DCU Auto loan rates

[Anonymous]

Hello,

So I am looking to buy an used car, 2015 Maserati Ghibli to be specific. I am a first time buyer so not sure how to begin. Do I apply for a loan before I chose a car? I know what car I want to buy and I am also aware that the final price is going to be in a range of $35-36K.

So should I just apply for a loan and keep on searching for the vehicle I really want?

Also, I heard a lot of positive things about DCU in here, so I decided to check their website. They are saying that their auto loans start at 3.74% but I read a lot of people were approved for even 2%. Am I looking at the wrong website? lol 

https://www.dcu.org/loans/auto-choices.html

If this is the one, should I become a member first and then app for  a loan? Or is it okay to apply for a loan first?

What credit score is needed to get approved with them? and what FICO model do they use?

TIA

[DaveInAZ]

If anyone got approved for a 2% car loan from DCU that must have been some time ago. I got a car loan from DCU in 10/2017 for a used 2016 car, 2.99% for 65 months. DCU uses Equifax Fico 5 for credit scores, mine was around 699 then, while my Fico 8 (for comparison) was 715 then. Yes, you can apply for a car loan before joining as a member, that's what I did, and then joined when approved. Bear in mind the rate DCU quotes includes a 1/2% (.50%) discount for "account relationship" which requires a direct deposit into checking and paying the loan electronically from a DCU account. FYI a DCU rep will tell you your entire paycheck or government benefit must be direct deposited, but a partial DD works.

For a comparison Penfed Credit Union also has some of the best rates, but I found that DCU beats them for a used car. Penfed rates:

https://www.penfed.org/auto/used-auto-loans

3.49% for 36 months or 3.74 for 48 months, but that expensive a car I imagine you want at least 60 months which is 3.99%, DCU beats them with 3.74% for up to 65 months.

[Anonymous]

One thing to add is the DCU approval is good for a set amount of time, wish I could remember but I think it was 30 days.

I got my approval on a Friday didn't know exactly what car I wanted just a price range and bought a car on Monday.

If you go past the 30 days you may need to re-apply but they may still be able to use the same hard pull.

[greg_the_egg]

I used DCU to refinance two vehicles back in May at 2.74%. Rates may have risen a little bit since then.

Have you researched the '15 Ghibli? I have a lot of not-so-great thoughts about it from my time researching it a while back. Doug DeMuro's video is good start if you haven't.