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Posts: 3
Registered: ‎05-10-2014
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DCU Approval Question, Please Advise...

Good Morning to all!

This past week, we got pre approved with DCU for an auto loan.  We asked for 13,000 and they approved us for 13,000.  I failed to ask them what car shopping parameters we need to work with?  For example, what's the "oldest" model year they will approve?  What's the maximum number of miles the car can have?  It's Saturday morning, and I know they are closed until Monday.  We wanted to do a little car shopping, but since I failed to ask these questions, and the csr didn't mention any,  I don't know what criteria I should be shopping for.  Does anyone have any experience with DCU used car parameters?  I know every lending institution has different criteria.  Please help!  Any prior experience with DCU used car loans would be most helpful! 

Thanks in Advance!  :-)

 


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Regular Contributor
Posts: 112
Registered: ‎11-02-2013
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Re: DCU Approval Question, Please Advise...


bugkiller wrote:

Good Morning to all!

This past week, we got pre approved with DCU for an auto loan.  We asked for 13,000 and they approved us for 13,000.  I failed to ask them what car shopping parameters we need to work with?  For example, what's the "oldest" model year they will approve?  What's the maximum number of miles the car can have?  It's Saturday morning, and I know they are closed until Monday.  We wanted to do a little car shopping, but since I failed to ask these questions, and the csr didn't mention any,  I don't know what criteria I should be shopping for.  Does anyone have any experience with DCU used car parameters?  I know every lending institution has different criteria.  Please help!  Any prior experience with DCU used car loans would be most helpful! 

Thanks in Advance!  :-)

 


I don't know about the max number of miles but I read that they require all financed vehicles to be less than 12 years old during the entire duration of the loan. So the oldest car you could finance with a 3 year loan would be a 2005. 4 Year loan would require 2006 or newer. 

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Posts: 27
Registered: ‎05-11-2014
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Re: DCU Approval Question, Please Advise...

We were approved two weeks ago by DCU and bought our car last week. I don't remember being given parameters. We shopped online rather than go dealer-hopping and after a month-long search, stumbled onto a 2012 Kia Soul with only 7,850 miles for $13,990 at a dealer 2.5 hours away. The car is practically brand new. When we called the loan department and said we found the car we wanted, they established our membership over the phone for us. We were able to buy the car that day. So I'd say shop on the web this weekend and make a list of the cars you're really interested in and call DCU Monday so you're ready to go if you find a car you want.

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