I hear a lot of praise for PenFed around here, so I got an account then signed up for a loan. The first time the site refused to work. A few days later I qualified for a used auto loan for a lease buyout.
Now I’d like to buy the car out before the check shows up (and also avoid having 2 separate checks at the same time, one of which might go missing on their end possibly) so I’m thinking of asking to switch it to a personal refi loan and check if the interest rates are the same.
So I brought up the chat - bot only, no humans. I called in 3 times - all 3 times, I kid you not, after 45-60 mins on the line it hung up. The option to have a call back didn’t even pretend to work.
Is this company going bankrupt or what’s the deal here? Still ok to get a loan from them?
PenFed can take awhile to get ahold of. They can also take their sweet time with approvals and document processing. I’m not certain if they just get that extremely busy, are understaffed, or maybe both.
I have used them for a car loan. I got a great rate but indeed, they act like a small town bank. Hard to get a hold of someone. I recenlty tried DCU.ORG credit unit and they have even better rates.
My Penfed take: the nicest and most qualified ditch-diggers are given plastic spoons to dig foundations and trenches. What passes for Technology there belongs in the Smithsonian.
What are you trying to accomplish? What’s your end-goal here?
What’s the difference between paying back a used auto loan vs a personal loan for the same amount? You’re still paying them back. And if the personal loan is not collateralized then it’s going to have a higher rate.
Well, they’re still the lowest interest compared to Lendingtree or MyAutoLoan so I bit the bullet and sent out the 2 physical checks. Thanks for the tip to dcu.org@Iguanaman might try them next time. Hope no more complications ensue but will update if so.
Nothing that substantive other than avoiding sending 2 physical checks in favor of doing an electronic ACH today and get it over with. The fact that I can’t even ask them the question as to whether it’s doable is the issue.
My previous loan with Lightstream just sent me a check to deposit to myself, no hassles. I don’t remember them asking for proof of collateral although that might have happened memory not 100%.
No lien or sending in the title. Whatever, I don’t mind doing all that as long as the company seems legit and can answer a question or two.
The only reason I signed up with them was for the potential of extra rebates, had no intention of using them to finance. Local credit unions are my preference, something goes wrong you can go to the location instead of being placed on infinite hold.
