Penfed financing Customers...

[Mongoose71]

I've read mixed reviews, but they deffinitly have the lowest interest rate.

If you've used them, share your experience. What all does the "small print" say?

 

[MasterChief]

I didnt do penfed financing, but only thing to really look at is if there is an early payoff penalty. as long as you keep up on payments, lowest rate is really all that matters.

I have USAA. A little higher on interest, but they also let you switch payment dates during the loan (2x) and let you delay a month or two if you are strapped (added to end of loan life). Customer service is top notch....they will match rates that are close to theirs also.

 

[Mongoose71]

I called PenFed. The lady said that there isn't a penalty for paying the loan off early. She also said that they often finance 100% of the loan amount (not that I want to).

The only draw back that I see is that there isn't any insurance to cover payments if I was to get sick or injured and miss work.

 

[LSURaptor]

I just did this last week. Went pretty smooth. Fill out the application online and they'll send you a packet in the mail with the check and some paperwork to send your current bank.

My advice is just borrow a hair more than what your payoff is. I just guestimated and rounded the number down a little bit figuring I'd be able to put in an acutal amount later on. Nope, they did the loan for my estimate so I had to send a separate payment to the old bank to get the balance down. NOt a huge deal except my original bank is a bunch of dipshits and held my payment off by a couple of days, then kicked back the payoff check saying it wasn't enough. Both checks arrived in the same ****** envelope... So, a week goes by and I get the check back and have to resubmit it. It's all good now but it was a minor pain in the ass. No fault of PenFed though.

1.49% is nice! Worth the hassle.

 

[wraptor]

If you have excellent credit go PenFed.

 

[Mongoose71]

Not sure what you mean by borrow more than the payoff? I'm getting the truck for around $52,500. The lady said that Penfed could finance the entire amt for just over $900 a mnth. I wish I would have asked her what pmt methods that they accept. I had sending out checks or fooling with bank drafts. I wonder if they would just charge my Credit card each month. I always pay my full balance each month.

I checked my Credit score last week on Credit Karma. My score was 759. My local bank said that anything over 730 is considered "perfect."

 

[RaptorWifey]

He means that he refinanced a loan from another bank that was at a higher rate.

I called PenFed. The lady said that there isn't a penalty for paying the loan off early. She also said that they often finance 100% of the loan amount (not that I want to).

The only draw back that I see is that there isn't any insurance to cover payments if I was to get sick or injured and miss work.

I hate to be a Debby downer, but if your worried about missing a payment due to being sick or injured then it sounds like you need to work on a savings account before dropping 53k on a Rap. Sorry, not trying to be mean. I just wish more people would realize the importance of "Oh Shit" money

 

[Mongoose71]

He means that he refinanced a loan from another bank that was at a higher rate.



I hate to be a Debby downer, but if your worried about missing a payment due to being sick or injured then it sounds like you need to work on a savings account before dropping 53k on a Rap. Sorry, not trying to be mean. I just wish more people would realize the importance of "Oh Shit" money

You're not being a Debby downer, nor do you know my financial situation. I could pay cash for the Raptor, but the idea of having insurance to cover the payment if I'm off work does appeal to me. However, I do have an abundance of "Oh Shit" money that I'd like to keep in savings.

Thanks for your concern though.

---------- Post added at 07:34 PM ---------- Previous post was at 07:28 PM ----------

I paid my current truck off in 2005, so I haven't had any loans in 8 years.

 

[Reeking_HVAC]

I have 3 vehicles with penfed, easiest bank to deal with. I have them on autopay, but you obviously cant pay them with your credit card. They would have to pay transaction fees that would be as much or more than the interest rate.

I can pay my vehicles off, but I can make a lot more than 1.5% on my money keeping it liquid or investing into my company. Paying cash makes sense for some, but with rates at all time lows, I have a hard time seeing how.


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[RaptorWifey]

Good to hear, and I'm with you...why not borrow their money at that kind of rate. Its what we did, we do not have the payment insurance on the loan though. Again, don't know your situation and if your health is your livelihood I can see its use, just doesn't make sence for us. I know PNC offers it but i don't think they can march penfeds rate. Good luck with your loan.

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