Someone who used PenFed please chime in!

[nukezero]

Okay, so I'm getting ready to order a 135i from and was recommended to try PenFed. I like their fixed 4.75% rate now and with my decent fico score of 769, i should probably qualify.

anyhow, here are my questions for those who used PenFed:

1. Two days ago, I just signed up to their association thingy so they said theywill send me a member number and PIN number so I can log in to PenFed and create an application loan.

How long does it take for them to send me these information?


2. Is the approval process instant on the internet or does it take more days?

3. When you receive the check, the interest and payments do not begin until AFTER you deposit/cash the check, is that correct?

4. How long does it take to receive the check after approval?

5. Lastly, for a car being '09 without a VIN, how are you supposed to inform PenFed that the car has no VIN because it is built to order?

thanks!

[mistermojorizin]

the process with pen fed takes like 1-2 weeks. I actually bought my car first on an option contract - meaning i financed through the dealer but they game me the option to refinance within 1 week through pen fed. so i had 1 week to get the money, i think i paid for some expidited shipping on the check. sorry i don't remember the specifics anymore. but moral of the story, is get the financing earlier.

[tiintegra]

Call them up they will give you your member number and pin, it will be much quicker. I had to call them otherwise it would have taken like 2 weeks or longer. Also they can approve you right on the phone and send you the check the next day....

[nukezero]

thank you thank you thank you!

i will call them up now!