PenFed Credit Union Offers up to $350 Bonus for Financing an Auto Loan
Bonus offer available through May 12, 2025
TYSONS, Va., April 29, 2025 /PRNewswire/ -- PenFed Credit Union, one of the nation's largest federal credit unions, is offering a $200 bonusi for financing a PenFed auto loan and $150 for using a PenFed checking account to make two months of automatic payments for the full amount dueii. The offer period ends May 12, 2025.
To qualify for the full bonus, members must finance an auto purchase or refinance a current auto loan from an institution outside PenFed with a PenFed auto loan and use a PenFed checking account to make two monthly recurring payments on an auto loan funded at greater than $10,000. The $200 bonus will be deposited to the primary applicant's share savings account by October 15, 2025, and the $150 checking bonus will be deposited to the member's PenFed checking or savings account by October 15, 2025.
PenFed's new initiative is focused on making vehicle ownership more affordable.
"At PenFed, anyone can join, and our members now can drive away with an extra $350. This limited-time offer is designed to help members achieve their goals by providing more affordable auto loan financing," said PenFed Chief Marketing Officer Gaurav Bhatia.
PenFed's auto loans are up to $150,000 and members can view their pre-qualified loan offers with a soft pull, so their credit scores aren't affectediii. Rates for new car loans start as low as 3.79% APRiv for members using the PenFed Car Buying Service powered by TrueCar. Members can pick a loan term and payment that fits within their budget.
To learn more, please visit https://www.penfed.org/auto350.
About PenFed Credit Union
Established in 1935, Pentagon Federal Credit Union (PenFed) is one of the nation's largest federal credit unions, serving nearly 3 million members worldwide with over $31 billion in assets. PenFed Credit Union offers market-leading certificates, checking, credit cards, personal loans, mortgages, auto loans, student loans, and a wide range of other financial services with members' interests always in mind. PenFed Credit Union is federally insured by the NCUA and is an Equal Housing Lender. To receive any advertised product, you must be a member of PenFed Credit Union To learn more about PenFed Credit Union, visit PenFed.org, like us on Facebook and follow us @PenFed on X. Interested in working for PenFed? Check us out on LinkedIn. We are proud to be an Equal Employment Opportunity Employer.
i $200 auto loan bonus offer: Credit and collateral subject to approval. Existing PenFed loans are not eligible for this offer. The $200 bonus offer applies to auto purchase and refinance loan applications that are received through PenFed between 4/10/2025 and 5/12/2025 with a minimum loan amount of $10,000. PenFed internal refinances and refinance loans originated from 3rd party partners are not eligible for this promotion; refinance loans must be refinanced from another institution outside PenFed. Loan must be open for at least 60 days, have 2 full monthly payments made, and be in good standing to be eligible for the bonus. The $200 bonus will be deposited to the primary applicant's share savings account by October 15, 2025 and recipient is solely responsible for any personal tax liability arising out of this incentive. PenFed may discontinue or change the promotion at any time. Each member is only eligible for one $200 bonus offer on an auto loan between 4/10/2025 and 6/12/2025. Other restrictions may apply.
ii $150 checking bonus offer: Member must use a PenFed Checking account to make two monthly recurring payments on an auto loan funded at greater than $10,000 through PenFed between 4/10/25 and 5/12/2025; the recurring monthly payment must cover the full amount due for the month; and the checking account must remain active and in good standing to qualify for the $150 checking bonus. Member is responsible for setting up recurring payments on their PenFed Auto Loan for the full amount of the monthly payment due. The PenFed Checking account does not have to be opened prior to 5/12/2025. The $150 checking bonus will be deposited to the member's PenFed Checking or Savings account by October 15, 2025. The promotional bonus will be reported on the year-end Form 1099-INT as taxable income. PenFed may discontinue or change the promotion at any time. Other restrictions may apply.
Account is a variable rate account. APY (Annual Percentage Yield) of 0.35% applies to accounts with a daily balance of $20,000-$50,000 and a monthly direct deposit of $500 or more. APY of 0.15% applies to accounts with a daily balance less than $20,000 and a monthly direct deposit of $500 or more. APYs are valid as of last dividend declaration date of April 1, 2025 and are subject to change at any time. Fees may reduce earnings on account. Minimum deposit of $25 required to open an account. When an account is terminated prior to the end of a statement cycle, dividends will be paid if the aggregate direct deposit requirement is met on the date of account termination.
Rates and offers current as of April 18, 2025 and are subject to change.
iii The initial inquiry will be a soft pull that will not affect your credit score. If you choose to initiate a loan application after checking your rates, you will be required to authorize a full credit report inquiry, which would be considered a hard pull and may affect your credit.
iv Your actual APR will be determined at the time of disbursement and will be based on your application and credit information. Rates quoted assume excellent borrower credit history. Not all applicants will qualify for the lowest rate.
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SOURCE PenFed Credit Union