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PenFed 2022 Auto Loan Review

2022-05-24 11:56:00 Advertiser Disclosure

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About PenFed

Moneybag Loan amount $500 to $150,000 Credit Good Min. credit score Not specified Rates APR from 4.44% Funds available in Not specified

PenFed features

PenFed encourages preapproval, which can be a great way to compare its rates versus competitors, but it comes with unspecified used vehicle restrictions.

PROS

Online vehicle buying service Wide range of loan amounts Many loan terms available

CONS

High minimum APRs Traditional underwriting criteria Several potential fees

 

 

     

 

     

 

   

 

 

 

 

 

 

 

Loan product Starting APR New car 4.44% Used car from a dealer 5.24% Used car from an individual 5.84% Lease buyout 6.04% Auto loan refinance 5.24%

Apply.   Get preapproved. Apply online. Visit the dealer.

 

     

 

How Bankrate rates PenFed

Overall score 4.1   Availability 5.0 PenFed offers high maximum loan amounts and a wide range of repayment terms. Affordability 4.8 Starting APRs are higher than competitors and PenFed mainly considers traditional underwriting criteria. Customer experience 4.4 Online access and close to 24/7 support leaves PenFed scoring high for customer service. Transparency 4.0 While APRs and fees are available, the option to prequalify is not disclosed. Written by Rebecca Betterton Auto Loans Reporter