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Re: Best CU for benefits,DFCU or NFCU?

[ Edited ]

I don't nessasarily think NFCU is better than DCU for auto loans.

 

Although NFCU advertises 1.79% and DCU is at 1.99% many people don't realize DCU could save you more cause they offer weekly payments. Since all loans the interests are calculated on a daily basis by cutting it down to weekly payments it saves a lot of interest 

 

 

 

http://www.dcu.org/prodserv/loans/auto.html

 

Weekly Automatic Transfer – With this method, you'll actually pay off your loan faster and save interest. That's because we divide your normal monthly payment by four to arrive at your weekly payment. As a result, you'll make one extra full monthly payment per year

 

 

So it's 1.99%  with 1 free monthly payment a year  vs  1.79%  

 

on a $25,000 car at 5 years at 1.99% your paying a interest of about $500 a year in interest.  @ 1.79% your paying about $450 so

 

DCU 1.99% weekly payments > NFCU monthly payments at 1.79% imo cause 1 free month of payment per year will GREATLY surpass the $50 in savings

 

 

I'm a member of both btw


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Re: Best CU for benefits,DFCU or NFCU?


distantarray wrote:

I don't nessasarily think NFCU is better than DCU for auto loans.

 

Although NFCU advertises 1.79% and DCU is at 1.99% many people don't realize DCU could save you more cause they offer weekly payments. Since all loans the interests are calculated on a daily basis by cutting it down to weekly payments it saves a lot of interest 

 

 

 

http://www.dcu.org/prodserv/loans/auto.html

 

Weekly Automatic Transfer – With this method, you'll actually pay off your loan faster and save interest. That's because we divide your normal monthly payment by four to arrive at your weekly payment. As a result, you'll make one extra full monthly payment per year

 

 

So it's 1.99%  with 1 free monthly payment a year  vs  1.79%  

 

on a $25,000 car at 5 years at 1.99% your paying a interest of about $500 a year in interest.  @ 1.79% your paying about $450 so

 

DCU 1.99% weekly payments > NFCU monthly payments at 1.79% imo cause 1 free month of payment per year will GREATLY surpass the $50 in savings

 

 

I'm a member of both btw


Impressive number crunching.Would you like to do my homework tonight? Just saying!!

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Re: Best CU for benefits,DFCU or NFCU?


distantarray wrote:

I don't nessasarily think NFCU is better than DCU for auto loans.

 

Although NFCU advertises 1.79% and DCU is at 1.99% many people don't realize DCU could save you more cause they offer weekly payments. Since all loans the interests are calculated on a daily basis by cutting it down to weekly payments it saves a lot of interest 

 

 

 

http://www.dcu.org/prodserv/loans/auto.html

 

Weekly Automatic Transfer – With this method, you'll actually pay off your loan faster and save interest. That's because we divide your normal monthly payment by four to arrive at your weekly payment. As a result, you'll make one extra full monthly payment per year

 

 

So it's 1.99%  with 1 free monthly payment a year  vs  1.79%  

 

on a $25,000 car at 5 years at 1.99% your paying a interest of about $500 a year in interest.  @ 1.79% your paying about $450 so

 

DCU 1.99% weekly payments > NFCU monthly payments at 1.79% imo cause 1 free month of payment per year will GREATLY surpass the $50 in savings

 

 

I'm a member of both btw


Is this why they do 65 month loans?

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Re: Best CU for benefits,DFCU or NFCU?


MountainHiker wrote:

Impressive number crunching.Would you like to do my homework tonight? Just saying!!


I wouldn't know how to start, I never did mine =)  my motto is screw homework just take test and find out what I need to study, but I haven't failed too much besides maybe few english classes =p


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Re: Best CU for benefits,DFCU or NFCU?


Jutz wrote:

Is this why they do 65 month loans?


 


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Re: Best CU for benefits,DFCU or NFCU?

Smiley Happy

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Re: Best CU for benefits,DFCU or NFCU?


distantarray wrote:

I don't nessasarily think NFCU is better than DCU for auto loans.

 

Although NFCU advertises 1.79% and DCU is at 1.99% many people don't realize DCU could save you more cause they offer weekly payments. Since all loans the interests are calculated on a daily basis by cutting it down to weekly payments it saves a lot of interest 

 

 

 

http://www.dcu.org/prodserv/loans/auto.html

 

Weekly Automatic Transfer – With this method, you'll actually pay off your loan faster and save interest. That's because we divide your normal monthly payment by four to arrive at your weekly payment. As a result, you'll make one extra full monthly payment per year

 

 

So it's 1.99%  with 1 free monthly payment a year  vs  1.79%  

 

on a $25,000 car at 5 years at 1.99% your paying a interest of about $500 a year in interest.  @ 1.79% your paying about $450 so

 

DCU 1.99% weekly payments > NFCU monthly payments at 1.79% imo cause 1 free month of payment per year will GREATLY surpass the $50 in savings

 

 

I'm a member of both btw


TBH this is a marketing gimmick.  There's no lender that I'm aware of that won't let you make an additional payment if you so choose, at least none in my direct or indirect experience.

 

You're not getting a free month; what you're actually doing is making 52 payments instead of 48; ergo four extra payments = one month paid ahead.  You do get some fractional interest savings paying interstitially over a month rather than a lump sum at month's end (simple interest loan compounded daily or faster) it doesn't amount to much if you do the math on it to the point I considered it to be trivial for the extra effort involved.  

 

A lower interest rate is simply better on the assumption you are making the same level of payments to each.  NFCU has a better loan option than DCU, on the assumption that you qualify for their top tier... and if you don't qualify for tier 1, then you're likely better with NFCU anecdotally anyway.

 

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Re: Best CU for benefits,DFCU or NFCU?

I think the opinions put forth does paint the over-all picture that NFCU and DFCU are the cream of the crop of credit unions.One might offer slightly better options on certain type of loans or credit cards but for the most part it is an excellent ideal to have either companies backing your credit card and loans. I think that explains why many people have both these cards in their wallet. I like that I can go into a network CU and pay my DFCU bill. That is convient.

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