PenFed Credit Union Auto Loans Review

PenFed Credit Union Auto Loans is offered by PenFed Credit Union, a credit union founded in 1935 and based in Tysons, VA. PenFed Credit Union Auto Loans is available in 50 states (and Washington, DC).

How much can you borrow via PenFed auto loan?

PenFed auto loan loan amounts start at $500 and go up to $100,000.

What APR does PenFed auto loan offer on its car loans?

PenFed auto loan offers a fixed apr car loan product that ranges from 2.14% APR.

Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.

What is the maximum auto loan term you can get with PenFed auto loan?

PenFed auto loan has car loans with terms ranging from 36 to 84 months. Having the option of longer terms -- terms can range up to 144 months -- allows borrowers to take on larger auto loan amounts while keeping monthly payments more affordable. However, the longer the term of your auto loan, the more interest you will pay.

Does PenFed auto loan charge an origination fee?

Yes, PenFed auto loan may charge a loan origination fee of 0% of the auto loan amount of $0 PenFed auto loan deducts the fee directly from your auto loan amount before depositing your money, so make sure you take this fee into account when deciding how much you need to borrow.

Does PenFed auto loan charge a late fee?

Yes, PenFed auto loan charges borrowers with a late payment penatly fee of up to $25

Does PenFed auto loan charge prepayment fees?

Yes, PenFed auto loan does charge borrowers a fee if they pay their loans early. Consider prepayment fees when you choose a lender because prepayment can reduce or even cancel the interest savings of repaying a loan early.

Can I pay off early my PenFed auto loan loan?

Yes, you can. However, PenFed auto loan charges a prepayment fee if you pay your car loan early. This fee could reduce or eliminate the savings from paying the car loan early.

What do you need to qualify for PenFed Credit Union Auto Loans?

Applicants with a credit score of at least 550 and up to 850 may be eligible for PenFed Credit Union Auto Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

PenFed Credit Union Auto Loans does not have or does not disclose a minimum annual income eligibility requirement. PenFed Credit Union Auto Loans only considers borrowers who are employed.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via PenFed Credit Union Auto Loans. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by PenFed Credit Union Auto Loans. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Government issued photo ID