ALEXANDRIA, Va.—Pentagon FCU is allowing eligible members to extend their current car loan terms up to 24 months, and lower their monthly payment.
Members who qualify for the extension receive PenFed’s current rate for the new term they select.
“Giving our members the ability to extend the term of a car loan provides them with increased flexibility and more cash in their pockets. This equates to greater spending power, which can be quite handy any time, but especially during the holidays,” said PenFed’s CFO Rocky Mitchell in a release.
The reset process is completely electronic, the credit union explained.
The program is being offered as a result of PenFed’s partnership with Rate Reset, a McLean, Va.-based company that also offers a mortgage-product that allows for the rate to be reset under the Mortgage Harmony brand. PenFed has also offered its members a mortgage reset via that program.
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