I must be missing something. Why is a cheap car loan such a hot deal? Is it tax deductible under the new stimulus package or something? Is the idea to arbitrage the $ into a higher yielding place? Rack up as much debt in preparation for hyperinflation? What?

I mean - what good fatwalleteer has a loan on a car, fer chrissakes? Hello? Depreciating asset?

kenblakely said:I must be missing something. Why is a cheap car loan such a hot deal? Is it tax deductible under the new stimulus package or something? Is the idea to arbitrage the $ into a higher yielding place? Rack up as much debt in preparation for hyperinflation? What?

I mean - what good fatwalleteer has a loan on a car, fer chrissakes? Hello? Depreciating asset?Like you said, its a cheap car loan for those people who need or want the loan

Not everyone has the cash or wants to put down the cash for the full amount so for them its a great deal considering most used car loans are >6%. New cars currently have 0-2% rates but you can get a cash discount if you give up that special rate

Most people would rather have the cash at the bank in case of emergency or job loss (you earn interest from the bank so you wont lose much by getting the car loan anyways)

xcabezonx07 said:I'm not sure how much I need my loan for yet as I've narrowed down my choice to 3 different vehicles, but I want to get pre-approved just so I know that I'll be getting financed. I want to apply, but don't want the money just yet. How does this work? Or do I have to wait until I find out for sure what vehicle I'm getting? And what if the deal doesn't come through? Can I just return the money with no penalty?

Sorry for all the questions, just trying to figure it out before I make any mistakes. Thanks.

You can apply for the maximum amount you think you would need without selecting a car. They sent a 'blank' check to me and I have 90 days to use it. I just fill in the dealer's name (or private party) and also fill in the amount up to that approved maximum. If you don't use the check there is no loan.

What special qualifications do I need to get a loan from PenFed? It says goverment agency employees etc. Does everyone here qualify like that or is it available to anyone?

uptmepo777

Wanted to see if it was possible to get the auto loan without being a military service person or a family member or part of those other agencies.

uptempo777

jclookey said:i'm wondering... I have an uncle who was honorably discharged from the Army, could that be enough to qualify me for membership so I can get good rates on a loan for a new vehicle (need one... new baby on the way so need a bit bigger vehicle now!)

https://www.penfed.org/howToJoin/overview.asp

Archrival said:I know that one must be a PenFed member... but

Does one have to open a Checking Account to get the PenFed Car Loan? Or can one just have a PenFed Car loan without any other PenFed accounts?

No, you don't need to open a Checking account to get auto loan. When you become a Penfed member, you basically open a Regular Share Savings account with $5 minimum. After that, you can apply for auto loan or credit card etc.

ecjjones said:jclookey said:i'm wondering... I have an uncle who was honorably discharged from the Army, could that be enough to qualify me for membership so I can get good rates on a loan for a new vehicle (need one... new baby on the way so need a bit bigger vehicle now!)

https://www.penfed.org/howToJoin/overview.asp

a no would have sufficed :-D

Cheers,
JC

jclookey said:ecjjones said:jclookey said:i'm wondering... I have an uncle who was honorably discharged from the Army, could that be enough to qualify me for membership so I can get good rates on a loan for a new vehicle (need one... new baby on the way so need a bit bigger vehicle now!)

https://www.penfed.org/howToJoin/overview.asp

a no would have sufficed :-D

Cheers,
JCThe correct answer is YES anyone can be a penfed member had you bothered to read the link you were given

Anyone who didn't get instant approval, can you state how long it took for you to get an answer, or at least be contacted?