I just did it. It's super easy. I found out about it from the NSXprime board.

It's called Pentagon Federal Credit Union at penfed.org

1) Call and donate $20, they then open a savings for you with $5. They do it via credit card so have it ready when you call.

2) They then give you a member number and you apply for the autoloan on their website. If you have good credit, they should approve you right away and can overnight you the blank check for a small fee.

The limits are that they will only lend you up to the NADA value so check the NADA site to make sure that the car you want isn't over. If it is, then you just need to come up with the difference in cash or some other method.

This isn't BS. I'm in no way affiliated or gain from this.

I do hope that this helps stabilize sellers on here who think that the answer to selling is lowering their price.

 

I just finance thru the National Bank of Nigeria just kidding, but is does look like you need to meet some requirements such as military employment or other associations.. https://www.penfed.org/howToJoin/overview.asp

 

He's right. (I've got a turbo as proof. ) If you're not in the military, you just need to pay the $20 fee to the NMFA which is a program that supports military families. Anyone is eligible. It's a good cause, and a crazy rate. (That 3.99 was even crazier before other rates came down.) Just don't be a deadbeat and not pay your loan. You don't want to screw over an oganization that helps our troops' families.

 

Financing through penfed has become huge the last few months.

 

this sounds interesting

 

yep.. it is a popular topic int he auto financing forum. Anyone know if it works for an independent dealer? or just private party?

 

New dealer, used dealer, or private party. They don't care. Book value on my car was enough above my purchase price that I even financed the tax.

 

Sounds like a great service they provide.....but a home equity loan you can write off the nterest.....

 

What are the length of loans?

 

great to know. Any idea what the minimum credit score is for approval?

 

I got 3.9% for 60. I think they may do a slightly higher rate for 72.

I think you need a 720 or so to qualify but i'm not positive.

 

My wife and I have been with PFCU for close to 20 years now. They are the best. I financed my Pcar through them back in 2007. I wouldn't change banks for any reason. Best of luck to you all who decide to open an acct with them.

 

Yeah, and they can take your house if you default. In all seriousness, I figured I'd get a lot more than the 1% after tax difference with a few investments. (Whereas a car is a depreciating asset.)

 

Car depreciation varies greatly by make model. Sure, someone who bought a 996tt for 2 years ago or more probably took a bath. But, this is as low as it's going to go.

I know what you are trying to get across though.

 

The first owner of my car took a $95k hit for 5,000 miles, in five years. You're right, in that my depreciation should be quite reasonable.