After years of hearing [MENTION=22]syP[/MENTION] talk about Penfed and having an account sitting dormant I finally tried using it. All I can say is wow.
For private party purchases through my credit union in Chicago I would have to give my lady all the details of the car, have her fill out the paperwork, go in and sign it and then do the transaction at the credit union so I could give her the title and give the person who's car I'm buying the money.
But living in LA I can't do that because she needs the title before she can issue the loan. So with the FX35 I had to buy it out of pocket, wait for the title to come and then go through the process with her. I figured PenFed would be even worse but the rates are laughably low.
I Was Wrong
I went on a couple weeks ago to check out the process. I was about to bite on that Cayman so I figured I'd apply for a loan. I think it was 2%. That's free money in my book. So here I am thinking I'm just applying for approval. Two days later a check shows up. Seriously, I never even spoke to a human. I just got a check and instructions for adding them as a lien holder to the title. That was it. Oh yeah, and I had to sign one piece of paper and return it to them. The process was so easy that I didn't even realize I applied for the loan.
So today I called and explained that I thought I was applying for the loan. I wasn't actually ready to get it. They canceled it on the spot. Easy peasy.
So just now I'm looking at something that I'm floating on my line of credit and I'd like to get it off of there because the bank doesn't like you to use a line of credit for long term debt. It's 25k that I'd been spreading over two years.
So I popped on there and decided to see how easy it would be to just get a loan and remove it from my line of credit. Keep in mind this is a no collateral loan. I'm basically telling them to give me 25k for booze and hookers. Literally 30 seconds later the loan is approved and they say the check will be sent out tomorrow.
I don't know what the credit requirements are for them but I have a modest 720 score. If you qualify though, the rates are super cheap and the process is easier than easy. Do it.
I'm canceling my credit union accounts next time I'm back in Chicago.
For private party purchases through my credit union in Chicago I would have to give my lady all the details of the car, have her fill out the paperwork, go in and sign it and then do the transaction at the credit union so I could give her the title and give the person who's car I'm buying the money.
But living in LA I can't do that because she needs the title before she can issue the loan. So with the FX35 I had to buy it out of pocket, wait for the title to come and then go through the process with her. I figured PenFed would be even worse but the rates are laughably low.
I Was Wrong
I went on a couple weeks ago to check out the process. I was about to bite on that Cayman so I figured I'd apply for a loan. I think it was 2%. That's free money in my book. So here I am thinking I'm just applying for approval. Two days later a check shows up. Seriously, I never even spoke to a human. I just got a check and instructions for adding them as a lien holder to the title. That was it. Oh yeah, and I had to sign one piece of paper and return it to them. The process was so easy that I didn't even realize I applied for the loan.
So today I called and explained that I thought I was applying for the loan. I wasn't actually ready to get it. They canceled it on the spot. Easy peasy.
So just now I'm looking at something that I'm floating on my line of credit and I'd like to get it off of there because the bank doesn't like you to use a line of credit for long term debt. It's 25k that I'd been spreading over two years.
So I popped on there and decided to see how easy it would be to just get a loan and remove it from my line of credit. Keep in mind this is a no collateral loan. I'm basically telling them to give me 25k for booze and hookers. Literally 30 seconds later the loan is approved and they say the check will be sent out tomorrow.
I don't know what the credit requirements are for them but I have a modest 720 score. If you qualify though, the rates are super cheap and the process is easier than easy. Do it.
I'm canceling my credit union accounts next time I'm back in Chicago.