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DCU not being fixed rate anymore?
- Thread starter Kchiao1994
- Start date
Auto loan rates are fixed. Not sure where the verbiage you are posting is coming from or what it relates to.
Here is a picture of their loan breakdown for new auto loans.
Here is another picture in their "General" rates page.
Perhaps contact DCU and ask them, since they are the financial institution you are looking at using.
I have no idea about DCU (and because of all the DCU referral exploitation here am sensitive to the topic of DCU in general, but with that being said, I will give you the answer that pertains to my own credit union, which is Navy Federal credit union.
Again, I dont know how it works with DCU and you should contact them if you have questions and are considering using them.
With Navy Federal, you can apply for a pre approval "Up to" auto loan. They will run your credit, and approve (or not) your requested amount. They then issue you a bank check, which you can take with you when you are car shopping. You qualify for a loan "Up to" a certain amount, and can use it for a new car, a used car, etc. New cars would be one rate, late model used cars another, used another.
The rate would depend on what you actually end up buying. Perhaps DCU is similar? Contact them and ask.
I have no idea about DCU (and because of all the DCU referral exploitation here am sensitive to the topic of DCU in general, but with that being said, I will give you the answer that pertains to my own credit union, which is Navy Federal credit union.
Again, I dont know how it works with DCU and you should contact them if you have questions and are considering using them.
With Navy Federal, you can apply for a pre approval "Up to" auto loan. They will run your credit, and approve (or not) your requested amount. They then issue you a bank check, which you can take with you when you are car shopping. You qualify for a loan "Up to" a certain amount, and can use it for a new car, a used car, etc. New cars would be one rate, late model used cars another, used another.
The rate would depend on what you actually end up buying. Perhaps DCU is similar? Contact them and ask.
hold
Member
I think it means that if you sign up saying your doing direct deposit to get .5 off and then don't they will bump your rate up .5%
Tha_Ape
Active Member
plenty of credit unions and they all have similar rates. I'm not sure why ppl are all over "DCU".
OCJeff
Active Member
Correct, see snip from loan docs ...
Attachments
OCJeff
Active Member
Can’t solicit codes here. Also DCU referral program is down for now. Maybe back in 2-3 weeks.
Bassmanbrett
Member
Show me another bank or credit union that will offer 1.24% with zero membership fees, will finance over 100% of the car, and will let you apply for the loan before becoming a member! DCU is the best there is now. I understand the mods cracking down on people spamming referral threads, but discussing DCU in general feels like walking on eggshells on this forum. It's an amazing resource that's uniquely beneficial to someone buying an EV.
Agreed 100%. I financed my first M3LR with Fairwinds back in 2019 when they were offering 0.75% for 36 months, and even they don't have anything that can touch this rate with DCU now. I inquired about doing a rate match, but after hearing all of the hops and jumps I'd have to go through I decided it was much simpler to just move everything to DCU and get the lower rate as well as the higher interest on their checking and savings accounts.
I received a VIN 3/3, called DCU that morning and after signing a docusign, a couple hours later they sent me a image of the check as well as a tracking number for it going to Tesla. I was able to take delivery of the car the following day by just emailing the SA the stuff DCU emailed me.
I'm taking delivery of a Model Y next week. I understand talking about DCU related matters is a bit tricky on here, but I could def use some guidance on how to set up an account without working at one of the employers they reference on the website.
EDIT: NVM I see you can donate to a charity to set up an account.
EDIT: NVM I see you can donate to a charity to set up an account.
Bassmanbrett
Member
Correct, donating to an organization is what most people on here have done. Reach Out for Schools is the cheapest one for $10.
Tha_Ape
Active Member
First their site says "1.49%", second none of the CU's I've ever belonged to ever had membership fees (thats weird).
A quick 2min search (I'm not spending more time researching something I dont need) shows that both PenFed and NFCU have 1.79 (0.3% higher, but also I spent no time searching). Splitting hairs when rates are 2%... plus they're brick and mortar so you can go in and talk with someone if you have an issue and get a check cut right there.
I just financed thru DCU , it was smooth as buttercream ! Just like someone said on this thread …just filled out a form and send a message saying it’s an EV and have DD , the rate was 1.34% , uploaded the purchase agreement and a day later they send me photo of the check and a fedex confirmation number for the check that was send to Tesla . Boom ! Done !
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