Newbee's - want a car loan? looky here

[skyguy]

Having been a Prime member for quite some time, (Join Date: Sep 2002) and seeing all the posts about loans I have to let this secrect out. Pen Fed has the best rates and approval over the phone, check in hand in 3 days +-. :wink:

Shop all you want but 3 friends have switched to Pen Fed after having their loans approved elsewhere. You don't have to be a affiliate with the military. The will let you subscribe to a friends of the military organization, ($5-10 one time fee) to qualify you for their rates.

No, I don't work for Pen Fed but watching lots of buyers get stuck with higher rates and long processing time irks me.

Do the math yourself.

Skyguy

https://www.penfed.org/productsAndRates/loans/vehicleLoans/autoLoans.asp


New Auto Loan Rates Untitled 2005/2006 Model Year
5.29% APR* Up to 36 months less than $7,500
5.29% APR* Up to 48 months $7,500 - $100,000
5.29% APR* Up to 60 months $10,000 - $100,000
5.79% APR* Up to 72 months $20,000 - $100,000
6.79% APR Up to 84 months $25,000 - $100,000
Refinance Auto Loan Rates Orig. Owner, 2005+ Model Year
5.29% APR* Up to 36 months less than $7,500
5.29% APR* Up to 48 months $7,500 - $100,000
5.29% APR* Up to 60 months $10,000 - $100,000
5.79% APR* Up to 72 months $20,000 - $100,000
6.79% APR Up to 84 months $25,000 - $100,000
Used Auto Loan Rates** Vehicles not covered above
5.29% APR* Up to 36 months less than $7,500
5.29% APR* Up to 48 months $7,500 - $100,000
5.29% APR* Up to 60 months $10,000 - $100,000
8.79% APR Up to 72 months $20,000 - $100,000
9.09% APR Up to 84 months $25,000 - $100,000


My 91

 

[da3dalus]

Great info! Thanks a lot. I can save a lot of money come buy-time over the 8.24% crap they had me at...

 

[GHOSTRIDER]

FINE PRINT
"Term is based upon loan amount and model year and are subject to change"

Anyone call these guys and throw a 91 out there and see if they will do more than 36 months. Just curious.

 

[NSXLVR]

PM'd :biggrin:

 

[91 X]

just got approved by capital one auto for 6.59% on a '92 for 60 mo.

haven't cashed the check yet though...think they can beat it???

I'll let ya'll know......

 

[AndyH]

You should try credit union. They used to have very good rate on used auto loan.

just got approved by capital one auto for 6.59% on a '92 for 60 mo.

haven't cashed the check yet though...think they can beat it???

I'll let ya'll know......

 

[DrVolkl]

Checking out that link right now.

When I financed my '91, I went with Alaska Credit union even tho their rate wasn't the greatest...since the dealership said they got a "kick back" if I went with them instead of on my own...I figured, sure...I'll do it for a few months and then switch. Well, if I can go from 7.3% to 5.29%...I'll be happy.

 

[Sig]

You should try credit union. They used to have very good rate on used auto loan.

I agree. I'm at 4.4% over 5 years on my 92.

 

[91 X]

5.29 ifor 60 mo is only good on NEW used cars....they can only go 24 mo. at that rate for the 92 i'm buying:frown:

thanx for the try though....

 

[91 X]

I agree. I'm at 4.4% over 5 years on my 92.

what "credit union"??? just plain credit union :tongue:

 

[GHOSTRIDER]

5.29 ifor 60 mo is only good on NEW used cars....they can only go 24 mo. at that rate for the 92 i'm buying:frown:

Thats what I thought.
You definately shouldn't be feeling bad about 6.59% considering the 60 month term is tougher to get on a 92 model.

There are very few banks out there doing less than 5.49% INCLUDING CREDIT UNIONS on used cars. Rates have gone up 1.5% in the past 8 months.:frown:

Sig's rate is just not out there at the current moment.

 

[ss_md]

what "credit union"??? just plain credit union :tongue:

Wescom is 5.74% APR for 48 months on '86-'99 vehicles up to 100% of wholesale blue book. For a $15K loan the payments are $350.49 according to their website www.wescom.org.

 

[Dinan M3]

Second the recommendation for a credit union. Interest rates have been creeping up due to fed increases in the prime - nonetheless, meriwest.com is offering 4.75% rate for >$100k loans over 84 months for new cars with 20% down (as of this morning), so the penfed #'s seem way out of whack...