!! :eek:

Keep in mind, from what I've read online, PenFed tends to be pretty conservative so you'll need an excellent credit score and they'll only finance up to the NADA value of the vehicle.

https://www.penfed.org/Auto-Loans-Overview/

Hope this helps someone.
 

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I was almost too easy, I joined, filled out the app and can swear I clicked the button to save for later but instead I received a check in the mail today!! Which is good, assuming my Jeep really arrives on Monday.
 

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Hi all,
I just bought my Jeep a couple of weeks ago. The dealer had me financed at 3.99%. I knew I could do better. Found PenFed is offering 1.49% on auto loans.
If you're not a member, all you have to do is donate $15 to join.
I applied over the phone a few minutes ago. The entire process took about 30 minutes. I'll be saving about $2500 over the life of the loan!! :eek:

Keep in mind, from what I've read online, PenFed tends to be pretty conservative so you'll need an excellent credit score and they'll only finance up to the NADA value of the vehicle.

https://www.penfed.org/Auto-Loans-Overview/

Hope this helps someone.
Thank you for the info. What is NADA? What type of credit score are we talking here?
 

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Discussion Starter · #5 ·
Thank you for the info. What is NADA? What type of credit score are we talking here?
NADA link:
Car Prices, Used Car Value, Book Values | NADAguides | NADA Value, Car Book Value, Specs, NADA Trade In Value & Cost | NADA Book Prices & Car Costs Guides | NADA Car Value, Car Book Appraisal Value, Owner Cost, NADA Auto Value Appraisals & NADA Vehic

I asked the gal I was speaking with what my credit score was and what they look for. She said they have their own rating system so it's not the traditional scoring you're used to seeing. She told me they are conservative (I read that online too), that's why I mentioned it. Not sure what score they look for.

Here's some more reading for you: http://www.fatwallet.com/forums/finance/1209940/
 

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Service Credit Union and Navy Federal Credit Union usually run below 2% as well for folks that qualify and want options.

You throw numbers like that at your dealer and they'll just tell you to make sure you get the paperwork to their finance guy...never seen anyone willing to deal at that rate.
 

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One more thing about Penfed....

You can actually get .99 percent if you use their car buying service (Zagg, same as USAA and many others). Doesn't mean you can't get a BIGGER discount, but fill out the form on panfed and you will get ANOTHER .5 point discount.

Enjoy!

Chad
 

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I'm pretty sure the check is good for 90 days, the guy said though that the rate you get is the rate at the time the check is disbursed to the seller. So, in other words, if you order a Jeep and it takes two months to get here you will get the going rate at the time of delivery (i.e. 2 moths from now), which may be greater/less than the current 1.49.

Also, I don't think you need STELLAR credit. I applied and honestly isn't think I'd get it but did. Its honestly the reason I ordered my Jeep.
 

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Another kudos for PenFed. I financed my new Jeep purchase with them on Saturday. I got the 1.49% and it was a breeze. I applied online and then called them up after I was approved. I wanted a bank draft (i.e. blank check) so I could enter my own amount at the dealership.

I couldn't be happier with the PenFed side of ownership right now. Then again, I also financed my last car through them.
 

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I took advantage of the PenFed rates myself. I believe I joined the CU and applied for the loan on a Tue night and the loan check was in the mailbox by the weekend. Also got .99% which is almost like free money. My JKUR Dozer order just went to D1 yesterday so I'm hoping to have the new rig in the driveway by mid Nov.
 

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I've been a PenFed member for about 15 years and they are, by far, the absolute best "banking" facility I've ever worked with. Not only do they always offer some of the best credit card and loan rates in the country, but they also have PHENOMENAL customer service. I talk to them all the time and have never once had a bad experience with any rep. Ever.

That said...

It struck me as odd that people in this thread have said you only had to pay $15 to join. Credit Unions typically require that you have some sort of affiliation in order to join their credit union as a member, and in fact, for PFCU that affiliation was the US Armed Forces or US government. You had to be active duty/retired military, or a federal employee to join (I joined as active duty USAF and am now retired). Non-governmental "common civilians" could never join in the past, sooooo...either they have eliminated that requirement recently and opened their doors to the general public "for a small fee", or the people in this thread who recently joined are military/governmental employees. Doesn't matter to me either way -- just highlighting that because *IF* the posters here ARE affiliated with the military/government in some way and that is still PenFed's requirement and how they were able to join, then others who are not mil/gov would need to know that little tidbit going in. However, if those posters are/were not mil/gov, then I guess PenFed is now open to all......and if that's the case, everyone in general can now also enjoy their superb services! You won't regret it, I promise.
 

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they also have a sweet credit card for gas, 5% cash back no limits
 

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It struck me as odd that people in this thread have said you only had to pay $15 to join. Credit Unions typically require that you have some sort of affiliation in order to join their credit union as a member, and in fact, for PFCU that affiliation was the US Armed Forces or US government. You had to be active duty/retired military, or a federal employee to join (I joined as active duty USAF and am now retired). Non-governmental "common civilians" could never join in the past, sooooo...either they have eliminated that requirement recently and opened their doors to the general public "for a small fee", or the people in this thread who recently joined are military/governmental employees. Doesn't matter to me either way -- just highlighting that because *IF* the posters here ARE affiliated with the military/government in some way and that is still PenFed's requirement and how they were able to join, then others who are not mil/gov would need to know that little tidbit going in. However, if those posters are/were not mil/gov, then I guess PenFed is now open to all......and if that's the case, everyone in general can now also enjoy their superb services! You won't regret it, I promise.




My understanding is that they are still restricted to the following members -
Active duty, reserves, or Retired from the U.S. Army, Air Force, Coast Guard, National Guard, ROTC.

Members of the U.S. Coast Guard Auxiliary.

Members of the Veterans of Foreign Wars of the United States (VFW).

Civilians employed by, or retired, Department of Defense, Homeland Security, Army, Air Force [how I qual'ed and joined once upon a time].

Pentagon building employees.

Individuals who are assigned to, work at, or receive benefits from, any defense or military-based institution.

Family members of those in membership, including: grandparents, parents, spouse, siblings, children (including adopted, foster and stepchildren), grandchildren, and household members.

Family members and employees of PenFed itself.

National Military Family Association members.

Military Officers Association of America members.

Reserve Officers Association members.

Employee or volunteer of the American Red Cross
 

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My 15 bucks to join was to join "voices for America's troops". After that I believe I had to put 5 or 20 bucks in an account. Approval is good for 90 days and I was told 1.49% was good for new loans through October. I ordered on 9/28 so hopefully I won't have to reapply. They were great on the phone and told me of the total price is higher than what I stated in my application just to let them know when I have a VIN and they will adjust. I added some more options last minute so this was this case for me.
 

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I too received the 0.99% rate because I went through their car buying service. I have the check here just waiting for my new JK!

They did tell me, though, that regardless of whether or not you have the vehicle, once the check is cut, they will set up a payment date. I received my check a few days ago and my first payment is due Nov 10th. So, you will have to make a choice whether to jump on the rate immediately (potentially having to make a payment or two before you actually get your Jeep) or wait until your vehicle is closer to being built (which may result in a higher rate, depending on what PefFed does next month).

They were very nice, and they've been very helpful with any questions I've had. I highly recommend them.

-g
 
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