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Cameron
Cameron

Anyone get the $250 bonus yet? I’m still about 2 weeks away from the 90 days and haven’t seen it yet.

Also what a painful process. They are making me add penfed as a lienholder on my title which in Michigan requires a trip to the secretary of state which they are currently not accepting appointments for. I made one anyway to get a new title but it’s not until September due to Covid and penfed sent me a letter saying they were going to up my rate to the highest unsecured rate they have. Thankfully it only took an email to them (hold times are ridiculous, I gave up after 45 minutes) and they put a note on the file about not increasing the rate, I hope that note works for months!

Cameron
Cameron

My $250 bonus posted yesterday.

Nick
Nick

Mine posted yesterday as well a couple weeks ahead of schedule.

Matthew
Matthew

Looks like this has expired.

Waqas
Waqas

What a painful refinancing process! The loan was originated the day they sent out the check in the mail and started accruing interest. Once I received the check, I cannot go to a local branch of the current lender and pay it off because the old lender also needs to sign on the back of the check. I sent the mail today, and it will take another 3-4 days until they disburse the check. All in all, I will end up paying double interest for 10 days.

Miki
Miki

I applied before I saw this post. I’ve never had a bad experience with PenFed before (have had the Power Cash card for a few years now for 2%). They’re CS could use a little more work, but appreciate that they don’t outsource the call centers.

The application specifically states 2019-2020 models as “new” cars. I refinanced for 2.74% which is slightly better than my current loan thru a local credit union I primarily use. Also, they pulled Experian.

Hans
Hans

For anyone with airline industry affiliation, AA FCU currently starts at 2.15% for auto both new & used.

Ben
Ben

That is after rate discount of .5%. As a AACU member, I don’t recommend them.

Christine
Christine

I was planning to pay off my car at the end of the year. Wonder if it makes sense to do the refi just for the $250 and then just pay it off at the end of the year. Are there prepayment penalties to prevent that sort of thing?

Hans
Hans

I had a used auto loan from PenFed from a lease buyout (which I believe they consider a refi) and didn’t see any early payoff penalties. I found them pretty straightforward, but YMMV and as others have said, they don’t have the absolute best rates.

Mark
Mark

I looked into this but Navy FCU had better rates. This week I refi-ed with them at 2.39% (60 months), happy to lower the 4.0% Kia (also 60) gave me in October

Mark
Mark

*better rates even counting the $250 bonus; I think PenFed was 3.29% for “late model new” refi

AKSF
AKSF

Did you do the $200 refinance promotion with NFCU?

Mark
Mark

No argh didn’t even know there was one 🙄

AKSF
AKSF

Shows here: https://www.navyfederal.org/loans-cards/auto-loans/auto-refinance-rates.php

Perhaps contact them and see if it’s possible to get that applied.

B
B

You don’t need to donate anything to open an account. Opened & Applied last week. 800+ credit, bait and switched the prequalified rate of 2.99 to %4.99. I called and cancelled the loan and closed the account. They are mailing me my 5$ opening deposit back

Rody
Rody

Weird. I did both my car and the wife’s and both came out to the correct rate.

George
George

I have a 800+ credit score and only car debt. Never had issues getting credit. Applied for the 2.19% 36 mo and they approved me for 2.99%. Not cool!! Tried contacting them but they wouldn’t budge.

Christine
Christine

It probably has to do with the age of the vehicle. New cars are generally eligible for much better rates.

Nick
Nick

Was it a 2019/2020 model? If not, then 2.99% is the lowest rate they offer.

Ben
Ben

PenFed doesn’t have the best auto rate. Shop around. My local credit union is offering 36 months for 0.99% refi.

beat2def
beat2def

What credit union did you use? I wanna finance.

Ben
Ben

Arkansas Federal Credit Union

Dan
Dan

Best I could find (with 800+ credit score) was 2.89% for used car. With the $250 bonus, I pulled the trigger w Penfed

JR
JR

Was the 2.89% with PenFed? How old was the car and how many months was the term of the loan?

Dan
Dan

2.89% was with a small credit union that I’d never heard of (and no bonus). 2017 vehicle. 36mo term