DCU Auto Loan Info

[Jutz]

Hey guys, I thought you might be interested in this info, since I just did some research and I know DCU is used by a lot of people on here.  Here's a summary of info I gathered on Used Auto Loans from DCU:

• Their current rate is 1.99%, which is the reason I inquired
• For the best rate, you must have Relationship Checking, with direct deposit, paperless, and auto pay on the loan (All things I'd suggest anyway)
• Age of Vehicle is only restricted to loans that will be able to be paid off by the time the vehicle is 12 years old.  You can adjust your loan term obviously for that.
• They pull EQ Auto Enhanced, and they also require a pull for membership, which would be standard EQ.  So two pulls from EQ assuming you're not already a member
• If you don't feel like joining with Checking right away, you can get the best rate with a promise to setup your account with 90 days, otherwise the bonus goes away and adds .50% to your APR
• 1.99% Rate good for 36,48, and 65 month terms.
• Minimum credit score of 675 for 1.99% (Again, EQ Auto Enhanced)
• Credit scores of 640-674 would be 5.49%

This is the only info I felt I needed, anything else I should have found out?  

I'm going to be around 650-660 EQ when I'm ready to start car shopping, any chance my Auto Enhanced could be as high as 15-25 points over my standard scoring?

This seems like an extremely agressive APR, especially considering the age of the car isn't a huge factor.  Has anyone loaned with DCU before, and is there anything particularly complicated that might not be so clear with just this info?

It's amazing how much more car you can get when your credit isn't garbage.  A decent APR makes a huge difference.

[Revelate]

Hmm, not sure I got my Auto Enhanced score pulled by DCU; actually I'm struggling to remember if they provided it at all even though I know I didn't get their best terms.  In any event, my EQ Beacon 5.0 FICO was probably 636, have all the bells and whistles from having been a member there for 10 years, and received a 5.99% APR, which a few days ago got reduced to 5.74% for good behavior.

It's a good CU for auto loans in my opinion.  I went through the process back in late August I think.

As for Auto Enhanced FICO: if you have solid auto loan tradeline history in the past, yes your auto enhanced may be higher.  If you don't, can well be lower.  Some other factors in there as well (installment loan history potentially) but it's possible your credit report will be 15 or more even points higher on auto enhanced if you're good... or non-trivially lower if you're not. 

In any event from my actual experience, if you need a car, I wouldn't prolong things for some random FICO number; DCU did me right on a refi off of 19.35%, and they've done well by other members on this forum too.  I'd pull the trigger when necessary.

[tengtengvn]

They approved my loan but denied my membership which is a BS.. Income is more than enough, credit score is in 750+ range. My credit report was pulled twice too.

I guess this is one of those lenders that advertise low rate, then drop it when they see that you are not the one they can make money off because you are qualified for the lowest rate.

[Jutz]

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@tengtengvn wrote:

They approved my loan but denied my membership which is a BS.. Income is more than enough, credit score is in 750+ range. My credit report was pulled twice too.

I guess this is one of those lenders that advertise low rate, then drop it when they see that you are not the one they can make money off because you are qualified for the lowest rate.

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Did you ask them why you were denied a membership? They require like a 580 EQ or something ridiculous.  Have you checked your Chexsystems report?

[Jutz]

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@Revelate wrote:

Hmm, not sure I got my Auto Enhanced score pulled by DCU; actually I'm struggling to remember if they provided it at all even though I know I didn't get their best terms.  In any event, my EQ Beacon 5.0 FICO was probably 636, have all the bells and whistles from having been a member there for 10 years, and received a 5.99% APR, which a few days ago got reduced to 5.74% for good behavior.

It's a good CU for auto loans in my opinion.  I went through the process back in late August I think.

As for Auto Enhanced FICO: if you have solid auto loan tradeline history in the past, yes your auto enhanced may be higher.  If you don't, can well be lower.  Some other factors in there as well (installment loan history potentially) but it's possible your credit report will be 15 or more even points higher on auto enhanced if you're good... or non-trivially lower if you're not. 

In any event from my actual experience, if you need a car, I wouldn't prolong things for some random FICO number; DCU did me right on a refi off of 19.35%, and they've done well by other members on this forum too.  I'd pull the trigger when necessary.

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Thanks for the info Revelate.  I've always mainted perfect payment history on my installers (CC another issue, I finally learned) so I know my Auto would be the same or higher.  2 Perfect auto loans in the last 5 years, 2 student loan accounts 6 years old and counting, 1 unsecured personal loan 3 years old and counting.

I didn't speak with someone directly in a branch, so maybe she was mistaken about pulling for Auto Enhanced?  I'll try following up with a branch tomorrow.  Either way, 5.45% is 3% better on average from the other CUs I was shopping in my area (RI).  And since I'm safely above 640 (And will be even higher in a month or two) I can at least use that rate to shop against the dealers.  

[toppers555]

I pulled the trigger yesturday as I a fed up of giving capitol money. closed 4 of 6 of my credit card accounts with them, and those other 2 will be getting the axe very soon.  I got apporved within few hours of submitting application. 

[anewme35]

Wanted to spin this old thread back up as I am in a hurry up and wait period before applying for a loan through DCU.  Thanks for this thread as it has a lot of helpful info.  Speaking with DCU yesterday all this info is still valid.  675 min required for prime rate, must have relationship checking etc.   However I still have a few weird questions and am hoping someone can chime in and provide insight.

1.  Do you think that the Gov't shutdown could adversely affect auto loan interest rates if an agreement isn't met soon?  I am in a waiting period as the DCU preapproval is good for 30 days and my vehicle is being built and won't be available for delivery until end of November.  Because my CS (678) is right on the fence I don't want to do a pull too soon and have to do another one greater than 30 days from now for fear that my credit score will drop below their min req.  Thoughts?

2. I spoke with another credit union and they mentioned something that I wasn't sure would apply to me through DCU.  For the amount of car loan I need $55k, through the other credit union, they required a 720+ for car loans above $45k as another/extra qualifying criteria that must be met.  I called DCU and they assured me that they don't have an auto loan amount qualification criteria, but I was wondering if any of you could confirm. 

Thanks in advance for any info you can provide.

[Revelate]

Government shutdown sort of unlikely.  Government default, maybe.  

Anyway lenders individually set underwriting criteria, and you can only go by what the lending institution tells you.  Credit unions are just like banks, they have their own policies and execute against them, what you may be able to do with DCU is different than the other CU, and vice versa, similar to the differences between BOFA and Chase.

[cyclesport45]

Re-re- ressurecting this thread.  I'm a DCU member, checking accound, VISA, direct deposit, all that cr. . . stuff.  Just got a message that I'm pre-approved for a 40K auto/RV/boat loan, and to click this little button to complete app.  Interest rate of 1.99%.  My 7 year old Yaris is looking a little long in tooth.  (But no payments is kinda nice)