I think that would essentially be a re-finance/used car loan with PenFed, but I don't see any reason it should not work. Given their used/new rates are the same should be no impact.
-
Want to remove ads? Register an account and login to see fewer ads, and become a Supporting Member to remove almost all ads.
Financing options
- Thread starter chmod a+wrx
- Start date
I think that would essentially be a re-finance/used car loan with PenFed, but I don't see any reason it should not work. Given their used/new rates are the same should be no impact.
DrTaras
R254->R725->S->X->M3->M3P-->R2020?
Its called a "Title Loan" and the delay you'll have is that you need your DMV to get you a "Free & Clear" Title; Not sure how that all works.
That being said, another 2 cents with PenFed is that you have to be on top of them; the squeaky wheel gets the grease. I started the loan process on 11/27/12, on 11/29/12 they told me what they needed from me, on 11/30/12 I faxed it in (they had no option to scan and e-mail securely), on 11/30/12 I called them to see if they received my faxes and they could not tell me because the faxes go to one center and the calls to another. On 12/1/12 they said they did get my faxes and they were going to a loan officer but that I was not able to talk directly to the loan officer (& I believe if I was in their presence I would not be able to directly look into their eyes). On 12/4/12 there had still been no update to my online status from 11/29/12. I called today, 12/5/12. They said that they had not received the faxes until 12/4/12 which I said was odd since I had faxed them on 11/30/12! They asked why I had not provided my car type and VIN which I said was odd because I provided that EACH time I called in because the phone-jockeys kept misplacing it. They asked where were my W-2s and I mentioned that when I told them I was self-employed that they wanted my tax returns instead that I had already faxed that in along with bank statements and other income. Its going to be reviewed. Time to catch some Zzzzzs. This seems like a loan mill and when you are non-conforming with respect to the car choice & for me with respect to being self-employed, the wheels seem to fall off the efficiencies.
PenFed has awesome rates right now, not as good as my rate through Volvo but when the time comes they will get my loan!
gg_got_a_tesla
Model S: VIN 65513, Model 3: VIN 1913
It'd be $1,211.39. http://www.bankrate.com/calculators/auto/auto-loan-calculator.aspx
Btw, in response to my email (posted earlier on this thread) to PenFed, received this response today; so, maybe, like Andrew Wolfe did, I may get a check rightaway (and may have to start payments before the car arrives?!) - will update when I hear back.
DrTaras
R254->R725->S->X->M3->M3P-->R2020?
I worked with Navy Federal and they were great. The rate isn't as low as Pen Fed but 1.79% for 60 months isn't bad. They are overnighting the pre-approval check to me and I just have to complete it when the car shows up.
This is going to be a tough couple of weeks waiting for the car.
This is going to be a tough couple of weeks waiting for the car.
A couple of questions....
- With PenFed, I think I've read that once approved, you have to drawdown within 90 days. I'd like to get approval before I lock in my spec, so if I then do not get delivery within the 90 days, what happens? Does the approval stay, but the rates might change, or do you have to start all over?
- In terms of the 72 month rate, has anyone seen better than PenFed's 3.49%? USAA isn't an option for me, although I'm member, auto loans are not open to non-US citizens.
Thanks
- With PenFed, I think I've read that once approved, you have to drawdown within 90 days. I'd like to get approval before I lock in my spec, so if I then do not get delivery within the 90 days, what happens? Does the approval stay, but the rates might change, or do you have to start all over?
- In terms of the 72 month rate, has anyone seen better than PenFed's 3.49%? USAA isn't an option for me, although I'm member, auto loans are not open to non-US citizens.
Thanks
I think I had seen some people getting around 2.74% for 84 months...probably with a credit union but don't recall exactly.
https://www.safecu.org/loan_rates.aspx shows 72 and 84 at "as low as" 2.99%
https://www.jfcu.org/rates_consumerrates.asp shows 72 and 84 "as low as" 2.49%
key is "as low as" - dunno if people actually get those rates...
Take a look at the payment difference between 60 mos at 1.49% and 72 mos at 3.49%. The 72 mo payment is about 10% lower. Is that difference worth the additional interest cost over time?
DrTaras
R254->R725->S->X->M3->M3P-->R2020?
Thanx for the tip
- - - Updated - - -
You're correct; I don't have that answer
- - - Updated - - -
bake sale!
(of course if I was getting a Fisker it would be a fire sale - ok, that was a joke, sorry) :tongue:
TXjak
Owner/Investor/Advocate
If you have family in the Austin area, the Amplify Federal Credit Union is offering 1.69 for up to 66 months, 2.09% for 72 months, and more.
Last edited:
Similar threads
