DCU vs. Navy Fed for Auto-Refi

[WhiteCollar]

I was approved by both DCU and Navy Fed for auto refinancing.

DCU

3.74 APR for 24 months. Monthly payment will be $355. I will only qualify for this discounted rate if I move all my deposits over to DCU which I don't want to do. So without the 1% direct deposit discount, my final rate is 4.74% for 24 months with a monhtly payment of $359.

Navy Fed

5.39 APR for 24 months.  Monthly payment will be $361.44.

Tempted to go with Navy as I want to establish a relationship with them and they have better and more products than DCU. The slight differnece in the monthly payment is not a deal breaker for me.

[ThetoriParadox]

What were your scores when you got these rates??

[WhiteCollar]

680ish.

[Girlzilla88]

@WhiteCollar     If you want the relationship I would go with NF since they are largely relationship and internal scoring based.   

[Loquat]

I think both are fine institutions. However if it were me, I'd take the offer with DCU. No need to pay a higher cost (no matter how little it is) just for the sake of doing so.

I'm with NFCU and I can say they're not much of a relationship institution. You'll get what you get with them based on reports and scores...relationship won't matter one bit.

With that being said, you have to do what you feel is best for your situation.

Good luck in whatever you decide.

[blindambition]

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@Loquat wrote:
I think both are fine institutions. However if it were me, I'd take the offer with DCU. No need to pay a higher cost (no matter how little it is) just for the sake of doing so.

I'm with NFCU and I can say they're not much of a relationship institution. You'll get what you get with them based on reports and scores...relationship won't matter one bit.

With that being said, you have to do what you feel is best for your situation.

Good luck in whatever you decide.

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I agree with this sentiment. I've received all I asked for from Navy, without them holding a great deal of my money.

The only downside to DCU is the loong CS waits on a good non COVID day, but it's rare to have to contact them. Why throw extra money for nothing? I also don't believe they require ALL your money!

[Girlzilla88]

@WhiteCollar     Idk I mean they have been very nice with me lol.      Granted I have only had them since March this year, but they are my fastest growing besides my Chase card but maybe new accounts are different now?!    Who knows ^^

[WhiteCollar]

I went with NFCU. Made a couple of payments then applied and was approved for the CashRewards Card with a $20k SL. I'm happy with my decision. 

[Anonymous]

Are sure DCU relations dedication rate is 1%? On my current and previous auto loan it was 0.50%.

While I would personally go for the lowest interest rate. I can understand wanting to create a better relationship with NFCU. I did similar with DCU and ultimately it has worked out well for me.

[Gladius]

I agree with Loquat.  I don't think NFCU really puts that much emphasis on "relationships".  In the past, I have had a few dealerships/manufacturers/other credit unions give me much better rates than the CU I have been banking with for over 10 years, and I always choose whoever offers the lowest rate.