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Josh Wow posted:Well my transmission ripped me a new rear end in a top hat last night at 3am. Luckily this happened when it did cause I was about to drop $500+ on having my timing belts and water pumped replaced. Problem is how the gently caress do I buy a new car? https://www.penfed.org is how you handle this situation. At one point in time they were prepared to loan me $18k to buy an '87 turbo t regal. I'm sure they can throw you a few bones.
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Nov 23, 2009 18:13
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Here's how penfed worked for me. 1) Create a checking account with them so you can enter the military families program. 2) Apply for an auto loan through their online methods, a customer service person will call you. 3) Customer service called and told the amount that I was pre-approved for. I told her that I didn't plan on spending more than $25,000, so they went with that number. 4) A "loan account" or something along those lines appeared in my online banking with penfed, with a ceiling of $25k. 5) The next day I received 3 blank checks that were tied to my "loan account". Once these were in my hand, I went car shopping. 6) Found a car listed for $16,500, haggled down to $13,700 out the door. Wrote a check for $13,700 and drove off. 7) Faxed a copy of the bill of sale to penfed, the difference between the 13,700 and 25,000 disappeared. 8) A month later I started making payments towards the $13,700 I owed. Keep in mind this was 2006ish, so money was a little bit easier to get at that point. If I remember correctly, the originally approved me for a $70k used auto loan at 4.5%, so the process may be a bit more strict now that money isn't so easy to acquire.
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Jan 21, 2010 00:17
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Catera by chance? AVOID!
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Aug 17, 2010 21:06
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