When life changes, change your
rates. Save money by lowering
your auto payments.
Apply before becoming a member.
After your application, we’ll help you:
1. Discover you’re eligible to become a PenFed member
2. Open a Savings/Share Account and deposit at least $5
NEW REFINANCE RATES
Vehicle’s model year is , or .
USED REFINANCE RATES
Vehicle’s model year is or earlier.
Rates displayed are for all auto loans excluding residents of Puerto Rico. To receive the current auto loan rates for Puerto Rico, please contact us at 1-800-247-5626.
- Loan amounts up to $100,000
- Finance up to 110%
- Easy online application
• Save money with lower payments
• Up to 110% financing available
• Keep in mind: refinancing is not available for cars already financed with PenFed
*APR = Annual Percentage Rate. Your actual APR will be determined at the time of disbursement and will be based on your application and credit information. Not all applicants will qualify for the lowest rate. Rates quoted assume excellent borrower credit history.
Rates and offers current as of and are subject to change.
*APR = Annual Percentage Rate. Your actual APR will be determined at the time of disbursement and will be based on your application and credit information. Rates quoted assume excellent borrower credit history. Not all applicants will qualify for the lowest rate. The rate you receive on your loan will be the rate in effect at the time of loan disbursal.
Refinance Auto Loans: New vehicles are where you are the original owner and the vehicle is a current ( ) and prior model year(s) ( or ). For used vehicles, maximum used car loan advance will be determined by PenFed using a NADA value. Up to 100% financing is available to qualified members. PenFed does not permit internal refinances of an existing PenFed auto loan.
“Smart” Car Collateral Restrictions: Total financing is limited to 100% of the value and loan terms cannot exceed 60 months. Financing is not available with a Payment Saver Loan for “Smart” cars, Trucks (including hybrids), and SUVs (including hybrids).
Rate depends on term. Other restrictions including vehicle and mileage limitations may apply.
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You pay $14 less per month with PenFed
Typical car insurance covers damage and theft. But what if your loan is more than the value of your vehicle? PenFed’s GAP Insurance covers that difference.
PenFed’s Extended Warranty can extend your auto manufacturer’s warranty by picking up where that policy leaves off.
Life is unpredictable. With PenFed Debt Protection, your family’s financial security is protected in the event you’re unable to make timely payments.
Find interesting articles and more right here:
Lease vs. Buy: How Should I Pay for My New Car?
If you thought conversations about religion or politics could get contentious, try being a fly on the wall when two people are talking about whether to lease or purchase a car. You’ll see both sides at each other’s throats, each claiming to enjoy the lion’s share of advantages and disdaining the drawbacks of the other–and the funny thing is, they’re both right.
Buying a car versus leasing is less a financial issue than a matter of lifestyle. A financial tally of both options would probably show you a fairly clear-cut choice, but you’d be overlooking the benefits and drawbacks associated with whether or not the car actually belongs to you.
If you’re the kind of person who likes to drive off the lot in a new car every few years, leasing is the way to go. Not only will you ensure you’re always behind the wheel of a relatively shiny set of wheels, but since monthly lease payments are usually lower than loan payments, you’ll be getting more car for your dollar.
On the other hand, if your goal is wringing maximum value out of your investment, buying is the way to go. Once you’re done paying, you simply keep on driving–no monthly payments in sight.
Let’s look at the major advantages and drawbacks of both leasing and purchasing a car.