Question on DCU

[goldengopher1991]

Hi all, 

Am looking to purchase my first car soon. I've been reading a lot and this "DCU" keeps coming up. Can anyone explain what they do; can anyone get an auto loan with them or do you need to be a member, etc? A short summary of my file is below:

AAoA: 0.5 years

Number of accounts: 2 ( 1 for Experian) - A Discover IT with CL $1250, and a laundry appliance leasing account

Always paid on time, Discover utilization always maintained at 3-5% (my 6th on-time payment just reported today!)

No negatives, no lates

EQ, EX, TU FICOs are 681, N/A, and 716 respectively

Can anyone give me an idea what kind of rates I can qualify for? Short credit file, but doing a good job at managing and growing it.

Finally, looking to buy a Volkswagen Jetta 2011 or 2012. Willing to pay $12,000 at most, putting 40% down and financing the rest.

Comments, advice welcome. thank you!

[1083690]

I just applied to DCU and was approved last night for $30K. However, 3 years ago I was in almsot the exact situation credit-wise as you are now. At the time I had a hard time obtaining financing, but I was able to get a max of $12K approved under a first-time buyers program. This was through my local CU and I got a rate of 3.5% at the time. You are looking for a lesser amount, so I would think you won't have any problems due to your credit profile, and if your income can support it.

I'd suggest calling DCU directly (508-820-1124) and asking if they have sucha  program. The CSR I spoke to was very helpful and cordial.

[Anonymous]

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@1083690 wrote:

I just applied to DCU and was approved last night for $30K. However, 3 years ago I was in almsot the exact situation credit-wise as you are now. At the time I had a hard time obtaining financing, but I was able to get a max of $12K approved under a first-time buyers program. This was through my local CU and I got a rate of 3.5% at the time. You are looking for a lesser amount, so I would think you won't have any problems due to your credit profile, and if your income can support it.

I'd suggest calling DCU directly (508-820-1124) and asking if they have sucha  program. The CSR I spoke to was very helpful and cordial.

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Did you apply Online or by phone? I'll be making a move tomorrow and was thinking of applying online. Did they ask you for a down payment? did you ask for a speficiv number? I'm worried about asking for too much .....

[aubie1kenobie2]

I would call, so that you can answer their questions right away (if applying for loan). The online application for membership is very easy though, so no need to call for that.

[1083690]

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@Anonymous wrote:

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@1083690 wrote:

I just applied to DCU and was approved last night for $30K. However, 3 years ago I was in almsot the exact situation credit-wise as you are now. At the time I had a hard time obtaining financing, but I was able to get a max of $12K approved under a first-time buyers program. This was through my local CU and I got a rate of 3.5% at the time. You are looking for a lesser amount, so I would think you won't have any problems due to your credit profile, and if your income can support it.

I'd suggest calling DCU directly (508-820-1124) and asking if they have sucha  program. The CSR I spoke to was very helpful and cordial.

---

Did you apply Online or by phone? I'll be making a move tomorrow and was thinking of applying online. Did they ask you for a down payment? did you ask for a speficiv number? I'm worried about asking for too much .....

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I applied online and got approved for $25K, I then called them first thing the next morning to ask for $30K. They did not ask me for a down payment. Good luck with your approval.