I am starting the process of getting a new car and am getting my budget range in order. I have never applied directly with a bank for a car loan before so I am unsure of a few things and would love some input!
- When I apply for the loan let's say I put 55K but end up only needing 50k, I would notify DCU after I close the deal at the dealership and then they would send the amount over to them?
- With that, if I put 55K and am approved but the car is 56K.. would DCU give me a range within reason after final approval? I want to have approval for their low APR so I can compete with the dealer but worried about final pricing.
I believe DCU's max loan limit is $50k. At least that was when I just refinanced my car. I had to pay about $4k of the loan off to refi with them.
I tried to buy my car with DCU (I'm in Seattle), but my dealership out right refused ... so financed with a Sound CU (local) at 2.19% and I refinanced with DCU at 1.24%.
When apply online, put your max amount in. It's always easier to borrow less, than more. Then you sing the purchase and sale agreement with the dealer and upload it. DCU mails you a check you take to the dealer you both sign the check, dealer cashes the check (they may make you wait for the check to clear), and you take delivery of the car.
might be easier to finance through dealer, pay down the loan, and then refinance through DCU later.
Well now I'm curious. I can't find anything online about the max auto loan limit. When I applied for a new auto loan with them in late October 2021 the phone rep told me it was a hard $50k max (I wasn't a member then). If it is $50k, then that max is too low given US car prices ($75k seems more reasonable).
If anyone finds out what the max is, please post it.
I have a $120,000 auto loan with DCU that I opened last month and when I spoke with the rep he told me that over $100,000 takes a day or so longer because it gets escalated to a higher level for signoff but that they will go as high as $500,000 like NFCU. They are extremely flexible with auto lending as I use them for cash out refis on cars I pay cash for, many other institutions will balk at this. Great credit union to deal with overall!