Any DCU Auto Loan Horror Stories

[followgreatness]

Looking to finance 20k after down payments within the next few weeks.

Any major flags?

[Anonymous]

DCU has been great, had 3 auto loans with them now just 1.

24 hour approval hotline.

Last loan I called Thursday night 10P was approved.

Friday went shopping signed purchase agreement and emailed it to DCU.

Saturday by noon I had the DCU check in my hand.

Recently paid that loan off by refinancing happend to get a stellar deal at my other credit union for 3.75% for 6 years.

There was no delay in refunding my overpayment when the loan was paid off, they just transfered it to my DCU savings account.

If I had to say anything negative about DCU it would be that sometimes it's slow to reach a loan officer.

[TheFIGuy]

Questions for you @njcobra10tha

1. Do you bank with DCU
2. Did you bank with DCU before applying for a Auto Loan
3. Does DCU allow auto-payment from a external financial institutions bank account (NFCU ---> DCU)
4. Do you think it's best to signup for membership before applying for a DCU auto loan?

Thank you!

[Anonymous]

I do use DCU as my primary bank.

Yes I have banked with them for a while
before applying for a car loan however my 21 year old daughter didn’t and just applied for a car loan and was approved.

3) I don’t know. You do get a discount for having a relationship so maybe just direct deposit your car payment each month into checking or savings. You do get a crazy 6.something percent on your first thousand In savings. You could alternatively deposit a check (which should clear instantly) and transfer to the loan.

4) should have no bearing although you will need to open the savings account prior to them funding the loan. Remember with them 1 inquiry is good for 30-45 days for all loan apps so after you get the car loan maybe apply for a credit card.

Good luck!

[TheFIGuy]

Can you not do an ACH push from your external account to DCU?

[TheFIGuy]

Thank you for all these DP's BTW

[followgreatness]

Very helpful indeed!

[Anonymous]

Why insist on transfering the payment from another bank and lose the .25% discount?

Can you split your direct deposit and have just the amount to cover the loan go to DCU savings each month?

Also why not take advantage of putting $1,000 in savings and earning their 6.17% on your first $1,000 in savings?

[DaveInAZ]

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@Anonymous wrote:

Why insist on transfering the payment from another bank and lose the .25% discount?

Can you split your direct deposit and have just the amount to cover the loan go to DCU savings each month?

Also why not take advantage of putting $1,000 in savings and earning their 6.17% on your first $1,000 in savings?

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It's actually a .50% discount on loans when you have 'relationship status' with a direct deposit into a DCU account and make the loan payment electronically from a DCU account. I have that and have a whopping 15% of my payroll DD goes to DCU to cover the car loan payment. You can use the savings account with 6.17% interest for that, but the checking account is free with no minimum balance or other requirements, so I use my checking account for direct deposits & loan payments and $1k just sits in my savings earning interest.

But when you have a car loan with that relationship status you definately cannot make the loan payment by external ACH. I tried that with Plastiq and they couldn't do it, said the account is marked as a 'non-transactional account', meaning it is blocked from any non-DCU external transactions.