| New Car | Used Car | Refinancing | |
|---|---|---|---|
| APR | As low as 3.39% | As low as 4.34% | As low as 4.19% |
| Loan Amounts | Up to $150,000 | Up to $150,000 | Up to $150,000 |
| Loan Terms | 36-84 months | 36-84 months | 36-84 months |
Disclaimer: We are an independent information site, not an insurance company. All figures are estimates for comparison only; table data represents full coverage premiums. Please verify final quotes and terms directly with the insurer.
In general, you only need to confirm your citizenship or permanent residency status and meet the requirements based on your income, credit score, and the type of vehicle you are buying or refinancing. Loans for new car purchases or refinancing require the vehicle to be no more than one year old. Older used vehicles may have higher rates, and the lender will not finance any vehicle with more than 125,000 miles on it.
Applying for a PenFed auto loan is relatively simple and can be completed online, in person at a PenFed branch, or over the phone. Like any auto loan application, a hard credit check will be performed before final approval. Please note that membership is required to get an auto loan, but you can join PenFed when you apply.
Before submitting a car loan application, use PenFed's online application to see what you may qualify for. According to the lender's website, the process usually takes just a few minutes after you enter all of your information.
Select the loan term and APR that best fit your budget, then submit any required documents, such as pay stubs, if requested.
After you choose a vehicle, your funds will be issued by check payable to the vehicle seller, or the money may be sent directly to the dealership.
