To apply for refinancing with PenFed, you will need:
- Your automobile’s VIN OR state of registration and plate number
- The name of your current lender
- Your personal identification information and documents
Auto Refinance Calculator
Easily manage your car budget—calculate payments, interest, and total loan cost with our auto refinance calculator.
Estimated Monthly Payment for at APR*
| Current Monthly Payment | |
|---|---|
| PenFed Monthly Payment | − |
| Total Monthly Savings |
What to know about borrowing for a car
NEW
USED
|
36
Months
|
48
Months
|
60
Months
|
72
Months
|
84
Months
|
||||
|---|---|---|---|---|---|---|---|---|
|
New Auto RefinanceModel Year |
|
|
|
|
|
||
|
Used Auto RefinancePre-owned vehicles with 7,501 or more miles |
|
|
|
|
|
||
New Auto Refinance
Model Year ![]( "Auto Loans Previous Year")
or newer & less than 7,501 miles
New Auto Refinance
Model Year or newer & less than 7,501 miles
|
36 Months
|
|
|---|---|
|
48 Months
|
|
|
60 Months
|
|
|
72 Months
|
|
|
84 Months
|
|
Used Auto Refinance
Pre-owned vehicles with 7,501 or more miles
Used Auto Refinance
Pre-owned vehicles with 7,501 or more miles
|
36 Months
|
|
|---|---|
|
48 Months
|
|
|
60 Months
|
|
|
72 Months
|
|
|
84 Months
|
|
*APR as low as
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.
What to consider before refinancing your auto loan
Does your car qualify for refinancing?
PenFed refinances cars with fewer than 125,000 miles for most loan terms. For an 84-month term, your car must be no older than five years and have less than 60,000 miles.
Is refinancing your auto loan worth it?
Think about your financial goals, the loan term, and any prepayment penalties your current lender might charge.
- If you want to lower your monthly payment, compare your current payment to the new payment for different terms and rates. Remember, a longer term may mean more interest paid overall.
- If you want to pay less in total, and can afford a higher monthly payment, compare the total cost of your current loan to the refinance option. Don’t forget to include any prepayment penalties.
How much do you owe on your current auto loan?
If you’re close to paying off your loan, refinancing might not be worth it. But if you have a lien-free title, PenFed offers refinancing that could help you reach your financial goals. PenFed offers up to 125% financing in the continental U.S., Alaska, and Hawaii, and up to 110% in Puerto Rico and the Virgin Islands.
How long have you had your current loan?
It can be too soon to refinance. If you’ve had your loan for less than 60–90 days, your lender may not have the title yet. Also, your credit score may need up to six months to adjust after a hard credit pull and regular payments.