DCU not being fixed rate anymore?

[Daniel L]

I saw something in the consent form that said it was ok to check my credit so I backed out of it. How long does it take to approve a request for membership? Also do I need to open both a savings and a checking to get the best rate?

Membership is instant. You need direct deposit into a checking account to get the 0.5% rate discount

 

[Horsemover]

I just did a DCU finance deal and as long as you don’t need to speak with someone on the phone it’s painless. They told me I had 3 months to set up the direct deposit or my rate would increase half a percent.

 

[Carlos Danger]

Membership is instant. You need direct deposit into a checking account to get the 0.5% rate discount

Do you need to set up a DCU checking account? Or can the deposit be from another bank checking checking account to auto pay off the loan?

 

[Daniel L]

Do you need to set up a DCU checking account? Or can the deposit be from another bank checking checking account to auto pay off the loan?

Direct deposit into a DCU checking account for the 0.5% rate discount

 

[Coldones]

Does the direct deposit need to be an entire paycheck or can you can just allocate a specific amount that to cover the loan payment?

 

[Daniel L]

Does the direct deposit need to be an entire paycheck or can you can just allocate a specific amount that to cover the loan payment?

I don't know what the minimum is but I only do $500 from my paycheck every 2 weeks

 

[Bassmanbrett]

Does the direct deposit need to be an entire paycheck or can you can just allocate a specific amount that to cover the loan payment?

There is no minimum amount. The bank has no way of knowing how much you are truly paid, so you can set the direct deposit to however much you want.

 

[Carlos Danger]

There is no minimum amount. The bank has no way of knowing how much you are truly paid, so you can set the direct deposit to however much you want.

So the current rate at DCU is 1.99% for up to 65 month loan. I think that already includes the .50% discount for direct deposit so the final rate after the EV discount would be 1.74%. Does that sound right?

 

[Sushi]

So the current rate at DCU is 1.99% for up to 65 month loan. I think that already includes the .50% discount for direct deposit so the final rate after the EV discount would be 1.74%. Does that sound right?

1.99% does not include the .50% discount. So final rate after EV and direct deposit discount is 1.24%.

 

[nate704]

I got 1.75% for 65 month even with almost perfect credit score and income (this rate is after EV discount and Direct Deposit). I called them today and they told me that my initial rate was 2.75% and they applied the EV and direct deposit discount and then for some reason they applied another unknown 0.25%. discount.
It looks like the advertised 1.99% base rate is not happening (please correct me if I am wrong)

 

[OCJeff]

DCU used to advertise a base rate of 1.49% with discount. Now they advertise a 1.99% rate with discount. Before EV discount is applied.

 

[Sushi]

When I applied for their loan about 2 weeks ago, I got auto approved for 1.99%. I had to call them to finalize the loan. During the phone call, they told me that I would be eligible for .25% discount for EV, and another .50% discount if I set up autopay. So after everything was done, I got 1.24% and this is what it shows on my loan documents.

 

[Goleta]

Can someone send me a referral code please

 

[Bassmanbrett]

Can someone send me a referral code please

DCU's referral system is temporarily down. Nevertheless, be careful about requesting referral codes on this forum. The mods will ban you.

When I applied for their loan about 2 weeks ago, I got auto approved for 1.99%. I had to call them to finalize the loan. During the phone call, they told me that I would be eligible for .25% discount for EV, and another .50% discount if I set up autopay. So after everything was done, I got 1.24% and this is what it shows on my loan documents.

Instead of "autopay" did you mean to write Direct Deposit? My loan is also at 1.24%, but my payment setting has no impact on the rate.

 

[Corndart]

There is no minimum amount. The bank has no way of knowing how much you are truly paid, so you can set the direct deposit to however much you want.

Call me crazy, but most lenders will ask for some sort of income verification before giving out a loan. So "no way of knowing how much you are truly paid" , in this context, strikes me as incorrect.

 

[Sushi]

DCU's referral system is temporarily down. Nevertheless, be careful about requesting referral codes on this forum. The mods will ban you.

Instead of "autopay" did you mean to write Direct Deposit? My loan is also at 1.24%, but my payment setting has no impact on the rate.

Oops, yes your’e right. I meant to say direct deposit. I did set up auto pay, but that’s irrelevant for the rate.

 

[Bassmanbrett]

Call me crazy, but most lenders will ask for some sort of income verification before giving out a loan. So "no way of knowing how much you are truly paid" , in this context, strikes me as incorrect.

I was approved for 1.24% and they never verified my income. As I posted earlier in this thread, I'm self employed, which typically invites a higher scrutiny on financial applications, and they still never checked my past or present income. Most other posts on this forum about DCU share experiences similar to mine too. Did they ask you for some form of income verification?

 

[preilly44]

DCU previously had a rate of 1.24% after discounts but as of the end of March they increased their rate to 1.74% after discounts for 65 months. Even if you were approved prior to their increase, they won't give you the rate of 1.24% after 4/1, which kind of sucks but it's still a great rate for 65 months.

 

[nate704]

DCU previously had a rate of 1.24% after discounts but as of the end of March they increased their rate to 1.74% after discounts for 65 months. Even if you were approved prior to their increase, they won't give you the rate of 1.24% after 4/1, which kind of sucks but it's still a great rate for 65 months.

That's what I got from them. They said the advertised 1.99% for 65 months has already 0.5% discount built in, so the lowest you can go for 65 month is 1.74% which still is great rate when I compare to my USAA rate.

 

[Bassmanbrett]

DCU previously had a rate of 1.24% after discounts but as of the end of March they increased their rate to 1.74% after discounts for 65 months. Even if you were approved prior to their increase, they won't give you the rate of 1.24% after 4/1, which kind of sucks but it's still a great rate for 65 months.

That's what I got from them. They said the advertised 1.99% for 65 months has already 0.5% discount built in, so the lowest you can go for 65 month is 1.74% which still is great rate when I compare to my USAA rate.

How unfortunate. The 1.74% rate combined with DCU's other features, like their high interest Savings Account, still make them a competitive option, in my opinion.