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Payment Saver Loans

Save money by lowering your auto payments.

 

APPLY NOW

Apply before becoming a member.

After your application, we’ll help you:

1. Discover you’re eligible to become a PenFed member

2. Open a Savings/Share Account and deposit at least $5

NEW PAYMENT SAVER RATES

Never titled current () and previous model year ()

APR as low as* TERM LOAN AMOUNT
%
24 to 36 mos -
%
37 to 48 mos -
% 49 to 60 mos -

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

 

USED PAYMENT SAVER RATES

Rate valid for current () and previous two model years ( &  )

APR as low as* TERM LOAN AMOUNT
%
24 to 36 mos -
%
37 to 48 mos -
% 49 to 60 mos -

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

FEATURES & BENEFITS

  • Lower monthly payments
  • Loan amounts up to $100,000
  • Easy online application
  • Quick approvals
  • GAP insurance included

• The vehicle is yours; this is not a lease, so don’t worry about wear-and-tear

• No pre-payment penalties

• Sell, trade, or refinance, at the end of your loan term

• Payment saver loans aren’t applicable to SUVs or trucks

DISCLOSURES: Print Icon Print

Rates and offers current as of  and are subject to change.

*APR = Annual Percentage Rate. Your actual APR will be determined at the time of disbursement and will be based on your application and credit information. Rates quoted assume excellent borrower credit history. Not all applicants will qualify for the lowest rate. The rate you receive on your loan will be the rate in effect at the time of loan disbursal.

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 prior model year (). Up to 110% financing is available. Weight restrictions apply. Minimum loan amount $ for 61-72 month term. Minimum loan amount $ for 73-84 month term. PenFed does not permit internal refinances of an existing PenFed auto loan. “Smart” Car Collateral Restrictions: Financing available up to 110% of the Manufacturer's Suggested Retail Price (MSRP) including tags, title, taxes and extended warranties. Some restrictions apply. Financing is not available with a Payment Saver Loan for “Smart” cars, Trucks (including hybrids), and SUVs (including hybrids).

Used Auto Loans:Maximum used car loan advance will be determined by PenFed using a NADA value. Financing is available up to NADA average retail value plus tags, title, taxes and extended warranties not to exceed 110%. Some restrictions apply. Call 800-247-5626 for details.

Financing for 61-72 month term is valid for model years - . Rate depends on term. Other restrictions including vehicle and mileage limitations may apply.

Refinance Auto Loans: New vehicles are where you are the original owner and the vehicle is a current () or prior model year (). For used vehicles, maximum used car loan advance will be determined by PenFed using a NADA value. Up to 100% financing is available to qualified members. PenFed does not permit internal refinances of an existing PenFed auto 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).

Other restrictions including vehicle and mileage limitations may apply.

PenFed Car Buying Service:


PenFed Car Buying Service is available in all 50 states.

Between , the average savings off MSRP presented by TrueCar Certified Dealers to users of TrueCar powered websites, based on users who configured virtual vehicles and who TrueCar identified as purchasing a new vehicle of the same make and model listed on the certificate from a Certified Dealer as of 10/31/2018, was $. Your actual savings may vary based on multiple factors including the vehicle you select, region, dealer, and applicable vehicle specific manufacturer incentives which are subject to change. The MSRP is determined by the manufacturer, and may not reflect the price at which vehicles are generally sold in the dealer's trade area as not all vehicles are sold at MSRP. Each dealer sets its own pricing. Neither TrueCar nor PenFed brokers, sells, or leases vehicles.

PenFed Automobile Deductible Reimbursement
Requires reporting of completed qualified purchases within 45 days of purchase date. Reimburses what you've paid, if anything, for your automobile insurance deductible when you file a claim on the purchased vehicle within 365 days of registering in program. Covers up to $500 2x a year (service not available in New Hampshire or New York). To learn more about this program see TrueCar's Program Details and Terms and Conditions.

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. There is no guarantee of refinance. Refinancing subject to PenFed's current creditworthiness standards

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.

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.

Electric vehicles are not eligible to be financed with a Payment Saver Loan.

Pre-approved drafts are not available for Payment Saver loans.

NEW VEHICLES: Never titled; Current () and prior model year ().

USED VEHICLES: Current () and prior two 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 % APR; 60 monthly payments of approximately $ each, with a final balloon payment of approximately $.

Estimate your cost

Auto Payment Saver Calculator

Vehicle Information

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Please select a make.
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Months
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Vehicle Details
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MSRP
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Residual Value
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Monthly Payment
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Final Payment
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Conventional Monthly Payment
- - -

Auto payment saver loans are only available: For the following years: 2016, 2017, 2018 for cars driven no more than 15K miles per year.

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GAP Protection

Typical car insurance covers damage and theft. But what if your loan is more than the value of your vehicle? PenFed’s GAP Insurance covers that difference.

 

LEARN MORE »

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Extended Warranty

PenFed's Extended Warranty can extend your auto manufacturer's warranty by picking up where that policy leaves off.

 

LEARN MORE »

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Debt Protection

Life is unpredictable. With PenFed Debt Protection, your family's financial security is protected in the event you're unable to make timely payments.

 

LEARN MORE »

LEARN

What's your auto IQ? Learn all you need to know about auto finance here.

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