Hi, guys.
This post will be my first post to provide some information. Recently, I applied for auto loan through DCU and I called them to find out about application status. The guy who I talked to told me that I was approved with 2.49 apr but only 80% of amount with 20% downpayment. I was ok since I was going to make downpayment anyways. My EQ score beacon 4? Was 701 with about only 9months long credit history. So I was expecting that. The guy told me the lists of required documents and I uploaded them. In order to figure out that they received the documents, I called them after couple hours and the lady put me hold for about few minutes. After that, she told me my application was declined! She explained that the paystubs were not sufficient (not my amount of income)! She was looking for the other documents other than what I submitted. I told her about my case (I am considered as self-employed, but I get W-2 from my church because I am considered as a minister). And she was not going to change her mind. I was shocked and got the impression that they were not desperate of my business. I know there are some people who loaned through DCU and had very positive experience, but not for me.... (I thought of someone in the forum who were looking for some data about DCU). I applied for $12500.
After that, I just drove right to my credit union that I do business with and got approved right there with 2.25 apr for $12000 without downpayment. So it ended up good thing for me to be denied by DCU.
People who are looking for car loans, I hope this information was a little helpful. I am not saying "Don't go DCU" but I am just sharing my experience with them couple days ago. I hope everything goes alright with your case!
A little info about my self:
EQ - 701
EX - 678
TU - 715
9 months in the credit world and AAoA: 6
No baddies
was looking for car loan of around $12000.
