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Hello,
I am interested in an auto loan through DCU because of their attractive rates. I currently have no relationship with DCU and live in CA. Just to confirm, do they still allow pretty much anyone to join simply by joining one of many organizations? I seem to recall some can be joined for about $10. If so, do I join one of the organizations before applying or is the joining of an organization done when applying for DCU membership?
Is it generally best to have the DCU auto loan approval all done before selecting a vehicle, so that I can tell the dealership that I already have financing taken care of? I assume DCU does not need to know all the vehicle specifics at the time of application, correct?
Thank you!
Yes, you can join one of their organizations with a $5 donation. You can either get a membership first, then apply for the auto loan, or vice-versa. Most people say go the first route so that if you get denied membership, you only get one HP, I went the opposite. Either way, you'll end up with two HPs if approved for both.
You don't have to have a car picked out beforehand, but you will need to know how much you want to borrow. They'll probably ask you what you plan to buy, to find out LTV, but if you don't have one in mind, that's fine. Once the auto loan is approved, they'll probably ask you to upload a paystub and then a purchase order. They also have an option where you can request them to overnight a check for a $15 charge. I've done two loans with them in the last 14 months and they are very easy to deal with. Good luck with your loan.
Thank you very much!
Also, when going into a dealer with pre-approval in hand, is there any reason at all for the dealer to run credit? Can it be avoided? I assume they would love to run credit to know who/what they are dealing with, however ideally I do not want any inquiries other than from DCU. Is it possible to flat out tell the dealer they are not authorized to pull creidt or will they typically not go for that?
Thanks again!
Nope, no reason. Both times when they brought up the financing question, I said I have a check from my bank. No more questions after that, they didn't have an issue with it at all.
Excellent. Thanks again!