Reply
Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
0

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


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Established Contributor
MountainHiker
Posts: 651
Registered: ‎08-07-2012
0

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!!

EQ-732FICO,EX-PLUS 740,TU-725FICO
Goal 750 Across

NFCU Signature Cash Rewards Visa, Chase Freedom Visa, Wells Fargo Visa Secured
Valued Contributor
Jutz
Posts: 1,216
Registered: ‎05-10-2012
0

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?

  • Current: EQ FICO 694, TU FICO 695, EX FICO 698 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $29,500
  • Inquiries (12 Months): EQ 6 TU 3 EX 6 | Most Recent: 1/21/2014
Chase Freedom $5000
DCU Visa $10000
Capital One QS $2000
AMEX BCE $1000
Lowe's CC $8500
WalMart CC $2400
BOA Platinum $600
AMEX Gold NPSL
Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
0

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


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
0

Re: Best CU for benefits,DFCU or NFCU?


Jutz wrote:

Is this why they do 65 month loans?


 


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Valued Contributor
Jutz
Posts: 1,216
Registered: ‎05-10-2012
0

Re: Best CU for benefits,DFCU or NFCU?

:smileyhappy:

  • Current: EQ FICO 694, TU FICO 695, EX FICO 698 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $29,500
  • Inquiries (12 Months): EQ 6 TU 3 EX 6 | Most Recent: 1/21/2014
Chase Freedom $5000
DCU Visa $10000
Capital One QS $2000
AMEX BCE $1000
Lowe's CC $8500
WalMart CC $2400
BOA Platinum $600
AMEX Gold NPSL
Moderator
Revelate
Posts: 8,951
Registered: ‎12-30-2011
0

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.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


Take the myFICO Fitness Challenge
Established Contributor
MountainHiker
Posts: 651
Registered: ‎08-07-2012
0

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.

EQ-732FICO,EX-PLUS 740,TU-725FICO
Goal 750 Across

NFCU Signature Cash Rewards Visa, Chase Freedom Visa, Wells Fargo Visa Secured

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+