Wednesday, March 2, 2011 - 7:36 PM

Penfed's New & Used Auto Loan APR at 2.99%

Maybe this is why PenFed has been lowering their CD rates. Their car loan rates are now under 3.00%. Here's an excerpt from an email I received:

PenFed has lowered our online-only used auto loan rate to 2.99% APR. If you’re purchasing a used auto, or you want to refinance your current auto loan (2009 model years and older), this is an outstanding rate! It doesn't matter if you're shopping for new, used, or want to refinance your current car loan, apply online to PenFed for this incredibly low rate!

Refinance your existing auto loan from another lender equaling $15,000 or more before April 30, 2011, and we’ll take $100 off your loan balance!

Summary of the offer:

2.99% APR car loans (new, used or refinance)
12 to 60 months
$10K to $70K

PenFed's auto loan page

Refer to my previous blog post to learn how you can qualify for membership.

KenBDG5,147 posts since
Nov 29, 2009
Rep Points: 117,067

1. Wednesday, March 2, 2011 - 11:46 PM

Inasmuch as I drive only to the store and back (a total of about four miles), and my 1994 Buick Regal still starts up just fine (when it doesn't, I call AAA), I have no need of a car loan. However, you may have hit on something. I seem to recall reading in the NY Times that car loan demand is up these days. OK, I really don't care what you use my money "for", so long as you pay me a tad more for the use of it.

Bozo129 posts since
Feb 14, 2011
Rep Points: 859