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DCU Refinance approval!

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Royalbacon
Frequent Contributor

DCU Refinance approval!

Bought my truck, used Silverado 2006 at the beginning of January, applied for an auto loan from DCU and got approved 36 month at 2.74%, will be saving about $37 a month, a total of about $444 a year! Before my loan was with Huntington and the interest rate was 12.64%! Ouch!

 

Surprised too they offered me 36 or 48 months because (after I applied online) I was reading DCU only refinances vehicles less then 12 years old, and if under 12 years old they want it paid off by the time it's 12 years old, and my Truck is 10 years old, but nope they first offered me a 48 month loan and I told them I currently have a 36 month loan and would like that instead and they happily gave me a 36 month loan.

 

Good thing I read about the supposedly 12 year old thing after I applied, or else if I read it before, I probably wouldn't of applied and saved the hard pull, and still have the 12.64% interest loan with Huntington.

Chapter 7 Bankruptcy Filed-September 2020 Discharged-December 2020
Kohl's Credit Card $3000 Limit (Opened October 2016) Survived Bankruptcy for whatever reason
Closed Capital One Venture One $3000 Limit (Opened December 2020, Closed by me September 2022 since I wanted the SavorOne and couldn't product change to it)
Capital One Auto Loan (Opened March 2021)
Capital One Cabela's $5000 Limit (Opened December 2021)
America First Credit Union Visa $1000 Limit (Opened December 2021)
Capital One SavorOne $5000 Limit (Opened September 2022)
Sam's Club Mastercard Synchrony Bank $2500 Limit (Opened March 30 2023) (Burned Synchrony in my CH7 BK, One card with a $745 balance)
Idaho Central Credit Union ICCU Visa $10,000 Limit (Opened April 2023)
Message 1 of 4
3 REPLIES 3
Anonymous
Not applicable

Re: DCU Refinance approval!

My goodness. 12.64. Great job. 

Message 2 of 4
Royalbacon
Frequent Contributor

Re: DCU Refinance approval!

Thank you!

 

My scores are around 670-680. When I was at the dealer beginning of January whatever they pulled my score was 675 and said something like with that kind of credit score you're not going to be finding a better interest rate, which was a huge lie.

 

Stumbled upon DCU thanks to this forum! When I applied for my membership it said I was prepapproved for up to $20,000.00 but waited a week to apply for the auto loan.

Chapter 7 Bankruptcy Filed-September 2020 Discharged-December 2020
Kohl's Credit Card $3000 Limit (Opened October 2016) Survived Bankruptcy for whatever reason
Closed Capital One Venture One $3000 Limit (Opened December 2020, Closed by me September 2022 since I wanted the SavorOne and couldn't product change to it)
Capital One Auto Loan (Opened March 2021)
Capital One Cabela's $5000 Limit (Opened December 2021)
America First Credit Union Visa $1000 Limit (Opened December 2021)
Capital One SavorOne $5000 Limit (Opened September 2022)
Sam's Club Mastercard Synchrony Bank $2500 Limit (Opened March 30 2023) (Burned Synchrony in my CH7 BK, One card with a $745 balance)
Idaho Central Credit Union ICCU Visa $10,000 Limit (Opened April 2023)
Message 3 of 4
Anonymous
Not applicable

Re: DCU Refinance approval!

Yeah. flat out lied. my situation was similar. Dealer through inquiries all over on my behalf(how nice of them). They told me 17% was the best, i literally stood up said i cant afford that and was walking out, they said .."...wellllllll, this CU also approved you, but it's pending" i was so mad, they were holding out on me because of that. on TOP of that, the rate they told me was 8.4, which i was excited about, going from 17%. Come to find out from the CU it should have been 5.4, the dealer marked it up to get a larger profit. 

 

Do you know if they used the same pull for your membership?

Pesonally i would have gone with 48 month term if it was the same interest rate, just so i could keep the required payments lower(could always overpay), but hey, do your thing, youre obviously way better off now and can't go wrong with that. 

Message 4 of 4
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