The PenFed auto loan is an excellent option for both new and used vehicles as well as refinancing car loans

The star of the show is the 0.99% ount you want, up to $100,000. However, to become eligible for these PenFed auto loan rates, you need to have an excellent rating and buy your vehicle through the company’s car buying service.

Even if you’re not searching for a discount, it’s a good platform for finding an affordable deal on a car and ensuring you’re working with a certified car dealership. Without this discount, the car loan rates start with an ong the cheapest options on the automotive finance market.

Loan Terms and Amounts

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Loan terms range between 36 and 72 months. The minimum amount you can borrow depends on the repayment period you choose. For example, for 36 months, the minimum is $500 (which works out to just $14 per month). With 60 and 72 months, the minimums are $10,000 and $15,000, respectively.

The calculator on the website gives you a pretty good breakdown of your payments if you include the down payment, interest, trade-in value, and other parameters.

Types of Loans

You can also choose the payment saver option, which enables you to make lower payments than with a conventional auto loan but with a higher interest rate.

You can choose what happens with the remaining loan balance at the end of the term – pay it off, refinance the debt, or sell your car. The PenFed car loan payment saver system can be applied to new cars (no older than 2020) or used vehicles (2019 and newer).

Membership Options

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PenFed is a credit union and requires you to be a member to access the most affordable rates on car loans. If you’re affiliated with the military, you and your family members can automatically join the union. All you need to do is clarify your military record on your online application. If you have no affiliation with the military but still want to join the union, you can make a one-time $5 deposit.

Application and Customer Support

The application process is straightforward, and everything is done online. After creating an account, you’ll be able to review the auto loan rates that fit your eligibility requirements and check the status of your recent applications. The online portal works on almost every browser and operating system, so you shouldn’t have any problems.

You can contact PenFed customer service agents by phone or an email contact form, but make sure you know their working hours. The agents work a double shift on weekdays, a couple of hours on Saturdays, and a full shift on Sundays. If you want to learn more about auto financing, find specific forms, or use calculators, PenFed offers a comprehensive Advice Center with a very useful FAQ section.

At a Glance

  • Rate discounts for using the company’s car buying service
  • Great choice for military families
  • One of the lowest annual percentage rate options

RefiJet Review

RefiJet is one of the leading auto loan companies, thanks to its competitive rates and simple application process. It has a partnership with numerous high-end lenders, so you can easily find the best car loans for your needs without damaging credit.

What separates RefiJet from the competition is the company’s level of involvement in the entire process, as well as its range of refinancing options. RefiJet does a lot of your paperwork for you and enables you to buy motorcycles, SUVs, and even trucks.

Rates and Fees

Although it ultimately depends on the lenders and their customized quotes, RefiJet’s auto refinance loans start at 2.49% APR. Note that even if you have a perfect credit score, you might not be eligible for this rate, but prequalifying for a loan does not impact the credit score.