Credit Union vs. DCU

[candiigraham]

I applied for a new car loan through my locall credit union.  If I don't like the rate that they give me can I or should I try with DCU as well?  Thanks my credit score is 653, not sure if you needed that info.

[Remember0]

What rate did they give you? You're probably looking at 5-8% if that is your EQ FICO with DCU.

[candiigraham]

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My Credit Union gave me 5.3% but I thought that DCU was giving 2.4-4.9%. I guess it just depends on your credit score.  Do I check to see if DCU will give me a lower interest rate?

[Remember0]

IMO it won't hurt to check. One more inquiry, but your CU won't take away the 5.3 if you apply to DCU.

DCU's 1.99 and 2.49 are typically for EQ fico 675+, I think. Pretty sure there's a big dropoff in APR even one point below that cutoff (to like 4.99%).

Honestly, your dealer can probably get you <3%. IMO apply with DCU sure, but tell your dealer you want <3% or you'll go with your CU. They can beat it esp. if you're buying new and a model with incentives (most models seem to have incentives on apr).

[09Lexie]

Unless you are an existing DCU member, you are looking at 2 HP's On EQ. They pull for membership and credit products. There is a rate chart on their website based on EQthat  will determine your APR. 

It's best to secure your membership PRIOR to apping for their credit card products as to not waste an inq if you are denied membership. 

[Remember0]

^I thought they use the same inq? You could always apply for membership and loan and call to get it done on the same day...that way the inqs would combine.

And what's the point of membership without credit? Personally I might go the other way. Apply for credit, if approved, membership. That way I only have 1 INQ if denied vs 2 if denied credit?

[09Lexie]

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@Remember0 wrote:

^I thought they use the same inq? You could always apply for membership and loan and call to get it done on the same day...that way the inqs would combine.

And what's the point of membership without credit? Personally I might go the other way. Apply for credit, if approved, membership. That way I only have 1 INQ if denied vs 2 if denied credit?

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There have been plenty of members who applied for credit first only to be denied membership.  DCU is known to have had issues with the verification process for membership.  One that you cannot appeal it as why?  

Search the boards and you will see the advice of securing membership first is the best approach. 

[Remember0]

Gotcha. Thanks for the correction, I didn't know that detail about DCU.