PenFed Credit Union Auto Loan generally offers more competitive rates and better customer service options, making it a strong choice for those who qualify and don't need private-party or lease buyout loans. MyAutoloan.com is a good option for those who need a wider variety of loan types or who do not qualify for PenFed membership or rates.
| Attribute | myAutoloan.com | PenFed Credit Union Auto Loan |
|---|---|---|
| APR Range (New Auto Loans) | Starting from 6.49% | As low as 3.79% (with PenFed Car Buying Service), otherwise starting at 4.59% |
| APR Range (Used Auto Loans) | Starting from 6.74% | Starting at 4.99% |
| APR Range (Refinance Auto Loans) | Starting from 4.95% | Not specified |
| APR Range (Lease Buyout Loans) | Starting from 4.59% | Not specified |
| APR Range (Private Party Auto Loans) | Starting from 6.49% | Not specified |
| Loan Amounts (New and Used Auto Loans) | Starting at $8,000 | Up to $150,000 |
| Loan Amounts (Refinance Auto Loans) | Starting at $5,000 | Not specified |
| Loan Terms (Months) | 24 to 72 months (up to 84 months for new car and refinance loans with some lenders) | 36 to 84 months |
| Minimum Credit Score Required | 600 | 661 or higher may help qualify for better rates and terms; 720 or higher preferable for best rates |
| Pre-Qualification Option | Yes, with a soft credit check | Yes, with a soft credit check |
| Discount for Autopay | Less than half of lending partners offer up to 0.25% | No rate discount |
| Origination Fee | None charged by myAutoloan.com | No origination fees |
| Prepayment Penalty | Not specified | No prepayment penalties |
| Processing Fees | Lending partners may charge processing fees | Not specified |
| Types of Vehicles Financed | New, used, refinance, private-party, and lease buyout | New, used, and refinance (no RV or motorcycle loans) |
| Maximum Vehicle Age | Generally 10 years or newer; new cars should not be older than current model year minus one | No maximum age for used vehicles (vehicle must be no older than five years for 84-month loan term) |
| Maximum Mileage | Generally 125,000 miles (100,000 for refinance) | 125,000 miles (less than 60,000 miles for 84-month loan term) |
| Availability | Available in 48 states (not in Alaska or Hawaii) | Nationwide |
| Customer Service Channels | Contact form and FAQ section (no phone number listed) | Online, in person at a PenFed branch, or by phone at 800-247-5626 |