DCU Auto Loan Process

[ObieGrad]

What is the process to get a loan from DCU?  Can you opening a checking account and apply for a loan at the same time?  What is the minimum direct deposit required to qualify for relationship checking?

[Anonymous]

i applied for the loan first. after i was approved i opened up a savings acct. for $5.

[Remember0]

Many recommend applying for membership first, then auto loan esp. if your FICO is decent (say 650+ EQ). Because sometimes, DCU approves auto, denies membership and you're back to square 1. What's your FICO?

Also often the system preapproves when you become a member if your FICO is decent...

[ObieGrad]

783 per Discover

[aubie1kenobie2]

Apply for membership first, email them the docs they want right away (usually colored copy of SSN, driver's license) although some people don't seem to need to send it. $5 to open if you qualify (as a member of an affiliated organization) and additional $10 donation to an affiliated organization if you were not eligible for the membership. Once account gets opened, you can call loan application number or apply online. My experience is that the process has been pretty quick and painless. It will be two pulls on your CR from EQ -- one to open the account, another for the loan.

[Remember0]

You'll be fine haha. I do recommend checking/membership first. No minimum deposit required. Even $300 would allow you to qualify. Just don't do something stupid like calling and asking "hey is 300 okay...it's only a part of my paycheck").

Also if you don't want inqs from the dealer since you like the DCU rate (1.24 for 65 months), you need to freeze your reports. The dealer will say soft or no inq, yo'll come home and it'll be there. Costs 60, but you avoid dealer inquir(ies)!

[sulaw00]

I was just approved for $50K - applied for the auto loan first and then the membership.  They didn't require anything other than a $10.00 donation to open a standard (free) checking account.  Apparently, they are sending me a blank check for up to $50K that I can use at a dealership of my choice - haven't received the check yet (they sent it yesterday).  So far, this has been an extremely easy process.  In addition to the credit pull, I only had to upload a copy of my current paystub - whole process maybe took 2 days and the loan rep has been emailing on the daily. 

Easiest loan app ever - 2.24% for 72 months.

[black_citi]

---

@sulaw00 wrote:

I was just approved for $50K - applied for the auto loan first and then the membership.  They didn't require anything other than a $10.00 donation to open a standard (free) checking account.  Apparently, they are sending me a blank check for up to $50K that I can use at a dealership of my choice - haven't received the check yet (they sent it yesterday).  So far, this has been an extremely easy process.  In addition to the credit pull, I only had to upload a copy of my current paystub - whole process maybe took 2 days and the loan rep has been emailing on the daily. 

Easiest loan app ever - 2.24% for 72 months.

Congratualtions!! 2.24% for 72 for 50k is really good. What car are you planning to get if you don't mind me asking?

---