Did you folks switch banks for this financing? It seems kind-of over the top to do that. :)

I did. It really depends on your definition of over-the-top. saving over $1000 over the life of the loan seems kinda smart to me.

True... true.

Hey guys.... Faxing my 2 paystubs when I get paid Monday (yes we get paid on mondays)....just wondering which payment option was taken for those who went through PenFed. Monthly payments to outside institution(personal bank) or check directly to pendfed or what?

How is it over the top to change banks when you could be saving a LOT of money?

I'm just curious, why do some of the members here had to fax their paystub? It took me 6 minutes(if that) from starting the application to get approved for the loan. Maybe it depends on credit score??:confused: I'm guessing, after certain credit score, they don't need the paystubs?

I think it could be related. I was approved 10 mins after submitting the application, but my credit score us above 750.

Also, for those that don't know, penfed is refinancing auto-loans at 3.99% with NO FEES right now. I just refi'd my wife's SUV that used to be at 7% and it was free to do! :tup:

Credit Score: 789

PenFed requires pay stubs from some people who's credit rating may not necessarily be the best in order to fully qualify them for the best rate, and to of course, prove how much they are making. I had to do it myself for my first loan through them 5 years ago, but not for this loan.

in canada it is a new banking regulation now

AK370Z, thank you so much for posting this information! You literally saved me thousands of dollars in interest!

When I saw the 370Z on the road I was excited about test driving one and possibly purchasing it. After test driving a touring 370Z, I wasn't as impressed as I hoped. There was a 350Z NISMO at the dealership so I chose to test drive that as well and I fell in love with it. Coming from an Audi RS4 it's hard to be impressed by the power output on these Z's but the handling and styling on the NISMO won me over. 370Z is a nice car and has a lot of potential, but the NISMO is almost 100% complete. It just needs more power and I will be set.

Anyhow, I just wanted to thank you for posting this helpful information. Surprisingly, when I applied for a car loan on Lending Tree and Capital One I did not get approved. I signed up at PenFed and just had to mail in my pay stubs and within a week (they are over loaded with loan requests) I got my loan check. I got 4.75% for 72 months and the dealer offered me 6.99% and said there was no way I could get 4.75%, was he surprised!

Thanks again, and to anyone looking for a loan PenFed is a great place to start!

I've never tried to get a car loan this way. I want to make sure I understand how this works. Is the 3.99% financing locked in for 90 days once they cut the check and send it to you, or do they use the current rate available when the dealer cashes it?

Thanks everyone. This has been a really informative thread!

My wife and I are both above 790 and while we didn't have to fax paystubs, it still took almost a week for them to approve the loan. Dunno what they are looking at but they must look pretty carefully...

You're welcome! It is a great institution and so far everything has been headache free. My dealer told me the same thing 6.99% is the lowest they can give even with the best credit score. Feel free to post some pictures of your Nismo Z in the "other vehicle" section in the "lounge".

The check is good for 90 days (that's what some of the members told me). There's NO variable rates. Either you will qualify for the 3.99% or you will NOT. Dealer check will be cashed at 3.99% APR if you qualify.

So you told him what you were going to offer and he matched it? So you got a touring sport for 31K WOW!