***DCU Update***

[Anonymous]

Just an update on my post from last week. I completed the process of refinancing my loan from Capital One on Saturday. My rate went from 16.9% on a loan I just took out in September to 5.74% with DCU. I took 15 months off the loan AND reduced my monthly payment by $30. Also, I went shopping with my preapproved purchase loan last night and am now the proud owner of a BMW X1. I also got 5.74% on this loan for 65 months and got out of my 18% Exeter loan on my trade(saving $50 per month). Couldn't be happier!  

  Brian

[jbradey]

so you got approved with a credit score of 1/28/16 - 594EQ | 620TU | 630 EX? and with that low apr?

[Anonymous]

Yup. For 2 loans at 5.74%. Dcu will now have my business forever because they did exactly what they promised they would. They told me when it comes to loans, they look at the entire customer profile and only use credit scores to determine the rate. When you factor in I have 10 years at my job with a 6 figure salary and 10 years in my home with credit utilization under 10%...I am a pretty good credit risk. It shouldn't be all about credit scores. I see some folks here.. and I'm not criticizing them, just stating facts, that have 700+ credit scores but it's all smoke and mirrors. Credit files are built with blood, sweat and tears. It takes years of mistakes and hardships. Some lenders value, appreciate and reward their customers for surviving the journey. For me...that lender was DCU.

[cartwrna]

I whole heartedly agree with you bman98! You can have a super thin file, with barely any credit history, and still be in the 700s!

[Irisa]

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@Anonymous wrote:

Just an update on my post from last week. I completed the process of refinancing my loan from Capital One on Saturday. My rate went from 16.9% on a loan I just took out in September to 5.74% with DCU. I took 15 months off the loan AND reduced my monthly payment by $30. Also, I went shopping with my preapproved purchase loan last night and am now the proud owner of a BMW X1. I also got 5.74% on this loan for 65 months and got out of my 18% Exeter loan on my trade(saving $50 per month). Couldn't be happier!  

  Brian

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Nice done Brian. Congrats on the lower rates and the new car!  

I think DCU will be my first choice next time I need a car loan. I've heard some really good things about them, especially their loan rates. 

[undrtkr65]

I just got approved with DCU today for auto refinance 6.29 for up to 60 months. However a local credit union can approve me at 3.49 for 48 months. I think I'll stick with the local credit union. I asked DCU if I only refinance for 48 months would rate be lower and they said no it wouldn't. My beacon 5.0 score is 630 Equifax. My current auto loan is 20% I've got to get into the credit union soon as possible. I'm putting 2k down as I'm a little over the value of my car. About 1400 dollars over the value. Good thing I bought a Toyota

[Anonymous]

It keeps getting better...Just got this email from DCU:

Reduce your loan rate up to 1.50% with our Payment Rewards Program! As a reward for making your payments on time* and continuing to be a member in good standing,** you'll be able to lower your interest rate over the course of your loan.

How does DCU's Payment Rewards Program work?

After three consecutive months of making on time or early payments and keeping your membership in good standing, we'll automatically lower your loan rate by 1/4%. But it doesn't stop there! We'll continue to lower your interest rate 1/4% every three months for a maximum rate reduction of up to 1.50%^.

#winning