What are my chances of getting approved by PenFed? - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

zogster · 02-20-2012, 10:18 PM

So I want to refinance at some point. my rate is currently 7.24%. Obviously if I could get the PenFed rate of 1.99% I would be ecstatic. However, I don't know what my chances of getting approved there would be and would like to see who has gotten approved/denied there.

I had no credit when I bought the car and I have made 7 payments all on time and have paid ahead on the loan as well. I also got a credit card in October and have made 4 payments on it (all on time). An online credit score estimator gave me a score estimate of 695-745.

Does anyone know what credit score PenFed would require? Obviously I don't want to apply there and be denied, as it would be a credit inquiry and lower my credit score.

I have a good relationship with my dealer so I was thinking about going to the finance lady there and seeing what she had to say and what rates she thinks she could get me, but none of them are going to be as good as the PenFed rate. Still, even 3.5% interest would be great compared to 7.24%.

Jamie Mac · 02-20-2012, 10:44 PM

Just join and apply for a loan. They either approve you or deny you. Without you putting your financial info onto a public forum (please don't!) there's no real way for anyone to answer you. In my experience of a dozen or so auto loans, penfed was the easiest.

SgtRoachUSMC · 02-21-2012, 12:45 AM

I agree. Unless you are planning on a major purchase (like a house) in the very near future for you to be worried about your credit score, I say apply and see what happens. I took advantage of the 1.9% rate about 3 months ago for my car and my wifes car. Super easy and a fast response. Pen Fed is great! I use their cash back rewards credit card too for all of my monthly spending, pay it off in full every month and make about 50 dollars a month in cash back. Almost pays for the interest on the cars!

christianmotox · 02-21-2012, 01:00 AM

How did you get a 7% apr on you're first car?, I got a 19% on my first car. ( no cosigner).

right to travel · 02-21-2012, 01:16 AM

Wtf is penfed

christianmotox · 02-21-2012, 01:18 AM

Quote:

Originally Posted by right to travel

Wtf is penfed

I'm guessing is some sort of credit union.

SgtRoachUSMC · 02-21-2012, 01:18 AM

Pentagon Federal Credit Union

Frid · 02-21-2012, 01:43 AM

This credit union ran by secret service by any chance? lol

880 · 02-21-2012, 09:52 AM

PenFed is awesome.
Great customer service and outstanding products.

880 · 02-21-2012, 09:54 AM

Quote:

Originally Posted by christianmotox

How did you get a 7% apr on you're first car?, I got a 19% on my first car. ( no cosigner).

OUCH! and I thought the OP's 7% arp was ridiculous...

motorhead · 02-21-2012, 09:59 AM

First off this is in the wrong forum. Secondly why not find out what your actual score is. If your above 750 you shouldn't have any problem getting a great rate.

christianmotox · 02-21-2012, 01:24 PM

Quote:

Originally Posted by 880

OUCH! and I thought the OP's 7% arp was ridiculous...

Really? most of the people i know that have no previous credit and buy a car, get 15% APR or more with no CO-Signer.
What APR did you get on youre first car purchase?

cb2011rs · 02-21-2012, 01:46 PM

I refinanced with them in December for the 1.99 percent . I have a long credit history and my credit score at the time was probably around 775 . I applied online and was approved instantly . The check for my old payoff was in my hands in 6 days . I would give it a shot . They definitely hooked me up . When you get a loan through them you are also eligible for all kinds of loans they have to offer . Penfed is a credit union and you have to join the union to receive the benefits they have to offer . In my case I just opened a small checking account and subscribed to one of their magazines . I highly recommend Penfed and it can't hurt to try . Good luck .

880 · 02-21-2012, 02:15 PM

Quote:

Originally Posted by christianmotox

Really? most of the people i know that have no previous credit and buy a car, get 15% APR or more with no CO-Signer.
What APR did you get on youre first car purchase?

It's a little different than your situation because I have excellent credit with 10 years of history.

My first car loan (from Penfed) was priced at 1.99%. My two other car loans are also priced at 1.99%.

02-20-2012, 10:18 PM	#1
zogster Drives: 2014 RRM ZL1 M6 Join Date: Jul 2011 Location: IL Posts: 659	What are my chances of getting approved by PenFed? So I want to refinance at some point. my rate is currently 7.24%. Obviously if I could get the PenFed rate of 1.99% I would be ecstatic. However, I don't know what my chances of getting approved there would be and would like to see who has gotten approved/denied there. I had no credit when I bought the car and I have made 7 payments all on time and have paid ahead on the loan as well. I also got a credit card in October and have made 4 payments on it (all on time). An online credit score estimator gave me a score estimate of 695-745. Does anyone know what credit score PenFed would require? Obviously I don't want to apply there and be denied, as it would be a credit inquiry and lower my credit score. I have a good relationship with my dealer so I was thinking about going to the finance lady there and seeing what she had to say and what rates she thinks she could get me, but none of them are going to be as good as the PenFed rate. Still, even 3.5% interest would be great compared to 7.24%.

02-20-2012, 10:44 PM	#2
Jamie Mac NCM-WINR Drives: 2010 SS/RS IOM 2014 2LT Stingray Join Date: Mar 2009 Location: Pittsburgh Posts: 2,324	Just join and apply for a loan. They either approve you or deny you. Without you putting your financial info onto a public forum (please don't!) there's no real way for anyone to answer you. In my experience of a dozen or so auto loans, penfed was the easiest. __________________ also drives a heavily modified Jeep Wrangler. It has LED headlights and wheel weights blacked out with Plasti Dip. It's Baller.

02-21-2012, 12:45 AM	#3
SgtRoachUSMC Drives: Black 2010 2SS/RS Join Date: Aug 2011 Location: Laurel, MD Posts: 23	I agree. Unless you are planning on a major purchase (like a house) in the very near future for you to be worried about your credit score, I say apply and see what happens. I took advantage of the 1.9% rate about 3 months ago for my car and my wifes car. Super easy and a fast response. Pen Fed is great! I use their cash back rewards credit card too for all of my monthly spending, pay it off in full every month and make about 50 dollars a month in cash back. Almost pays for the interest on the cars! __________________ Black on Black 2010 2SS/ RS M6; Borla cat-back ATAK; 20% Tint; MGW Short Throw; Cold Air Inductions CAI; JL Audio: 500/1v2, 300/4v2, C2 6x9, C5 Component, 12W6v2-D4; Pioneer AVIC-Z130BT; Big Worm Motorsports Black Outs; Metra Kit; ******** Stealth Box and Amp Rack

02-21-2012, 01:00 AM	#4
christianmotox Drives: ( . )( . ) Join Date: Feb 2010 Location: San Diego, CA Posts: 2,827	How did you get a 7% apr on you're first car?, I got a 19% on my first car. ( no cosigner). __________________

02-21-2012, 01:18 AM	#7
SgtRoachUSMC Drives: Black 2010 2SS/RS Join Date: Aug 2011 Location: Laurel, MD Posts: 23	Pentagon Federal Credit Union __________________ Black on Black 2010 2SS/ RS M6; Borla cat-back ATAK; 20% Tint; MGW Short Throw; Cold Air Inductions CAI; JL Audio: 500/1v2, 300/4v2, C2 6x9, C5 Component, 12W6v2-D4; Pioneer AVIC-Z130BT; Big Worm Motorsports Black Outs; Metra Kit; ******** Stealth Box and Amp Rack

02-21-2012, 01:16 AM	#5
right to travel Drives: 2013 Camaro 1SS 1LE SW Join Date: Aug 2011 Location: Newport RI Posts: 835 View My Garage	Wtf is penfed

02-21-2012, 01:43 AM	#8
Frid Drives: '11 Camaro 2SS/RS LS3 Join Date: Jan 2012 Location: Lexington, SC Posts: 3,483	This credit union ran by secret service by any chance? lol __________________

02-21-2012, 09:52 AM	#9
880 Drives: 2011 Z06, 2004 Cobra, 1991 MR2Turbo Join Date: Dec 2011 Location: Delaware Posts: 472	PenFed is awesome. Great customer service and outstanding products.

02-21-2012, 09:59 AM	#11
motorhead Drives: Love the one you're with Join Date: Sep 2009 Location: Downtown Charlie Brown Posts: 11,850	First off this is in the wrong forum. Secondly why not find out what your actual score is. If your above 750 you shouldn't have any problem getting a great rate.

02-21-2012, 01:46 PM	#13
cb2011rs Drives: 2018 1SS 1LE Join Date: Oct 2011 Location: Boca Raton , Florida Posts: 306 View My Garage	I refinanced with them in December for the 1.99 percent . I have a long credit history and my credit score at the time was probably around 775 . I applied online and was approved instantly . The check for my old payoff was in my hands in 6 days . I would give it a shot . They definitely hooked me up . When you get a loan through them you are also eligible for all kinds of loans they have to offer . Penfed is a credit union and you have to join the union to receive the benefits they have to offer . In my case I just opened a small checking account and subscribed to one of their magazines . I highly recommend Penfed and it can't hurt to try . Good luck .

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