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 Alexandria, VA. PenFed Credit Union Auto Loans is offered in 50 states (and Washington, DC).

How much can you borrow via PenFed Credit Union Auto Loans?

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

What APR does PenFed Credit Union Auto Loans offer on its auto loans?

PenFed Credit Union Auto Loans offers a fixed APR auto loan product that ranges from 2.49% 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 loan term you can get with PenFed Credit Union Auto Loans?

PenFed Credit Union Auto Loans has auto loans with a maximum term of 36 months. Having the option of longer terms allows borrowers to take on larger 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 Credit Union Auto Loans charge an origination fee?

Yes, PenFed Credit Union Auto Loans may charge a loan origination fee of 0% of the loan amount of $0 PenFed Credit Union Auto Loans deducts the fee directly from your 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 Credit Union Auto Loans charge a late fee?

Yes, PenFed Credit Union Auto Loans charges borrowers with a late payment penatly fee of up to $25

Does PenFed Credit Union Auto Loans charge prepayment fees?

Yes, PenFed Credit Union Auto Loans 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 Credit Union Auto Loans loan?

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

Only U.S. citizens and permanent residents can apply for a loan.

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

• Government issued photo ID