Pentagon Federal Credit Union (PenFed) - Auto Loan

Reviews: Pentagon Federal Credit Union (PenFed) - Auto Loan

Reviews: Pentagon Federal Credit Union (PenFed) - Auto Loan

Pentagon Federal Credit Union (PenFed) - Auto Loan

Overall lender rating

2.8
out of 5
13 reviews
from Credit Karma members

Most helpful positive review

Jul 03, 2016
Credit Karma member

These guys are great. I love customer service. Loan process so easy.

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Most helpful negative review

Oct 20, 2021
Terrible Experience
Credit Karma member

I didn’t have a good experience at all. The communication from pen fed is very limited, it takes a long time for them to even start the process. And their income verification process is honestly the most cumbersome I’ve every experienced. I’m a physician with really good credit and a fairly high income, and the process to try and buy a $30,000 used minivan was honestly the worst experience ever. I work at multiple hospitals and have a few sources of income, and the lending department couldn’t, for the life of them, understand. And they have a policy where you “can’t be in contact with the loan under-writers”. Which is fine if that’s their policy…. But it makes it VERY difficult to try and communicate. You basically have to get on the phone with a “loan salesman”, and that person keeps both of you on different lines, and plays telephone with both of you. It’s frustrating as hell. Imagine if you went to the doctor, and he stood in a different room, and only communicated to you through the nurse. And you needed to get something across, but the doctor refused to talked to you. That’s how I felt. 3 weeks later, basically having to check every day for updates, 2 applications, at least 10 uploaded documents later …… I had no solution. All to try and get the 1.99%. Save yourself the headache and I guarantee SOME local credit union will get you 2.5-2.75% with a MUCH easier and friendly process. In the end, the dealership got me 2.5% with zero down, and ZERO documents needed to verify. Wish I woulda just done that from the start. PenFed has some good reviews, which is why I gave it a try. But my experience was the worst one ever.

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Member ratings

All member reviews (13)

6
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7
Jul 25, 2022
Buffoonery
Credit Karma member

PenFed is incompetent. They’re stuck in 80’s technology and apparently short-handed which makes customer service non-existent (at least in my experience). After being tentatively approved for an auto loan, 10-days of uploading the same documents repeatedly was followed by a credit denial. I feel like a buffoon for having remained a loyal member but no longer.

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Jul 22, 2022
Muy bonitas
Credit Karma member

Muy happy

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Jul 11, 2022
Retched
Credit Karma member

Stay far away from penfed. They will certainly ruin you and care very little to help you in any way. Penfed currently considers y loan past due, though it was totaled and they have received several payments to the account. Worst decision I have ever made. Account still being considered late even with a payment made to account last week. This company and everyone who works for them is a Joke.

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Jun 14, 2022
Car loan and credit card
Credit Karma member

PenFed is the worst lending institute I've come across. First they pre approved me for an auto loan then denied me when I went to lochs a car. No reason stated. Then sent a pre approved credit card only to be denied again. I went to another credit union and was instantly approved for a personal loan or car loan. I would not recommend PenFed to anyone!!!

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Jun 07, 2022
Bewre
Credit Karma member

If I could give it no stars I would. Beware of their conditions! They take forever to close an account. Its been over two weeks and I still cant get my money. I have two cds with them and I need the money so I have to close two of them. They dont tell you that if you have to break it before the term, that you lose all interest and if its over 365 days, you get charged not only all the dividends and interest you made but the amount that you would have made for the term of the cd so now its eating into your prinicipal! I had money transferred from another bank into their savings account and then opened a cd with it. Now I cant get my money back for 60 days until money has been transferred into an account with them for at least 60 days. I am fed up. Who does that. Beware!!! Everytime I call or send an email, I am told to wait another 10 business days. I am just warning all of you out there, do not put your money in Penfed!

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Apr 13, 2022
Great
Credit Karma member

Great Credit Union

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Apr 13, 2022
Choose a bank that wants your business
Credit Karma member

Please beware of pre-approval and then denial after the application is completed without a reason. Same documents were requested numerous times and calling customer service was useless.

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Apr 11, 2022
Definitely not recommended
Credit Karma member

Would not recommend. Terrible customer service and willing to help customers even if their systems are having technical issues you basically will need to call them multiple times throughout the month to ensure that your account is up-to-date and accurate and even when you do they will bounce you around from different people two different people and will be unwilling to help you even though the air may not be on your part.

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Mar 14, 2022
Great company
Credit Karma member

This is probably one of the best auto loan experiences I’ve had. It’s simple and easy. They are straight forward and good low rates. I will get all my new trucks through them!

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Feb 22, 2022
Auto refinance
Credit Karma member

Applied to refinance my auto loan after 4 month after bk Got 5.9%

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