About the PenFed Financing.......!
 

Hello guys :)

Before I start.. let you guys know that i'm really bad at writing..

Any others in here, i'm trying to buy 370z and got a invoice price :)

but after getting the price, interest rate becomes the problem..

since many other did the PenFed i am also going to try the 3.99% financing..

but i am afraid of trying since its relates to army.. If I pay $20 and try the

3.99% financing, then there is no problem in the future right?

such as.. 'come to the army, right now' such as like that. lol......

Joining PenFed by paying $20, is there any losses or any influence to me?

Hahaha - by joining PenFed, you're merely supporting the military. You arent signing up for it :-p.

An alternative if you can't get this financing is Think Bank. Rates are also on par. I did their 60mo. 4.09% with credit score of 700 and 10% down.
24 Months
3.79% APR

36 Months
3.89% APR

48 Months
3.99% APR

60 Months
4.09% APR
https://www.thinkbank.com/rates/loan_rates.html

You are just supporting the military and their families, not joining it. :tup:

pay the 20 bucks, join up, and get that Z!

Clearly states on the website:


National Military Family Association (NMFA)

If you do not fall within our regular field of membership, you can join the National Military Family Association (NMFA) in order to become a member with Pentagon Federal Credit Union.

* Low, one-time only fee
* Membership is open to anyone
* NMFA is the leading non-profit advocacy organization for military families
* You do not have to retain NMFA membership to stay a member with Pentagon Federal Credit Union


Also, please note that, you must have good credit in order to get the 3.99%. My FICO is 800+ and I think I saw couple members with 740+ got the rate as well. Keep that in mind as well.

thanks guys
 

Thanks guys, I worried not that much.. and i am paying the car.. but

not about the credit.. my mother is sign it for me so she wants to make

that sure :) ! thanks guys!

They just showed up at my place in a bus with a half dozen drill instructors! Don't fall for it!

haha! How convenient, and to think I had to fly all the way to Ft. Benning to meet them after high school graduation so long ago...AND I didnt get financing for a Z or any car for that matter at the time!

When is the ideal time to sign up?
 

My Z won't arrive till mid-May, they say. I too am going to try PenFed financing.

Question though, when can I apply? Can I apply for it now, even though the transaction won't be for another 1.5 months? Or do I have to wait till it is pretty close to closing the deal? Or does it even matter?

Thanks in advance.

Yes, you can apply right now and say you wont be picking it up for a couple months.

Once you're approved, it's good for 90 days. So you CAN apply now if u want. But, 15 days before the delivery wouldn't be a bad decision (IMO)

Im pretty sure I win the, "Who got approved and received their check the fastest", game.

I applied for my loan, and had the check in my hand 20 minutes later. No joke.

^^ how did u do that?

He probably used one of the computers in the base and just walked to the credit union (which is usually located inside base)

Kinda. Funny story - part of my deal w/ the dealership was that they push payments off for 2 months. They said "OK". I get to the finance guy and Im still kinda curious how they'll want that to work seeing as I'll be getting PenFed to finance me, and he says, "Oh, just bring in the check by 45 days, and we'll shred the Nissan finance paperwork..." - sweet, sounds good.

So, 2 days later, Im at lunch with friends and get a call. Guy asks when Im going to bring the check in.

Me: "Uhhh...I guess around...day 40? The finance guy said up to 45 days, so...".
Him: "Im the finance guy".
Me: "OK, well YOU said 45 days then"
Him: "I never tell anyone 45 days...I said 4 TO 5 days"
Me: "............damn it"

So I go home and apply for the loan online (Ive been a PenFed member for over 5 years now), and Im approved immediately. Drive to the local branch 2 miles from my house, pick up the check (making sure THEY push payments off 2 months since the dealership fudged up there), and drop it off 10 minutes later :).

30 minutes from when I applied for the loan, to when I dropped the check off at the dealership.:tup:

Hey, anyone who applied for the think bank loan... What do you put in the "Pay to" box?

You could either put yourself, or the dealership. If you put yourself, you're going to have to get another bank check made out to the dealership, though.

PenFed not only puts the dealership's name on the check, but your name also in case you decide to do just that (put it in the bank, and give them a check).

think bank ended up wanting 10% down which I was not willing to do. Penfed was going to take too long so I just went with BofA.

Interesting, I've been in the military for 8 years and have never heard of Pen Fed. You guys think I'll get approved for $30K with a credit score of 640?

30K yes. 3.99? Maybe not so much....might help that you're military, though.

And how on earth havent you heard about them? I knew about them my 1st year :tup:

Well I've usually dealt with USAA which has treated me pretty well. Do you think I should go to USAA first or Pen Fed first? I had a personal loan in the past with USAA so that might help.

Good story! My base was 50 miles from my home. So, I opted for FEDEX. As you've said, you know instantly if you're approved or not and if you have a base nearby, you can pick up the check in 30 minutes.

So basically, from applying for loan to bring the Z home CAN be done in less than 1 hour (assuming your Z dealer is close and have a Z in stock). The power of internet is Amazing! :tup:

I approved for $32k at 3.99% with a credit score of 680. Instant online approval, no questions asked.

They did almost screw me with delivery of the check. I paid extra to have it sent FedEx and instead they send it snailmail. :shakes head: It all worked out in the end.

Hey guys, sorry for hijacking your thread, noob in the house !

Let's say I apply for penfed and got approved, do I have to get a price on the car at the dealer and then get the check from penfed after?

How do I deal with the dealer ??Just go in there and after all the negotiation, tell them I already have financed with penfed and will bring the check in to get my car ??