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I’m interested in refinancing my automobile with DCU as I have seen many community members rave about them. I have a couple of questions before I go through the process that I hope can be answered. My current rate is 9.5 percent with my local credit union.
I’ve heard they pull Equifax Beacon 5/Equifax 4 (The Equifax Mortgage Score). My current score under that model is 680. I have heard that to get the lowest APR rate you need a 675 or higher within this scoring model. Can anyone confirm this?
I have also heard that they will hard pull Equifax for applying for membership and again for applying for the auto loan. Can anyone confirm this? Has anyone been able to apply for membership and the auto refinance loan using only 1 hard pull?
I have also heard when computing Loan to Value ratio for automobiles they use NADA. Can anyone confirm this?
I have a 2010 Chevy Impala LT. The car has 59,000 miles on it. The payoff on the current loan is $6,196.36. Would they refinance this car?
Are they new account sensitive? I have opened 4 Credit Cards and an Auto Loan since June 2015. The most recent new accounts were opened in November 2015
Other Information:
Utilization - 1 percent
Collections - $20 Medical Collection and an old $324 Cable Collection. The Cable collection is due to fall off in June.
AAOA -5 Years 3 Months
Thank You in advance
I am refinancing through them right now so can't speak to all of this...
So far I have only received notification for one HP for when my membership was processed. My loan isn't technically "done" but it has been approved so if they were going to do another HP I would think they would have. They do use NADA it appears (online NADA guide is on their website). As long as the loan is less than the 120% and you are qualified you should be fine. They don't appear to be new account sensitive. I have four new accounts (and a slew of INQ's) since March 2015 and I was pretty much instantly approved (applied online it was approved in less than one day).
Everything so far has been really smooth. They just asked for the 10 day purchase price from my current lender...
I love DCU. It's local to me so that's even better.
Customer service is excellent, and you can call and ask those exact questions and they will answer them for you.
I became a member almost 2 years ago now when I applied for a new car loan. They offered me a Visa at the same time so I took it. I took the blank check with me to the dealer, but ended up doing a dealer refinance to take advantage of an extra $1000 off, then went back to DCU and they did a refi for me.
A few months later refinanced my used car with them as well.
I am planning on doing another car loan in the next two months to replace my used car and will use them again. Their rates are awesome.
Completed my refinance with them today and it was super easy. Can't recommend them enough. Was a little nervous initially about using an out of state CU (versus a local one my loan was through) but it was really smooth and great customer service.