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One may also ask, do dealerships finance 84 months?
What is an 84-month auto loan? Car buyers who can’t afford or don’t want to pay the entire cost of a vehicle in cash can turn to auto lenders to get the financing they need. Depending on the lender, terms can range from 12 to 84 months, or even longer for certain types of vehicles.
Similarly, how long does it take PenFed to approve a loan?
24 to 48 hours
Also question is, how long does it take PenFed to approve an auto loan?
Once you submit your application, PenFed may be able to make an instant decision but it can also take up to 48 hours to review everything.
Is 3% on a car loan good?
According to Middletown Honda, depending on your credit score, good car loan interest rates can range anywhere from 3 percent to almost 14 percent. However, most three-year car loans for someone with an average to above-average credit score come with a roughly 3 percent to 4.5 percent interest rate.
A 72-month car loan can make sense in some cases, but it typically only applies if you have good credit. When you have bad credit, a 72-month auto loan can sound appealing due to the lower monthly payment, but, in reality, you’re probably going to pay more than you bargained for.
They both have excellent customer service and have great programs and products. NFCU is more generous with credit limits. PENFED has lower rates. Those are the only differences.
PenFed membership is open to everyone, including you.
The Average Interest Rates for Car Loans with Bad Credit
|Credit Tier (Credit Score)
||Average New Car Loan Interest Rate
||Average Used Car Loan Interest Rate
|Deep subprime (300-500)
As of January 2020, U.S. News reports the following statistics for average auto loan rates: Excellent (750 – 850): 4.93 percent for new, 5.18 percent for used, 4.36 percent for refinancing. Good (700 – 749): 5.06 percent for new, 5.31 percent for used, 5.06 percent for refinancing.
670 to 739
Compare the Best Auto Loan Rates
|PenFed Credit Union Best Overall
||36 to 84 months
|LightStream Best Online Auto Loan
||24 to 84 months
|Bank of America Best Bank for Auto Loans
||12 to 75 months
|Consumers Credit Union Best Credit Union for Auto Loans
||0 to 84 months
||Average interest rate
|72-month new car loan
People with good credit scores of 700–749 average an interest rate of 5.07% for a new car and 5.32% for a used car.