PenFed Credit Union auto loans: 2022 recap, interest rates – Business Insider | CarTailz

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PenFed PenFed car loan

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Pros and cons of PenFed car loans

PenFed is best suited for borrowers who need a range of loan amounts. With a loan as low as $500 up to $150,000, borrowers across the spectrum will find a match with the lender. If you value 24/7 customer service, PenFed is also a good choice as they have someone available 24/7.

If you don’t want to join the credit union or need to buy out a lease, this lender may not be the best choice for you.

How PenFed car loans compare

How PenFed compares

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Editor’s Rating

4/5

A five-pointed star

A five-pointed star

A five-pointed star

A five-pointed star

A five-pointed star

Regular APR

Starts at 4.44% APR

Editor’s Rating

4.5/5

A five-pointed star

A five-pointed star

A five-pointed star

A five-pointed star

A five-pointed star

Regular APR

New, used, refinancing from 4.54%

Editor’s Rating

3.5/5

A five-pointed star

A five-pointed star

A five-pointed star

A five-pointed star

A five-pointed star

Regular APR

Dealership: 2.14% to 14.54% Private: 4.64% to 21.04% Hire Purchase: 3.64% to 20.04% Refinance: 2.64% to 19.04%

PenFed has comparable rates to Navy Federal Credit Union, but their APRs start higher than PNC’s rates.

PNC only offers financing for cars from model year 2014. Navy Federal offers financing for cars less than 20 model years old. PenFed has no maximum age for used vehicles.

Check out our auto loan evaluation methodology »

frequently asked Questions

PenFed is rated A+ by the Better Business Bureau, a non-profit organization focused on consumer protection and trust. The BBB determines its score by evaluating a company’s response to customer complaints, truthfulness in advertising, and transparency about business practices.

PenFed has no recent public controversy.

Because of the top-notch BBB score and clean history, you might decide that you feel comfortable taking out a personal loan with PenFed.

PenFed is a very solid auto loan option. We have given the company a four out of five star rating for its main advantages, including the wide range of loan amounts and excellent customer support.

The credit union doesn’t disclose its minimum credit rating, but PenFed is more likely to approve a loan with a higher rating.

You should get your money within a day after the lender approves your loan.

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