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Penfed Credit Union
Review
9.7
Higher rate, better savings
  • Online Loan Calculator
  • Easy-to-Use Mobile App
  • Direct Deposit Option
  • Financial Education Resources

Penfed Credit Union

Updated on: December 2024

Short On Time

  • Pressed for time? PenFed Credit Union offers competitively low-interest rates on auto equity loans, alongside excellent customer service and flexible repayment options. Membership required.

Introduction

Welcome to Money Verdict's detailed review of PenFed Credit Union's auto equity loans. Known for their competitive rates and excellent customer service, PenFed offers an outstanding loan product worthy of consideration.

Who is This Loan a Good Fit For?

If you are a U.S. resident in search of a low-interest auto equity loan, and you don't mind the membership requirement, PenFed Credit Union could be the perfect fit for your financial needs.
Higher rate, better savings

Application Process

You must first become a PenFed member to apply for a loan. Membership can be gained online within minutes. The loan application itself is straightforward; you fill out an online form providing personal information and details about your vehicle. You may be eligible for same-day approval.
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Qualification

Applicants must be at least 18 years old, a U.S. resident, and a PenFed member. You'll also need a vehicle with enough equity to serve as collateral and a stable income source for repayments.

Our Verdict

PenFed Credit Union's auto equity loans are highly competitive, making them an excellent choice for those who qualify. The added perks of credit union membership and top-notch customer service make these loans even more appealing.

Pros
  • Competitive Interest Rates
  • Excellent Customer Service
  • No Prepayment Penalties
  • Flexible Repayment Terms
  • Membership Perks and Discounts
Cons
  • Membership Required for Loan Approval
  • Limited to U.S. Residents
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Common Questions (FAQ)

Yes, membership in PenFed Credit Union is required.

The minimum loan amount varies, but it is generally quite flexible.

Absolutely, PenFed uses the latest encryption technology to protect your data.

Same-day approval options are available for qualifying applicants.

Yes, PenFed does not charge prepayment penalties.

Higher rate, better savings