With flexible loan terms extending up to seven years, nationwide availability and no prepayment penalties, PenFed is the contender to beat in the auto loan industry. If you’re not interested in using PenFed’s program to buy a car, you can still secure lower-than-average rates on new and used cars purchased outside of the service. You’ll need to become a credit union member to use this service, but membership is open to everyone, and requires opening a savings account with a minimum $5 deposit. Pentagon Federal Credit Union is a credit union that offers low auto loan rates for both new and used cars, through the PenFed Car Buying Service. Loan terms: 36 to 84 months (depending on loan type).APR: Starting at 4.59% (new car loans through PenFed Car Buying Service), 5.54% (used car loans through PenFed Car Buying Service) Loans outside of this service start at 5.39% (new car loans) or 6.04% (used car loans).
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