Requirements to Obtain DCU Auto Loan

EW800 · ‎07-04-2015

Hello All,

I am considering an auto loan for a gently used vehicle in the next couple of months - likely a 2013 and 2014 model year. It appears that DCU has very attractive rates. If I reading their info correctly, it appears that I must be a member to obtain an auto loan, correct? I do not live in MA or NH (or whatever the states are that they list). I live in CA, Can anyone tell me if I can still qualify for membership and potentially an auto loan by opening a checking or savings account with them, or do they require that I live in MA or NH?

Thanks for info that can be provided!

Additional: If certain scores are needed for membership, my FICO 8 scores are below (726 to 736 range). My FICO Auto Enhanced Scores vary between 745 and 763.

Year 2012: All Scores in the 520 range, during a foreclosure, CC Settlement and high UTIL. Very ugly days...
Sept 2024: EX8: 847; EQ8: 850; TU8: 848 -- Middle Mortgage Score: 821
In My Wallet: Discover $73.7K; Cap1 Venture $51.7K; Amex ED $38K; Amex Optima $2.5K; Amex Delta Gold $18K; Citi Costco $24.5K; Cap1 Plat $8.4K; Barclay $7K; Chase Amazon $6K; BoA Plat $21.6K; Citi TY Pref $22K; US Bank $4K; Dell $5K; Care Credit $6.5K. Total Revolving CL: $300K+
My UTIL: Less than 1% - Only allow about $20 a month to report, on one account. .

Anonymous · ‎07-04-2015

I would like to know the answer to this as well. I live in SC and plan on applying in August.

Anonymous · ‎07-04-2015

I'm in CA and just became a member. You just have to join (donate to) one of their affilate organizations. I have only opened a savings account so far, but I did it to check them out and will likely either refi DH's car or finance a new one for him with them (fingers crossed). In the application for membership process, it give you the chance to app for a car loan (and CC I think).

Their website isn't the easiest to find things on. I go down to the link to the site map and go from there. I went to Membership there and this is where you end up.

https://www.dcu.org/infodesk/membership/eligibility.html

read the stuff on the green tabs from there.

EW800 · ‎07-04-2015

Thanks for the great info, Tortoise! It looks like it is very easy and inexpensive to join one of the organizations.

Year 2012: All Scores in the 520 range, during a foreclosure, CC Settlement and high UTIL. Very ugly days...
Sept 2024: EX8: 847; EQ8: 850; TU8: 848 -- Middle Mortgage Score: 821
In My Wallet: Discover $73.7K; Cap1 Venture $51.7K; Amex ED $38K; Amex Optima $2.5K; Amex Delta Gold $18K; Citi Costco $24.5K; Cap1 Plat $8.4K; Barclay $7K; Chase Amazon $6K; BoA Plat $21.6K; Citi TY Pref $22K; US Bank $4K; Dell $5K; Care Credit $6.5K. Total Revolving CL: $300K+
My UTIL: Less than 1% - Only allow about $20 a month to report, on one account. .

Anonymous · ‎07-04-2015

Getting a savings account opened is NOT a quick thing. In these days of instant everything, it's not the norm. I don't know about going directly to an auto loan.

I app'd last weekend (late Saturday I think). I got an email asking for a copy of my DL Sunday. I didn't scan/upload it until Wednesday or so. I got an email that said my account materials should arrive in 7-10 days. I can't even log on to anything else yet.

EW800 · ‎07-04-2015

Did they do a HP for you to open the savings account. I've read that they do HP's for all new accounts. That is an aspect that I am struggling with. Opening a savings account isn't seeking credit or asking for a loan, so I trying to figure that out. They offer such good auto loan rates that it may be worth the two HP's. Anyone else struggle over the two HP aspect?

Year 2012: All Scores in the 520 range, during a foreclosure, CC Settlement and high UTIL. Very ugly days...
Sept 2024: EX8: 847; EQ8: 850; TU8: 848 -- Middle Mortgage Score: 821
In My Wallet: Discover $73.7K; Cap1 Venture $51.7K; Amex ED $38K; Amex Optima $2.5K; Amex Delta Gold $18K; Citi Costco $24.5K; Cap1 Plat $8.4K; Barclay $7K; Chase Amazon $6K; BoA Plat $21.6K; Citi TY Pref $22K; US Bank $4K; Dell $5K; Care Credit $6.5K. Total Revolving CL: $300K+
My UTIL: Less than 1% - Only allow about $20 a month to report, on one account. .

Anonymous · ‎07-04-2015

So it seems like ...the account process takes about week? I guess that should be factoring into when you need to apply for the auto loan?

trant3 · ‎07-04-2015

You can join from anywhere in the US as long as you make a donation to one of their organizations. I believe the lowest amount is $10 towards a teachers foundation. You can become a member online with a membership ID established right away. You can then apply for the auto loan and include your membership # on the app, top tier rates are for EQ fico scores over 675 with somewhat of a credit history. Membership is a HP, however you can apply for auto loan, credit cards, etc with the SAME hard pull (good for 30 days)

Amex Bonvoy Brilliant $9k, Expedia OneKey $30k, Fidelity $23.5k, FNBO $15k, Universal Studios Visa $15k, FourLeaf FCU $35k, US Bank Cash+ 15k, Affinity FCU $10k, Sofi $15k, Venmo Visa $15k, AAA $11.9k, Apple $8.5k, Citi Custom Cash $21k, Citi Custom Cash #2$16k, Chase Amazon $3k, Chase Flex $13.6k, Chase IHG $1k, AMEX Hilton Aspire $28k, Chase Freedom $41.5k, NFCU Plat $50k, NFCU Flagship $30k, Discover IT $36.5k, Discover Miles $20k, BECU Visa $40k, Wells Fargo Active $11.3k, PenFed Promise $15k, PenFed Gold $20k, BoA AmeriCard $14k, BoA Cash $14k, Citi TY $8k

Revelate · ‎07-04-2015

@trant3 wrote:
You can join from anywhere in the US as long as you make a donation to one of their organizations. I believe the lowest amount is $10 towards a teachers foundation. You can become a member online with a membership ID established right away. You can then apply for the auto loan and include your membership # on the app, top tier rates are for EQ fico scores over 675 with somewhat of a credit history. Membership is a HP, however you can apply for auto loan, credit cards, etc with the SAME hard pull (good for 30 days)

Are you certain on that last point? DCU has traditionally been pretty pull happy. That said for an auto loan, hard to beat them.

Anonymous · ‎07-04-2015

@Revelate wrote:
@trant3 wrote:
You can join from anywhere in the US as long as you make a donation to one of their organizations. I believe the lowest amount is $10 towards a teachers foundation. You can become a member online with a membership ID established right away. You can then apply for the auto loan and include your membership # on the app, top tier rates are for EQ fico scores over 675 with somewhat of a credit history. Membership is a HP, however you can apply for auto loan, credit cards, etc with the SAME hard pull (good for 30 days)
Are you certain on that last point? DCU has traditionally been pretty pull happy. That said for an auto loan, hard to beat them.

I have heard the same thing about DCU being pull happy. If you truly can get both on the same pull, I will just wait. Otherwise, I might just getting the membership approval out of the way and then wait until I need the auto loan.