DCU Auto Loan Process...

Anonymous · ‎09-11-2017

He Fico Fam, I've goten plenty answers regarding PenFed, thanks.

For DCU auto loan process, when applying do you give specific car information or do you just apply for a certain amount and once approved you go through the rest of the process?

Also if you're denied a certain amount, will they tell you how much you DO qualify for or do you have to re-apply for a new amount?

Any stories or experinces help.

thanks for answersin advance...

iced · ‎09-12-2017

@Anonymous wrote:
He Fico Fam, I've goten plenty answers regarding PenFed, thanks.

For DCU auto loan process, when applying do you give specific car information or do you just apply for a certain amount and once approved you go through the rest of the process?

Also if you're denied a certain amount, will they tell you how much you DO qualify for or do you have to re-apply for a new amount?

Any stories or experinces help.

thanks for answersin advance...

It's pretty painless with DCU. They approve you for an amount, and then you provide them with some paperwork from the dealership showing the final price and the like to finalize the process. Depending on your standing with them, there may not even be an inquiry involved.

No idea on the denied question. I never asked for an amount - when I started looking at cars, I checked their site and they had pre-approved me for more than I was looking to spend.

Full disclosure: I went through the entire process but in the end did not end up using the loan from DCU. I went to the dealership with a 2.79% pre-approval and the dealer countered with 1.49% so I went with them instead.

crnbread73 · ‎09-15-2017

The original process was not difficult. My credit was not great but they gave me a decent rate and with good payments it has went down over the years. The only complaint that I have had is that after the original approval it has been difficult to get anything else approved. I am currently car shopping and even though my credit has improved and my income has doubled they won't approve me for another vehicle. It is a little frustrating considering that I have never had a late payment with them and I always pay early and more than my minimum payment. You would think they would want the customer loyalty but it doesn't seem to matter.

Anonymous · ‎09-15-2017

Hey CrnBread, congrats. So may i ask, because they go by Fico 5 mortgage lending score, what were yours and the size of the loan? Mine currently is a 636. Not sure if they'd approve that. And im not sure how often that score updates because i have some repairs updating in a couple days and hoping those imrpove, the fico 5 score that is.