When it’s time to buy—or refinance—a car, PenFed Credit Union brings together competitive rates, flexible terms, and an easy online experience. As one of the largest federal credit unions in the U.S., PenFed offers fast pre-qualification, the ability to finance up to 125% of a vehicle’s value, and a unique Car Buying Service powered by TrueCar .
PenFed stands out with clear incentives and tools: no application fees, zero pre-payment penalties, and loans up to $150,000 . Whether you’re picking your first ride or lowering your monthly bill, PenFed makes it simple and straightforward—online or through their helpful support team
🔍 Why PenFed May Be the Right Match
- Prequalify in minutes with a soft pull – Check your potential rates risk-free
- Finance more than the car – Borrow up to 125% to include taxes, fees, and accessories
- Private-party sales welcome – Unlike many lenders, PenFed supports financing when you buy from a private seller
- Car Buying Service with savings – Gain access to special pricing and discounted rates via TrueCar
- No hidden fees – Free prequal, no origination or early-payment penalties .
- Wide loan range – Borrow from a few thousand up to $150,000 with flexible terms .
🧾 What You Should Know Before You Apply
- Membership is required, but easy to obtain – Anyone with a U.S. ID or SSN can join within the application
- Vehicle age and mileage limits apply – Cars must be under 125,000 miles; newer models get the best terms
- Prequal doesn’t lock your rate – You’ll see estimated rates, with final terms set when you formally apply
- Check Buying Service is helpful—but optional – Save money with pre-negotiated pricing, though you’re free to buy elsewhere
- Loan amounts and terms can vary – New-car and used-car terms differ by model year and mileage
🚗 How PenFed Financing Works — Step-by-Step
- Start with pre-qualification
Use their online form; it won’t hurt your credit . - Decide where to shop
Consider dealers or private sellers; use the Car Buying Service for best value. - Formalize your loan application
Submit vehicle and personal info, and dates for hard credit pull. - Get your funds quickly
PenFed mails a check to the seller or dealer within days. - Skip the fees
No application charges and you can pay off early without penalties. - Enjoy flexible repayment
Manage your loan online, and reach out if you need help.
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