SANTA MONICA, Calif. and ALEXANDRIA, Va. — Pentagon Federal Credit Union, which claims to be the third largest credit union in the U.S., announced today that it will continue to offer its more than a million members a reduced interest rate when using the PenFed Auto Buying Program powered by TrueCar.com.

For members looking to purchase a new or used vehicle using the PenFed Auto Buying Program, PenFed is offering a reduced interest rate of 0.50 percent off the approved loan rate.

Officials explained the special online only rate of 1.49 percent APR — a level after the interest rate reduction — is only available when applying online and applies to new and used vehicles for amounts up to $70,000.

They said this offer ends on April 30.

The PenFed Auto Buying Program is available to PenFed members by visiting www.penfed.org/mynewcar.

The program can allow PenFed members access to a comprehensive site where they can research new and used vehicles, get safety information, see photos and videos of vehicles, read reviews and receive a target price on vehicles from dealers in the program located in their area.

"We are excited to offer our members an opportunity to buy a car through PenFed's low interest rates on new and used vehicles and receive a reduced rate through the Auto Buying Program," noted Ben Scandlen, vice president of marketing at PenFed.

"In addition, our members who use our program receive a hassle-free car buying experience," Scandlen added.