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PenFed Auto Refinance Review


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Pentagon Federal Credit Union, also known as PenFed, is a Virginia-based credit union. It offers a variety of credit-related products and services including auto loans and auto loan refinancing, mortgages, credit cards, and personal loans. The company has been in business since 1935.
 
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How is PenFed rated?

Breakdown

4.5/5
Loan Details
4.5/5
Customer Experience

Overall Rating: 4.5 / 5 (Excellent)

PenFed's auto refinance loans are worth a closer look whether you only need to borrow a few hundred dollars or as much as $100,000. The company is surprisingly transparent about rates, which is great if you're comparison shopping, but you'll have to contact the company via email or phone to learn more about fees, funding times, and qualification requirements. but if you decide to apply, PenFed offers a 100% digital application experience.

Auto Loans & Refinancing

Loan Details - 4.5 / 5

You can apply for a purchase loan through PenFed or refinance an existing auto loan. Loans are available for new and used cars. PenFed enables you to borrow anywhere from $500 to $100,000, which should be a large enough range to accommodate just about any borrower. Loan terms up to 84 months are available—a longer-term than many other lenders offer. The credit union also does a good job of disclosing its rates, which isn't typical of most auto loan providers. This makes it easier to compare rates and decide if PenFed is the right company for you.

Types of Loans Offered

Purchase Loans
Refinance Loans
Lease Buyout
Private Party Purchase

Purchase Loans

Loan Amount
$500
Max Loan Amount
$100,000
Min. APR
5.19%
Max APR
6.54%
Term Length
36 months
Max Term Length
84 months
Minimum Down Payment
Financing up to 100% is available.

Loan Refinancing

Min. Loan Amount
$500
Max Loan Amount
$100,000
Min. APR
6.04%
Max APR
6.99%
Min. Term Length
36 months
Max Term Length
36 months

Loan Qualifications

Qualification - 4.5 / 5

PenFed doesn't disclose qualification requirements on its website, nor does it list any requirements your vehicle must meet. PenFed loan officers are available via phone and online message to answer any questions you may have about qualifying for a loan.

Borrower Qualifications

Minimum Age
18

Application & Service

Customer Experience - 4.5 / 5

PenFed doesn't share any information about approval or funding times or fees on its website. You can fill out its application form on its website or contact PenFed via phone or email for more information. If you're not currently a member of PenFed Credit Union, you'll have to become a member first, so it may take a little longer for you to get approved than someone who is already a member.
Benefits/ Features
Online Rates
Credit Inquiry
Online Rates / Application
Auto Loan Calculator

PenFed Reputation & Reviews

Reputation - 4.5 / 5

PenFed Credit Union has been around for close to a century. It's received some mixed reviews from customers with the Better Business Bureau (BBB) and TrustPilot, but this is not unusual for banks and credit unions. It still maintains an A+ rating with the BBB for its prompt handling of customer concerns, so you shouldn't be too worried about running into problems with PenFed. PenFed is federally insured by NCUA and is an Equal Housing Lender.
Trustpilot Rating
3.8 out of 5
BBB Rating
A+
Number of BBB Positive Reviews
2
Number of BBB Neutral Reviews
1
Number of BBB Negative Reviews
33
Date Collected
2020-03-09

Contact & Additional Information

Lender Type
Lender
Homepage URL
https://www.penfed.org/
Company Phone
(800) 247-5626
Headquarters Address
7940 Jones Branch Dr., Tysons, VA, 22102
Year Founded
1935

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