I was just chatting with a car guy and he mentioned he got his loan here through donating to the military https://www.penfed.org/productsAndRa...wAutoLoans.asp


CRAZY! 2.99% is almost as low as the home equity line of credit on my parents' house! Anybody have experience with them?

 

never heard of em lol

 

http://www.yelp.com/biz/pentagon-fed...n-alexandria-4

meh

 

sounds like standard complaints with government service. Found this though:

http://www.the370z.com/nissan-370z-p...r-my-370z.html

 

Most credit unions are just about the same, it's not going to matter too much which you chose. Yes anyone can join Penfed if they donate to a particular organization. Anyone who lives in the bay area can join Chevron's Federal credit union which is one of the best. Your local credit union is most likely going to offer you better rates and have a better relationship with you because you're part of a smaller group of people.

 

I think I remember seeing their ATMs on a base in Oki. I use Navy Federal Credit Union, they have pretty similar rates. It's likely that most credit unions will have similar rates because they're all using pretty much the same calculation to determine the risk of lending to you. The dealers will usually come out higher because there's no shortage of people who just want to walk with a beater and walk out with something new and put forth minimal effort. It's not always the case though.

+1 for going with a local credit union or bank. It's kind of a pain in the *** to sell a car if your bank doesn't have a local branch and they have your title. I recently went through this, and I basically had to have the buyer trust me to send the cash to the bank and supply him with the title later. Sometimes it's hard to find people that are that trusting.

It's always a good idea to have the financing pre-approved by the bank before you even go to the dealership, so you know what kind of rate you can get through them. Then the guys at the stealership will ask "what kind of rate are you getting", rather than try to quote you something super high.

 

I have a personal loan with them and about to have it paid off. I never had an issue with them or anything and they had a local office on my base in Okinawa. Then again all I've done with them is open an account, got my loan approved within a day or 2, then have been doing online payments and some in the office as well. Never did any real banking with them. Can't say I've had any complaints with the little business I've had with them.

 

I had a car loan with Pen Fed in 02 while in the Army, no problems. Nice low rate, ez auto payments, that's it.