For those going through PenFed or Ford financing, how far in advance of my truck arriving at the dealer should I get financing figured out? My truck is being built next Thursday, maybe once it ships out of Michigan? https://www.penfed.org/auto/rates
Has anyone locked in financing rates yet?
- Thread starter gkrane
- Start date
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cdiddy4224
Full Access Member
Depends on how long the finance offer is valid. Should tell you somewhere, or call. My credit union is good for 30 days from the time of approval. If I dont have the truck within that 30 day timeframe, I have to provide a paystub to "refresh" the offer.
Usually pre qualification or pre-approval is good for 60 days; Ford may be 90 days. I would wait until its been shipped for 1 week before doing anything. It would be a good idea to see the vehicle before signing a loan on it.
MookeyB37
Full Access Member
Pended usually has a check out to you within a few days as long as your paperwork is done correctly
I’ve been using pended for years, they’re great and always have the best rates compared to most lenders
See if your dealer will match penfed. I told my dealer I was going to use penfeds 1.99 and they matched it with B of A. Locked in for 30 days, took delivery with 7 days left.
When I spoke with Penfed, the financing starts as soon as the check is printed so you would be paying for the truck before taking delivery - unless you could time it perfectly, but given how inaccurate all the information was and still is, that’s unlikely.
When I spoke with Penfed, the financing starts as soon as the check is printed so you would be paying for the truck before taking delivery - unless you could time it perfectly, but given how inaccurate all the information was and still is, that’s unlikely.
Are you sure ? How do they know what the exact final price is ? I would think the check is good for 30 days or whatever and starts when it’s cashed. If unused then expires
LuckyKnuckle36
RIP CoronaRaptor
My truck was built Dec 9 and been in shipping status since Dec 17th, still hasn't arrived so keep shipping times in mind...
You can get the final price from your dealer.
I asked two different reps on the phone and they both told me the same thing.
Sounds like some shady business going on with Penfed! Suppose you don’t buy said vehicle or found a better rate at the last minute…are you still on the hook for this printed check?
The way I see it, they are funding a loan which I requested. There may be a 24 hour period where you can still cancel the loan - assuming the check isn’t cashed, but otherwise they held up their end of the deal.
This is also why I didn’t end up using them though. The timing was never going to work out.
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