I logged into my DCU account this week and had a message in my account manager stating that they had a new program for refinancing loans. I had looked into SoFi a few months ago, but wasn't thrilled with the rate I got, so I decided to try again next year when the remainder of my lates fall off. But when I saw that DCU had launched this, I decided what the heck, and applied.
This application is a HP on Transunion, not EQ, like DCU usually pulls. I'm guessing it's a FICO08, since I haven't seen scores that high, also unlike DCU. The refinance is being serviced by Campus Door. Unlike Sofi and others, they don't tell you a rate after pulling your credit. You have to complete the entire application, including submitting documents, before they give you a rate. The process was frustrating at times, and I nearly gave up. They are operating in the dark ages it seems. Files had to be sent multiple times since whatever file transfer system they were using made information hard to read. They refused to take my tax returns in lieu of my W2s, but luckily I was able to get copies easily.
I was finally able to get them all of the information they needed, and they gave me my available rates and terms. With a 766 TU score, I was able to get their best rates. I have 62K income, and I'm refinancing 31K of private loans. I applied on Monday, and got my rates sent on Friday. All in all, not a terribly long time, especially considering how DCU can be. You can apply as a non-member, but you will have to get a DCU membership to get the loan.
I already have an auto loan through DCU, and I'd recommend them for this as well. I'm glad to have finally been able to get a decent rate for my private loans. Their rates are listed below. The second column is the interest rate with auto-debit.
FIXED RATE:
| TERM | INTEREST RATES | |
| PRE AUTO-DEBIT | ||
5-Year | 4.000%-8.500% | 3.750%-8.250% |
10-Year | 4.500%-9.000% | 4.250%-8.750% |
15-Year | 5.000%-9.500% | 4.750%-9.250% |
VARIABLE RATE1:
| TERM | INTEREST RATE RANGE | |
| PRE AUTO-DEBIT | ||
5-Year | 2.500%-7.000% | 2.250%-6.750% |
10-Year | 3.000%-7.500% | 2.750%-7.250% |
15-Year | 3.500%-8.000% | 3.250%-7.750% |
Starting Score: 515
