What are my chances for 35k auto loan at dcu

[ssssg]

Thanks! Maybe it helped too that I've been a member for years and this is my 2nd auto loan with them. Trying my luck with their credit card as well but they didn't gave me instant approval and it is still pending. Hopefully i just get one hard pull for both.

[Kenny]

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@ssssg wrote:
Thanks! Maybe it helped too that I've been a member for years and this is my 2nd auto loan with them. Trying my luck with their credit card as well but they didn't gave me instant approval and it is still pending. Hopefully i just get one hard pull for both.

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There may be something to this Remember0 .. I am preapproved for one with DCU up to 40k with 748-- however this is also my second auto loan with DCU. (Currently, not going to be taking on any new debt at all, though.)

[ssssg]

Just an update.. was actually approved of 42k (though I only applied 35k) with 713 equifax pull . They called me and said just to bring my approval number to the dealership and the dealership will just have to fax purchase agreement to them (I remembered this was the exact same process with my first auto loan with dcu). They didn't even asked for proof of income etc. I also got approved of 3k cc (my highest to date!) Just loving my DCU!

[DevotionToU]

Good to hear you got approved for such a large number.  There seems to be a lot of panic going around about people getting 15k max.  Though you had a loan with them before, so that would definitely factor in to their decision.  I'm going to be applying for a loan in a month or so, and hopefully I can get more than 15, because the car im looking at is ~20ish.

[Kenny]

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@ssssg wrote:
Just an update.. was actually approved of 42k (though I only applied 35k) with 713 equifax pull . They called me and said just to bring my approval number to the dealership and the dealership will just have to fax purchase agreement to them (I remembered this was the exact same process with my first auto loan with dcu). They didn't even asked for proof of income etc. I also got approved of 3k cc (my highest to date!) Just loving my DCU!

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Awesomeness!!

[goodguy14]

Wowser.... reading all these stories discourages me from even applying. I was planning on applying for a 35k auto loan next week. But being a first timer, I don't think they'll even consider that high amount  I wonder if DCU accepts down payments on loans? (just to help my chances of approval)

[goodguy14]

When appkying for DCU, to increase chances of higher limit loan approval, should I offer a down payment? I say this becuase my credit is great and all but the history is quite short (2 years) .. I was gonna ask for a 35K loan, but if they dont take down payments then I rather increase the chances of being approved for 30k 

feedback? 

[ssssg]

Goodguy14, different strokes for different folks. I think as long as your credit score and your dti ratio is good, it's worth a try. Wasnt expecting high numbers but they gave it to me. Also, told them I will trade my old car as down payment so it probably helped. On my first car loan with dcu, they required 20% down. Good luck. Hope you get approved.

[younes2008]

what is  DCU?

[Remember0]

Digital Credit Union, a cu in Massachusetts which everyone can join. They may (this is speculation on my part) have been changes in how much money they will lend to lower fico scores, lower incomes, and/or first-time buyers. Speculation + A call for info is in this thread:

http://ficoforums.myfico.com/t5/Auto-Loans/To-consider-before-applying-to-DCU-Collecting-info/td-p/2...