Pentagon Federal Credit Union

• Low APR
• Free Carfax Reports
• Membership Discounts

Loan Options

PenFed is a large credit union that offers personal, auto, home, and recreational loans. They have many easy loan options with low APRs. As long as you're a PenFed member you can apply easily online and they respond quickly, sometimes even instantly.

Advantages

• APR as low as 1.49 percent
• Up to 110 percent financing available
• Easy online application
• Pre-approved auto drafts available to qualified buyers
• After 12 months you can appeal to extend and lower your payments
• No early pay off penalty
• Free Carfax reports
• Free TrueCar price reports
• Discounts on car insurance with membership
• Discounts on tire services with membership

Perks and Discounts

Not only does PenFed have these great options, but they also have a comprehensive website that offers financial tips. Their car search options allow you to shop for your new car and find the perfect loan at the same time. Not only do they help you shop for cars, but their members also report an estimated $3,000 in savings off of MSRP on their new cars. Additionally, PenFed offers member discounts on purchasing a Mercedes-Benz. They are also one of the few companies that still offer a payment saver option. Essentially, you can make smaller payments for 60 months and then pay the remaining amount of your loan in a balloon payment at the end of the 60 months.

• Members Only
• No Free Credit Checks
• Limited Customer Service

Members Only

The only catch to PenFed banking is you have to be a member. Since PenFed is a credit union they are member based and you have to qualify for membership based on any of the following; military service, government employment, school district employment, volunteer work, donation, or qualification by association.

No Free Credit Checks

PenFed doesn't offer are free credit checks. Some companies offer free credit checks, or provide a third party option to get your score for free. Additionally, PenFed has a helpful customer service phone number; however, this is their only customer service option so if you need assistance you have to call in during business hours. A lot of companies in the industry offer other options, such as live chat and email. Only offering customer service over the phone limits customers who may not have access to a phone, or cannot call during regular business hours.