Finding an affordable Military loan to finance your next car purchase can mean the difference between staying in the black or falling into dangerous territory with high monthly payments and steep interest rates. PenFed (Pentagon Federal Credit Union) lifts the curtain for military families who want to save money when taking out an auto loan.
Military Banking Rates interviewed PenFed to find out what they had to say about finding cost conscious military loan rates and services when buying a car.
If you are referring to automobile rates, then the answer is yes.
Our rates are displayed on our website PenFed.org and we also have payment calculators available for use. Our Member Service Representatives are also available to provide “no obligation” rate and estimated payments quotes to folks interested in applying for an auto loan with us. Applying for a PenFed car loan is made easy with our online auto loan application.
The average turnaround time is approximately 24 hours.
PenFed has a payment calculator that is available to all users on our website. The calculator allows the individual to review a variety of loan amounts, terms, rates and payments. Ideally the borrowers do not want to assume a payment that will create potential financial stress later down the line.
If an individual feels that their current car loan financing is “too expensive,” they should explore refinancing options. By refinancing, an individual can oftentimes secure a lower rate or longer term. This can help make the car loan more affordable.
In order to obtain a loan from a credit union like PenFed, the individual will need to join the credit union and obtain membership status. Credit Unions historically have lower interest rates than banks and finance companies, so working with a credit union to find an affordable military loan to finance a car can be beneficial. PenFed is Federally insured by NCUA.
My first car was a Chevrolet Cavalier. My father had to co-sign on the loan, so we identified a car that was safe, had good mileage, and had pricing that allowed for an affordable monthly loan payment.