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  PenFed Credit Union Auto Refinance

PenFed Credit Union Auto Refinance

in Auto Loan Refinancing from PenFed Credit Union

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PenFed Credit Union Auto Refinance

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in Auto Loan Refinancing from PenFed Credit Union

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Highlights
Highlights
Credit Score Range 550 - 850
Loan Amount $500 - $100,000
APR  (Fixed APR) Starting at 2.14%
Loan Term (Months) 36 - 84 months

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 an origination 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 & Cons
Pros Cons
  • Low APRs available to qualified borrowers.
  • Available in all 50 states.
  • $0 prepayment fee.
  • $0 origination fee.
  • PenFed Credit Union Auto Refinance does not report to credit bureaus.
  • Considers applicants with fair credit.
  • Do not offer pre-approval with soft credit pull.
  • Charges a late fee of $29
PenFed Credit Union Auto Refinance FAQ

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?

Applicants with a credit score of at least 550 and up to 850 may be eligible 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

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

No Origination Fee  
No Prepayment Fee  
Late Fee Amount $29
Credit Score Range 550 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Retired
  • Self-Employed
Joint Loan Applications Accepted Individual Applications
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Supported Income Types
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
  • 1099 Misc. Income
Verification Documents Required Government Issued Photo ID
APR (Fixed APR) Starting at 2.14%
Loan Term 36 - 84 months
Loan Amount $500 - $100,000

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