PenFed Credit Union Auto Refinance Review

PenFed Credit Union Auto Refinance is an auto loan refinance offering by PenFed Credit Union, based in Alexandria, VA. Founded in 1935, PenFed Credit Union offers auto refinance loans in 50 states (and Washington, DC).

Key takeaways

• Poor credit accepted. Even if you have bad or poor credit, you can apply. Borrowers with a credit score as low as 550 are considered for PenFed Credit Union Auto Refinance.
• Refinancing for large and small loan amounts. You can refinance auto loans of up to $100,000 with PenFed Credit Union Auto Refinance. Supports refinancing as little as $500. If you have a small amount remaining on your loan this is one of your best options.
• Hard credit pull required. You can't check your rates or see if you prequalify for PenFed Credit Union Auto Refinance without a hard pull on your credit report. Most lenders give you the option of a soft pull on you credit report.
• No origination fee. PenFed Credit Union Auto Refinance does not charge a fee for processing your loan application.
• Long loan terms. PenFed Credit Union Auto Refinance offers loan terms of up to 84 months. Most auto refinancing loans have a maximum term of 60 months.

PenFed Credit Union Auto Refinance Pros and Cons:

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

Auto refinance loan amounts start at $500 and go up to $100,000.

What are the auto loan refinancing rates offered through PenFed Credit Union Auto Refinance?

PenFed Credit Union Auto Refinance offers a fixed APR auto loan refinancing product that ranges from 2.14% APR.

What is the maximum loan term you can get with PenFed Credit Union Auto Refinance?

PenFed Credit Union Auto Refinance offers auto refinancing with terms ranging from 36 to 84 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 refinancing loan, the more interest you will pay.

Does PenFed Credit Union Auto Refinance charge an origination fee on auto refinance loans?

No, PenFed Credit Union Auto Refinance does not charge a loan origination fee for refinancing an auto loan.

A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount.

Does PenFed Credit Union Auto Refinance charge a late fee?

Yes, auto refinance loans via PenFed Credit Union Auto Refinance are subject to late payment penalty fees of up to $29.

Does PenFed Credit Union Auto Refinance charge prepayment fees?

No, there is no prepayment penalty.

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

PenFed Credit Union Auto Refinance does not have or does not disclose a minimum annual income eligibility requirement. PenFed Credit Union Auto Refinance 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 Refinance. Their rates fall within the limits of The Military Lending Act.

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

• Government issued photo ID