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Refiance with DCU?

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Anonymous
Not applicable

Refiance with DCU?

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

Message 1 of 5
4 REPLIES 4
sportsguy83
Regular Contributor

Re: Refiance with DCU?

 

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...

 

Beginning Rebuilding - February 2022

Current Scores - June 2023

Goal Scores - January 2024

Message 2 of 5
Anonymous
Not applicable

Re: Refiance with DCU?

They are tiered. Have been for months. 675 is the third highest tier, iirc it's a 2.49 rate with DD, 700 is 1.99 and 1.74 for 730+. You have the Fico version info correct.
Yes two hard pulls but who cares. Inq are so overblown sometimes. They have two different departments and do not share reports between. Ie:lending/membership. Lending having cc and loans, membership being self explanatory but also including checking/dividends/savings.
Yes they use nada, some of the info you can also get on their site, you should check it out. The cars payoff has to occur before its 12 years old, so your max finance would be 5 years probably. I don't see any issue with any of that though. I opened 4 accounts in the 12 months prior to my approval with dcu, this was a month ago. Whole process was painless, you can have them send you a blank check overnighted after approval and walk into the dealership with it. You do not need a purchase agreement before hand as they lead you(and me originally) to believe
Message 3 of 5
Anonymous
Not applicable

Re: Refiance with DCU?

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.

Message 4 of 5
sportsguy83
Regular Contributor

Re: Refiance with DCU?

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.  

Beginning Rebuilding - February 2022

Current Scores - June 2023

Goal Scores - January 2024

Message 5 of 5
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