PenFed Auto Loan Question

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I managed to get a great deal on financing through PenFed from a tip here. I don't recall the post where it was mentioned, but I got 2.24% where most banks are stuck at 2.99%.

All the other public banks (BoA, Chase, etc) that are offering great rates can only do so if you allow for autopay of the monthly bill through your checking account.

Is it the same requirement with PenFed?


I'm honestly quite happy with the bank I was using so I wonder if I can just mail them a check each month to pay.
 
My 2 year old auto loan through Pentagon Federal Credit Union is 1.49% and their offer was for 72 months at the time. Paying extra brings the payoff to 4 years.
 
Here's a link to new and used auto rates. They're not quite as competitive as before.

https://www.penfed.org/New-Auto-Loan/

Most lenders are somewhat greedy now-days even when getting their money for almost free. Parking their money overseas makes them a higher profit than keeping it in the U.S.

My 2 1/2 year old (30-year) mortgage is at 3.125% through them.
 
The answer is yes. In my case, penfed required an autopay from a checking account. The account did not need to be a penfed account.

I had no problems changing the autopay account either when I switched local banks.
 
Originally Posted By: MNgopher
The answer is yes. In my case, penfed required an autopay from a checking account. The account did not need to be a penfed account.

I had no problems changing the autopay account either when I switched local banks.


That is great news. Thanks!
 
I refinanced with Penfed in August, and have no requirement for autopay. I transfer payment online from an external bank monthly, but my paperwork did have an option for a coupon booklet for a monthly check via mail.

FYI - they did try to require that my Comp and Collision was a $500 deductible or lower if that matters to you.
 
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