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.
I guess I'm in the minority, but I have had two very positive experiences with PenFed. 1st was a personal loan to fix up our house before we sold it. Paid it off after our house closing. 2nd was just recent, a Private Party Purchase for a used car. I was not finding any lenders besides those offering extremely high interest. PenFed approved me and the whole process was pretty painless - and the interest rate was great, much less than dealers offer for used cars these days. I called customer service with a question and the person was extremely helpful. I think if you have good credit and all your documents in order, it will be a good experience.
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.
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!!!
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!
Great Credit Union
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.
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.
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!
Applied to refinance my auto loan after 4 month after bk Got 5.9%
These ratings and reviews are provided by our users. Banks, issuers and credit card companies do not endorse or guarantee this content, are not responsible for it, and may not even be aware of it.
†† The opinions you read here come from our editorial team. Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors' opinions. Our marketing partners don’t review, approve or endorse our editorial content. It’s accurate to the best of our knowledge when it’s posted.