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  #11  
Old 05-19-2013, 02:42 PM
05btdvw 05btdvw is offline
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Quote:
Originally Posted by nikeman View Post
Does joining affect your credit and after the donation does it cost anything else to be a member? How long does it take to join and get a finance rate? I'd like to join and apply just before my truck comes in so more credit checks won't have to be done afterwards.
Only when you go to apply to PenFed for a loan will they check your credit and thus maybe a small ding to your score. Joining them will not.

One time donation and you are a member. Nothing after that.

It's been years ago since I joined so don't remember the time frame to join and get a rate but it was pretty quick.

You can call them to get more info. too.
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Old 05-19-2013, 02:45 PM
nikeman nikeman is offline
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I guess I just don't understand credit unions. I just pay the $20 donation and they will loan me truck money with just 1.74%. When is the deadline for this? If I apply today and my truck takes another month or more to get here then what? Do they give good refinance rates on mortgages also? Does it affect my credit to be a member? They'll just send me a check and I assume once its cashed they start sending monthly bills?
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  #13  
Old 05-19-2013, 02:49 PM
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GTyankee GTyankee is offline
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Most Credit Unions like a Member to have an account, usually something like $20
they call it a Membership Share, they don't keep it like banks do, if you ever close the account, you get it back
The Members of a Credit Union are Share Holders
no large corporate company is getting the profits,
the share holders share the profits, by getting lower loan rates, No cost or Low cost checking, etc.

I will never have an acct. at a bank again, to me a bank is a rip off
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Last edited by GTyankee; 05-19-2013 at 02:58 PM.
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  #14  
Old 05-19-2013, 02:57 PM
05btdvw 05btdvw is offline
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Read through my posts again and it will answer some of your questions.

You pay the one time $20 donation (or $15 to the Voices foundation) and you are a member of PenFed. Then you will apply for a loan and it's up to them if you get approved or not based on your credit history/score etc. No deadline except for the fact of you never know when rates could change.

Very good mortgage rates also.

Once approved, you can work out the details on how they fund it. As in a check to you or the dealership or whatever. I don't get monthly bills from them, just opted for online payment. But yes, you can get a book of coupon payments if you like.
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Old 05-19-2013, 03:04 PM
nikeman nikeman is offline
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Is this something I can join and when the time comes have the dealer check it out for me or I have to actually get a check from them? How do I know the exact financing amount before I sit down and do all the paperwork? Sorry but I have never done anything like this. I always let the dealer or the real estate people take care of it.
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Old 05-19-2013, 03:20 PM
05btdvw 05btdvw is offline
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Not sure I understand some of what you asked.

You should be able to get a pretty accurate price from them now and use that number whenever you start the application process to PenFed right?

I think the best bet is to give them a call tomorrow and they should be able to give you all the details.
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Old 05-19-2013, 03:28 PM
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Join & get Pre Approved
The Dealerships like it that way too
The Dealership is still going to send out feelers to see what the best financing is for you
i truly doubt that any other Financial Institution will beat that rate though

Joining a Credit Union does not effect your credit rating, unless it is to make it better

Think of it this way
A Credit Union is just like a Bank, without having to pay all those Fees that the Bank charges, checking cashing fee, paperwork fee, etc.
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Old 05-19-2013, 03:29 PM
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When my truck comes in I plan on putting more cash down since I have added a couple things after ordering and signing the papers. My plan is to pay those options off but if I can ill put more down to lower my payments that much more.
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Old 05-19-2013, 03:32 PM
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I am going to join from a computer when I can but since I have no clue when my truck will be here I don't want to apply for the loan yet because I know those loans have an expiration date. Thanks for all the info guys! Ill def Look more into it if I can beat the 2.9% the dealer found for me.
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Old 05-19-2013, 08:14 PM
ShaneDiddy ShaneDiddy is offline
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Quote:
Originally Posted by nikeman View Post
I am going to join from a computer when I can but since I have no clue when my truck will be here I don't want to apply for the loan yet because I know those loans have an expiration date. Thanks for all the info guys! Ill def Look more into it if I can beat the 2.9% the dealer found for me.
If they approve you they will send a check and youll need to have the truck title to them in 30 days...though ive had to reorder me truck before and they were cool, i just called to let them know what was up.
Usually though i do it when i see my truck is being shipped out as its usually a few weeks later when it arrives so enought gime for me to apply and get the check in the mail
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