Help DCU or NASA FCU?- approved by both

[happy99]

We decided to refi both of our cars.

2006 Audi TT roadster

23k miles 

currently with Wells Fargo at 10.99%

 24 months 

$7800 remaining 

2008 Toyota Avalon 

90k miles (long daily commutes)

currently with Chase at 5.69%

36 months remaining

$10k remaining.

Since our credit has improved significantly since we purchased both cars in 2011, we decided to refi them both. We want to take the savings in interest from the Audi approx $120 a month and use it to reduce the term on our Toyota to 24 months. Our payments would work out to be almost exactly the same but we would be paying off the Toyota and entire year sooner! A savings of nearly $4000!!

Here's where I'm stuck. We applied with both DCU and NASA FCU (heard great things about both on the forums). I became a member of both (and Nasa gave me a 25K credit card instant approval...wrote a different post about that..I was baffled!) We got approved by both for the refis. The rate is a little better at DCU 1.99% vs 2.24% with Nasa FCU...but that works out to be a couple dollars a month difference. I am leaning towards DCU but since NASA gave me the huge credit limit with instant approval I wonder if I should reward them for being so awesome and give them our business. Maybe I should do 1 car with each? I don't know much about building relationships with banks/credit unions and stuff like that or if they even notice/care. 

Oh and I could get 1.49% with DCU if I do auto pay and direct deposit but my company doesn't offer direct deposit.

What would you suggest?

I am grateful to have this kind of "problem" (if you can call it that)  when last time I had trouble finding decent financing at all on the Audi lol. A few years and a lot of work on our credit has made all the difference!!!

[happy99]

bump

[Luscher]

Either are great. But I vote for DCU

[happy99]

We decided to split the business between the 2 credit unions to build stonger relationships with each. So we are doing the Audi refi with NASA FCU and the Toyota refi with DCU. I have been very impressed by both of them so far so this was a tough choice. Nasa couldn't beat DCUs interest rate but the difference is only $1 a month.  Maybe I'm overthinking it (very likely) but I think its worth it to build the relationships with both.

[Luscher]

Never a bad thing to build relationships. especially with credit unions

[happy99]

i figured it couldn't hurt lol

[Luscher]

and your saving a lot on interest too!!!!

[Slim1Der]

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@happy99 wrote:

We decided to split the business between the 2 credit unions to build stonger relationships with each. So we are doing the Audi refi with NASA FCU and the Toyota refi with DCU. I have been very impressed by both of them so far so this was a tough choice. Nasa couldn't beat DCUs interest rate but the difference is only $1 a month.  Maybe I'm overthinking it (very likely) but I think its worth it to build the relationships with both.

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I concur with your thought process. DCU is next on my radar...

[KatieKatie]

Hi and congratulations!  You could maybe set-up "direct deposit" from one of your bank accounts to DCU to take advantage of the lower rate.  You just sign up for recurring transfers each month of a set amount from an outside bank or credit union to DCU and that is a direct deposit.  

[happy99]

That's an excellent idea! I'm going to see about setting that up.