Penfed loan?

Cell · 08-16-2010, 11:03 PM

I wasn't sure where to put this. Admin please move it if it needs to be moved.

I called penfed and was approved for the 2.99% loan. I asked if the interest rate was fix. They told me it was but when I read their disclosure on their site, it says that rates are subject to change...

Does anyone know for sure, that is also financing with penfed, if it's fixed or it can change?

cajunz · 08-16-2010, 11:06 PM

My loan from last yr is 3.99 fixed. The rates are subject to change due to the market, but once you've been approved, your loan rate is fixed for the life of the loan..

Cell · 08-16-2010, 11:08 PM

I see... thank you.

I was also going through my calculations and found that they are using a Simple loan.

I do not know if banks would offer an amortized loan instead. Even with a higher interest rate an amortized loan would save much more money.

Does anyone know of any banks that offer an amortized loan instead?

Mike · 08-16-2010, 11:39 PM

simple interest and amortized are the same thing. some shady places use the rule of 78, but hardly anyone does that anyore.

Cell · 08-16-2010, 11:49 PM

Quote:

Originally Posted by Mike

simple interest and amortized are the same thing. some shady places use the rule of 78, but hardly anyone does that anyore.

Then there is something wrong with what the penfed employee told me.

He said my monthly would be a bit under 570 a month if I were to use the full 30k loan.

That sure as hell doesn't sound right. When I was doing the math my monthly should be around 540 a month if I used the full 30k loan.

TreeSemdyZee · 08-17-2010, 06:34 AM

Quote:

Originally Posted by Cell

Then there is something wrong with what the penfed employee told me.

He said my monthly would be a bit under 570 a month if I were to use the full 30k loan.

That sure as hell doesn't sound right. When I was doing the math my monthly should be around 540 a month if I used the full 30k loan.

Sounds like he was guesstimating. Should be a little under 540.

MMC Racing · 08-17-2010, 09:07 AM

Penfed does in fact have 2.99% for up to 60 months on new, recently used, and refi's on more recent vehicles. If the quoted payment is higher than expected, they may have added in optional insurance/gap products for that quote.

Cell · 08-17-2010, 09:30 AM

Quote:

Originally Posted by MMC Racing

Penfed does in fact have 2.99% for up to 60 months on new, recently used, and refi's on more recent vehicles. If the quoted payment is higher than expected, they may have added in optional insurance/gap products for that quote.

I told them I didn't want the optional insurance.

I had to call them back to make sure this morning and the amount this person told me is 539 dollars a month if I used up the full 30k loan. Lol these guys are giving me different info.

Anyways, thanks for everyone's help. I think I am going to get a Nismo assuming it is still in the lot when I go there next week.

Rigormortis · 08-17-2010, 04:06 PM

You may be able to do better with capitol one. I got 2.37 last week. And no app fee.

Edit: I see that the website is showing 3.1% now. So, penfed may be your best bet after all. Either way, keep shopping for rates right up to the last minute as you just might find a better deal

Cell · 08-18-2010, 10:46 AM

Quote:

Originally Posted by Rigormortis

You may be able to do better with capitol one. I got 2.37 last week. And no app fee.

Edit: I see that the website is showing 3.1% now. So, penfed may be your best bet after all. Either way, keep shopping for rates right up to the last minute as you just might find a better deal

3.5% for capital one.

I am going to stick with penfed.

I already picked the car I want and its being shipped to the deal from another dealer.

I should be in it and driving it sometime this weekend or next week.

Rigormortis · 08-25-2010, 09:01 PM

not sure if it is to late for you, but capitol one is back down to 2.3%

kv2 · 08-26-2010, 12:15 AM

Quote:

Originally Posted by Rigormortis

not sure if it is to late for you, but capitol one is back down to 2.3%

i don't see where it says 2.3%? i show 3.5% for 36 mo and 3.87% for 60 mo.

Rigormortis · 08-26-2010, 11:55 AM

Humm... it could be specific to my zip code? But yeah, it still shows 2.3% for 36mo today.

alvinmathew88 · 08-27-2010, 02:28 AM

My friend got 2.2% from Houston FCU.. The lowest ive seen!

08-16-2010, 11:03 PM	#1 (permalink)
Cell A True Z Fanatic Join Date: Jan 2010 Location: Chicago Posts: 1,449 Drives: A Garbage Truck Rep Power: 21	Penfed loan? I wasn't sure where to put this. Admin please move it if it needs to be moved. I called penfed and was approved for the 2.99% loan. I asked if the interest rate was fix. They told me it was but when I read their disclosure on their site, it says that rates are subject to change... Does anyone know for sure, that is also financing with penfed, if it's fixed or it can change?

08-16-2010, 11:39 PM	#4 (permalink)
Mike The370Z.com Sponsor Join Date: Jun 2009 Location: Loganville, GA Posts: 5,944 Drives: 370z Rep Power: 2186	simple interest and amortized are the same thing. some shady places use the rule of 78, but hardly anyone does that anyore. __________________ NISSAN: 75 280Z / 86 300ZX GLL /87 Sentra SE / 03 350Z / 23 Z Porsche: 93 968 / 23 Macan GTS / 93 968

08-17-2010, 09:07 AM	#7 (permalink)
MMC Racing Track Member Join Date: Jun 2009 Location: San Diego Posts: 661 Drives: 2015 GT-R Rep Power: 17	Penfed does in fact have 2.99% for up to 60 months on new, recently used, and refi's on more recent vehicles. If the quoted payment is higher than expected, they may have added in optional insurance/gap products for that quote. __________________ 2014 F150 Raptor, 2014 Mazda 3, 2015 Nissan GT-R

08-17-2010, 04:06 PM	#9 (permalink)
Rigormortis Base Member Join Date: Aug 2010 Location: Iowa Posts: 29 Drives: Nissan murrano Rep Power: 15	You may be able to do better with capitol one. I got 2.37 last week. And no app fee. Edit: I see that the website is showing 3.1% now. So, penfed may be your best bet after all. Either way, keep shopping for rates right up to the last minute as you just might find a better deal Last edited by Rigormortis; 08-17-2010 at 05:38 PM.

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08-16-2010, 11:06 PM	#2 (permalink)
cajunz Base Member Join Date: Apr 2009 Location: Vernal, Ut Posts: 92 Drives: '09 370Z MB 6MT Rep Power: 16	My loan from last yr is 3.99 fixed. The rates are subject to change due to the market, but once you've been approved, your loan rate is fixed for the life of the loan..

08-16-2010, 11:08 PM	#3 (permalink)
Cell A True Z Fanatic Join Date: Jan 2010 Location: Chicago Posts: 1,449 Drives: A Garbage Truck Rep Power: 21	I see... thank you. I was also going through my calculations and found that they are using a Simple loan. I do not know if banks would offer an amortized loan instead. Even with a higher interest rate an amortized loan would save much more money. Does anyone know of any banks that offer an amortized loan instead?

08-25-2010, 09:01 PM	#11 (permalink)
Rigormortis Base Member Join Date: Aug 2010 Location: Iowa Posts: 29 Drives: Nissan murrano Rep Power: 15	not sure if it is to late for you, but capitol one is back down to 2.3%

08-26-2010, 11:55 AM	#13 (permalink)
Rigormortis Base Member Join Date: Aug 2010 Location: Iowa Posts: 29 Drives: Nissan murrano Rep Power: 15	Humm... it could be specific to my zip code? But yeah, it still shows 2.3% for 36mo today.

08-27-2010, 02:28 AM	#14 (permalink)
alvinmathew88 Enthusiast Member Join Date: Mar 2009 Location: Irving, TX Posts: 268 Drives: 97 Civic Ex Coupe Rep Power: 16	My friend got 2.2% from Houston FCU.. The lowest ive seen!