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The bottom line: PenFed is fantastic for borrowers who want to refinance their loan or purchase a new or used car. The lender offers customer service around-the-clock and doesn’t charge an origination fee. However, the credit union will not let you buy out your lease.
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Pros and cons of PenFed auto loans
For borrowers who need a variety of loan amounts, PenFed is the best option. Borrowers from all walks of life can find a match with the lender for loans as small as $500 and as large as $150,000. PenFed is also a good option if you value 24-hour customer service because you can get in touch with someone there at any time.
This lender might not be the best option for you if you don’t want to join the credit union or need to buy out a lease.
How PenFed auto loans compare How PenFed compares
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Navy Federal Credit Union and PenFed have rates that are comparable, but PenFed’s APRs start higher than those of PNC.
PNC only finances vehicles with a model year of 2014 or later. For vehicles that are less than 20 model years old, Navy Federal offers financing. PenFed doesnt have a maximum age for used vehicles.
PenFed has an A+ rating from the Better Business Bureau, non-profit organization focused on consumer protection and trust. The BBB determines its score by evaluating a companys response to customer complaints, truthfulness in advertising, and transparency about business practices.
PenFed doesnt have any recent public controversies.
Given PenFed’s stellar BBB rating and spotless track record, you may decide that taking out a personal loan from them is comfortable for you.
PenFed is a very solid option for auto loans. We gave the business a four-star rating out of five, with the biggest advantages being its broad range of loan amounts and excellent customer support.
The credit union is secretive about its minimum credit score, but PenFed will probably grant you a loan if your score is higher.
After the lender approves your loan, you should receive your money the following day.
Note from the Editor: No card issuer has reviewed, approved, or otherwise endorsed any of the opinions, analyses, reviews, or recommendations contained in this article. Read our editorial standards.
Please be aware that while the above offers were correct at the time of publication, they are always subject to change and may now no longer be available.
Is PenFed good for car loans?
PenFed may be a good fit for those who: Are interested in receiving a rate discount and reduced vehicle pricing when they apply for a new or used car through the online service PenFed advertises rates as low as 0. 99% for borrowers with excellent credit and a 36-month term. Are looking for a lower loan amount minimum.
What credit score is needed for a PenFed auto loan?
Although PenFed does not disclose a minimum credit score requirement, most auto loan providers typically reserve their best rates for borrowers with credit scores over 660. If your credit needs a little work, there are many lenders who offer bad-credit auto loans, and you can check your score here for free.
What is the interest rate at PenFed?
Earn 2. 00% APY* on your savings. Not a problem, anyone can join. Apply now and we’ll create your membership during this application. Why Penfed?.
Which bank has lowest interest rate on auto loan?
Overall, PenFed Credit Union has the lowest annual percentage rates for auto loans. The best used car loan rates start at 2. 49% while the best new car loan rate is 2. 09%.