PenFed Credit Union offers one of the best auto loan deals currently available, featuring new car rates starting as low as 3.39% APR. Borrowers can enjoy terms ranging from 36 to 84 months and loan amounts up to $150,000. These attractive rates are specifically accessible to those who use PenFed’s car-buying service. Membership is open to all and only requires a $5 deposit into a savings account.

How to Apply for a PenFed Auto Loan

1. Open a PenFed Credit Union account online by depositing as little as $5.
2. Choose to use their TrueCar car-buying service for access to the lowest rates.
3. Submit necessary documents to verify your identity and income.
4. Complete the loan application online and await approval.
5. Receive your funds via check in the mail once approved.

Top Advantages

PenFed provides a free car-buying service, ensuring you can compare both new and used cars easily. By using this service, you unlock significantly cheaper rates compared to standard offers. Membership is easy for anyone interested in a great deal.

Another major advantage is that with PenFed, qualified borrowers can finance up to 25% more than the car’s value. This extra cash could help cover insurance and registration fees.

Potential Drawbacks

While PenFed offers excellent rates, you must use their car-buying service to get the very lowest APRs. This might not suit buyers who prefer independent shopping or private sales.

Additionally, the loan is disbursed as a check sent by mail, which may cause delays compared to instant bank transfers. Membership is required before applying.

Final Verdict

PenFed Credit Union auto loans stand out for their competitive introductory rates, wide term options, and accessible membership. If you’re comfortable using their car-buying service, you’ll likely find some of the best rates available for both new and used vehicles today.