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PenFed Review
Reviews 1,541
PenFed offers auto loans with relatively low interest rates. As of Tuesday, July 15th 2025, you can buy a new car, for example, with an APR ranging from 4.89%. Actual APR will be determined at the time of disbursement and will be based on your application and credit information. Rates quoted assume excellent borrower credit history. Not all applicants will qualify for the lowest rate. Rates are subject to change and depend on term.
PenFed has a Car Buying Service through a partnership with TrueCar that gives users access to various discounts from select auto manufacturers and dealers. If you use this service, you are eligible for a discount on your vehicle—the amount of which varies depending on your vehicle. You’re also eligible for discounted interest rates for new and used vehicles, and loan repayment terms from 36-84 months. You can get additional cash incentives on several brands, from Dodge to Mercedes to INEOS.
In order to get a loan, you must be a PenFed member. Everyone is eligible to apply.
PenFed’s easy auto loan application is fully online and decisions are typically made within minutes. Checking if you pre-qualify lets you see your offers with no impact to your credit score***.
PenFed offers standard loans for new and used vehicles and auto loan refinancing. Standard loans carry low interest rates and allow you to borrow anywhere from $500 to $150,000.
Standard loans carry terms of 36 to 84 months for new vehicles or 36 to 72 months for used vehicles. PenFed offers lower interest rates for shorter loan terms.
PenFed secures your loan application with SSL encryption. All borrower data that PenFed keeps and your online account portal are also encrypted for security. For added security, all PenFed data is managed and stored in the United States.
PenFed’s member support team is available by phone 6 days a week and email 7 days a week. Phone hours are from 8am to 8pm EST Monday through Saturday.
Phone: 1-(724) 473-6333
7940 Jones Branch Drive
McLean, VA 22102
PenFed offers low auto loan interest rates for borrowers with excellent credit. You can get discounts on your purchase if you use the lender’s car buying service. Anyone can join this credit union and you don’t need to be a member to get an offer. Membership gives you access to other products and services such as Deposits, Mortgages, and Personal Loans.
PenFed is federally insured by the NCUA and is an Equal Housing Lender.
* For the 84 month loan term, eligible used vehicles must have model years as new as or newer than the current calendar year minus five years and less than 60,000 miles
** New vehicles are where you are the original owner and the untitled vehicle is model year 2023 or newer with less than 7,501 miles.
*** The initial inquiry will be a soft pull that will not affect your credit score. If you choose to initiate a loan application after checking your rates, you will be required to authorize a full credit report inquiry, which would be considered a hard pull and may affect your credit
