topic Re: DCU refinance in Auto Loans

DCU refinance

techoin — Fri, 09 Oct 2020 04:34:14 GMT

I have used auto loan with DCU at 1.99% which I got 3 years back. Since rates are low and my used car value seems to have gone up, I am looking to refinance it again and extend with new term of 65 months. That will lower my monthly and at the same time I can borrow some additional amount at 1.99%.

Has anyone refinance existing dcu loan with them? Can they just extend the term of existing loan or have to apply fresh? I looked at most other CUs and lenders but none seem to offer low rates as DCU for used refinance.

Re: DCU refinance

Anonymous — Sat, 24 Oct 2020 21:04:36 GMT

I don't think they will refinance their own loan. Most lenders will not do it either.

Re: DCU refinance

Loquat — Sun, 25 Oct 2020 03:29:10 GMT

Like previously mentioned, I don't know if DCU will refinance their own loan. You may have to move it away to another lender and bring it back to them if it's really worth the work. Let the numbers guide your decision.

Re: DCU refinance

goalchaser1 — Mon, 26 Oct 2020 07:39:13 GMT

DCU will refinance an existing DCU auto loan.

It's possible to lower the payment by changing the rate and/or increasing the term. However, DCU charges a one time fee ($100+) based on the loan amount.

I don't know if they will refinance an existing loan based on an account review and without an application.

I was informed that a soft inquiry is used when applying through a pre-approval offer.

Re: DCU refinance

techoin — Mon, 26 Oct 2020 20:11:10 GMT

Thanks. I applied with DCU last week and was able to refinance my loan with cash out as desired. The only caveat is they will only refinance to 100% of vehicle value instead of 125% when its cashout