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  #1  
Old 08-04-2013, 10:30 PM
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Hey guys,

I'm looking to finally put in the order for my 14 sport, probably end of this month/early next month, but I will need to finance part of it.

My question is about the financing piece and how that works since the actual arrival of the built truck is just a little bit of a mystery. I know I can get "pre-approved" but does that lock in the rate?

I also won't know the exact amount I will need to finance until the truck arrives and I decide how much to put down and how big of a loan to take out. I know PenFed is offering some pretty good rates right now. Will they honor them in 2 months when the truck arrives? Has anyone dealt with them?

Thanks guys!
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Old 08-04-2013, 10:54 PM
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Hopefully one of the members will chime in soon
they just went through PENFED, or at least applied for it

I know my Credit Union is now offering 1.9%
beats the heck out of the 3.2% that i had back in '09

Good Luck & check to see if you qualify for things like the FRIENDS & FAMILY discount
Tread Lightly discount, & Chrysler Affiliates discount through your work place, Preferred Customer discount, etc.
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Old 08-05-2013, 10:11 AM
tev9999 tev9999 is offline
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I went through PenFed and it is quite painless. Everything is done online. You do not need to know the exact price - just request enough to cover what you want plus a little extra. I figured my truck was going to be about $33K, so I requested $38K. I could have only financed about $20K after my trade in, but since the rate is so low I had the dealer cut me a check for the trade and financed the full amount of the truck. I used the trade in money to pay down higher interest debt.

They will send you a blank bank draft for up to the amount you are pre-approved for and it is good for 90 days. The rate is not locked - it can reset the first of every month. They have been offering this type of rate for a couple years, so I would not expect much movement unless the Fed starts bumping rates. Even if that happens, you are probably looking at 1/4 point or so - and everyone else will move too.

90 days may not be enough time to get your truck ordered and built, so I would probably wait until you know your truck is in production to pull the trigger on the loan. I was instantly approved online and had the blank check in about three days.

There is a big thread at fatwallet.com (finance forum) that will tell you everything you ever wanted to know about PenFeds auto loans.
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Old 08-05-2013, 01:14 PM
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Quote:
Originally Posted by tev9999 View Post
I went through PenFed and it is quite painless. Everything is done online. You do not need to know the exact price - just request enough to cover what you want plus a little extra. I figured my truck was going to be about $33K, so I requested $38K. I could have only financed about $20K after my trade in, but since the rate is so low I had the dealer cut me a check for the trade and financed the full amount of the truck. I used the trade in money to pay down higher interest debt.

They will send you a blank bank draft for up to the amount you are pre-approved for and it is good for 90 days. The rate is not locked - it can reset the first of every month. They have been offering this type of rate for a couple years, so I would not expect much movement unless the Fed starts bumping rates. Even if that happens, you are probably looking at 1/4 point or so - and everyone else will move too.

90 days may not be enough time to get your truck ordered and built, so I would probably wait until you know your truck is in production to pull the trigger on the loan. I was instantly approved online and had the blank check in about three days.

There is a big thread at fatwallet.com (finance forum) that will tell you everything you ever wanted to know about PenFeds auto loans.
Thanks that really helps a lot.

The only concern I have, is I'm not sure how goo of a rate I am going to get. I don't want to go through the motions like I have everything figured out just to find out that as my truck is about to arrive my financing falls through for some reason.

Is there a way to see what I could get now with my credit and then do it again when it is actually time to pull the trigger?
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Old 08-05-2013, 01:56 PM
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Do you know your credit score? If you are 700+ you should not have a problem based on what mine was, plus what I have read on the financial forums. I churn credit cards for bonuses and other profit, so I was a bit worried as I had applied for several new ones in the last few months.

You can get a free month at myfico.com that will give you your true FICO. Just be sure to cancel by the end of the trial period or they are big bucks a month for credit monitoring. Many other sites will give approximate scores (known as FAKO) for similar signups. Creditkarma.com is free and gives you a score weekly. OK for a ballpark, but your real score could be off by 50 points.

Worse case would be your 90 day approval would expire and you would have to apply again, which would mean another hard pull - but that would only affect your score a couple points - unless you play games with credit like some of us.
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Old 08-05-2013, 03:52 PM
crabjoe crabjoe is offline
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Quote:
Originally Posted by tev9999 View Post
You can get a free month at myfico.com that will give you your true FICO.
Not sure if that will help much because most auto lenders use a Auto Enhanced FICO model, which we as consumers, can NOT purchase.

About the only places I know of that uses a FICO model that can be used for a auto purchase is with credit unions. It seems most credit unions don't use the auto enhanced model. Still there are problems because there are a bunch of different FICO models.... 98, 04, 08, Nextgen and so on.... We, as consumers, can't purchase whatever model we want to see.

BTW, PenFed and Alliant both use the FICO Nextgen model and PenFed is a super conservative lender...
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