Used Auto Loan
 

Key Features

  • 2.49% APR* up to 36 months
  • Loan amounts up to $100,000 
  • Easy online application

Benefits

  • Up to 100% financing available
  • Terms available up to 60 months
  • You may even get an instant decision

Keep in Mind: Maximum Used Auto Loan amount is NADA "Retail Value" or 80% of the purchase price where NADA "Retail Value" is not available, Maximum term based on amount borrowed.

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Details and Disclosures

Rates and offers current as of April 01, 2014 - April 30, 2014 and are subject to change.

 

New Auto Loans: Loan rate applicable to new vehicles only.  New vehicles are where you are the original owner and the vehicle is a current or previous model year. Up to 100% financing is available.  Weight restrictions apply. Minimum loan amount $20,000 for 61-72 month term. Rate not available for refinance of an existing PenFed loan. 

 

“Smart” Car Collateral Restrictions: Total financing is limited to 100% of the value and loan terms cannot exceed 60 months.  Financing is not available with a Payment Saver Loan for “Smart” cars, Trucks (including hybrids), and SUVs (including hybrids).

 

*Internet only special rate. Higher rate will be assessed if you do not apply online.1.49% APR applies to new vehicle loan amounts up to $100,000 financed for up to 60 months. 

 

Rate depends on term. Other restrictions may apply.

 

Loan Payment Examples:

 

 $20,000 at 1.49% APR; 36 monthly payments of approximately $568.41 each.

 $20,000 at 1.99% APR; 48 monthly payments of approximately $433.82 each.

 $20,000 at 1.99% APR; 60 monthly payments of approximately $350.47 each.

 $20,000 at 2.24% APR; 72 monthly payments of approximately $297.12 each.

 

Used Auto Loans: Maximum used car loan advance is NADA “Retail Value” or 80% of the purchase price where NADA “Retail Value” is not available. Further restrictions apply on vehicle weight and vehicles with 100,000 miles or more.  Vehicle mileage may not exceed 125,000 miles.  Up to 100% financing is available to qualified members.  Rate not available for refinance of an existing PenFed loan. Call 800-247-5626 for details.

 

*Internet only special rate. Higher rate will be assessed if you do not apply online. 2.49 % APR applies to used vehicle loan amounts up to $100,000 financed for up to 60 months. Promotional rate is not available to refinance existing PenFed auto loans.  Rate depends on term. Other restrictions may apply.

 

Loan Payment Example:

 

 $20,000 at 2.49% APR; 36 monthly payments of approximately $577.14 each.

 $20,000 at 2.49% APR; 48 monthly payments of approximately $438.19 each.

 $20,000 at 2.49% APR; 60 monthly payments of approximately $354.86 each.

 

Refinance New Auto Loans: New vehicles are where you are the original owner and the vehicle is a current or previous model year. For used vehicles, maximum used car loan advance is NADA “Retail Value” or 80% of the purchase price where NADA “Retail Value” is not available. Further restrictions apply on vehicles with 100,000 miles or more.  Vehicle mileage may not exceed 125,000 miles.  Up to 100% financing is available to qualified members.  Rate not available for refinance of an existing PenFed loan. 

 

“Smart” Car Collateral Restrictions: Total financing is limited to 100% of the value and loan terms cannot exceed 60 months.  Financing is not available with a Payment Saver Loan for “Smart” cars, Trucks (including hybrids), and SUVs (including hybrids).

 

*Internet only special rate. Higher rate will be assessed if you do not apply online.1.49% APR applies to new refinanced vehicle loan amounts up to $100,000 financed for up to 60 months. Promotional rate is not available to refinance existing PenFed auto loans.  Rate depends on term. Other restrictions may apply.

 

Loan Payment Examples:

 

 $20,000 at 1.49% APR; 36 monthly payments of approximately $568.41 each.

 $20,000 at 1.99% APR; 48 monthly payments of approximately $433.82 each.

 $20,000 at 1.99% APR; 60 monthly payments of approximately $350.47 each.

 $20,000 at 2.24% APR; 72 monthly payments of approximately $297.12 each.

 

Refinance Used Auto Loans: New vehicles are where you are the original owner and the vehicle is a current or previous model year. For used vehicles, maximum used car loan advance is NADA “Retail Value” or 80% of the purchase price where NADA “Retail Value” is not available. Further restrictions apply on vehicles with 100,000 miles or more.  Vehicle mileage may not exceed 125,000 miles.  Up to 100% financing is available to qualified members.  Rate not available for refinance of an existing PenFed loan. 

 

“Smart” Car Collateral Restrictions: Total financing is limited to 100% of the value and loan terms cannot exceed 60 months.  Financing is not available with a Payment Saver Loan for “Smart” cars, Trucks (including hybrids), and SUVs (including hybrids).

 

*Internet only special rate. Higher rate will be assessed if you do not apply online.2.49% APR applies to new refinanced vehicle loan amounts up to $100,000 financed for up to 60 months. Promotional rate is not available to refinance existing PenFed auto loans.  Rate depends on term. Other restrictions may apply.

 

Loan Payment Examples:

 

 

 $20,000 at 2.49% APR; 36 monthly payments of approximately $577.14 each.

 $20,000 at 2.49% APR; 48 monthly payments of approximately $438.19 each.

 $20,000 at 2.49% APR; 60 monthly payments of approximately $354.86 each.

 

 

Payment Saver Auto Loans:  

How It Works 

With Payment Saver Auto Loans, you will be able to make a lower payment than what the conventional auto loan would offer, yet at a higher interest rate. Then, at the end of the loan, you will owe the remaining balance of the loan itself. At this juncture, you may choose to pay off the loan or sell, trade, or refinance the vehicle.

Your Payment Saver Auto Loan payment is calculated based on the loan term, the amount you have requested, and the residual value of the vehicle. The residual is the expected value of your vehicle at the end of your loan term.

The difference between your loan amount requested and the residual value is amortized over the loan term, resulting in a low monthly payment without the danger of your becoming upside-down in the loan.

*Internet only special rate. Higher rate will be assessed if you do not apply online. 

**Not a guarantee to refinance. Refinancing subject to Pentagon Federal current creditworthiness standards.

The residual value of the vehicle after the loan term is an estimation. We cannot guarantee this value. The residual value is subject to current used car market conditions and depends on a number of factors including, but not limited to, the mileage the car has been driven and the condition of the car at the end of the loan term.

Trucks, Vans, Crossover Vehicles, Smart cars and SUVs are not eligible as Payment Saver Loan vehicle types. This restriction includes hybrid trucks and SUVs as well.

Pre-approved drafts no longer available for Payment Saver loans.

NEW VEHICLES: Never titled; Current and previous model year.

USED VEHICLES: Current model year and up to 2 previous model years, as well as all new vehicle model years.

The vehicle mileage may not exceed 15,000 miles per year based on the model year.

Used car loan value based on NADA Retail Value. Other restrictions may apply. Call 800-247-5626 for details.


Loan Payment Example: A $27,000 new auto financed at 2.24% APR; 60 monthly payments of approximately $323.57 each, with a final balloon payment of approximately $9,998.57.