Digital Federal Credit Workers offers auto purchase loans, auto refinancing, lease buyout home and cash-out bank. Tiers based on daily balances. Use our online application to apply for an auto loan from DCU today! Auto loan rates on the DCU website reflect rates available to borrowers with excellent credit and a 0.5 percentage point discount. Minimum daily balance of $500 to earn APY | $100 for QuickStart Certificates. Loan must be paid in full prior to the certificate maturity date. | Minimum balance of $500.00 to open. Jump the rate up one time per term you decide when | Minimum balance of $25,000 to open. Review the Advantage Savings Terms and Conditions for important information regarding the Advantage Savings Account. Additional loan programs are available. All loans are subject to approval and restrictions may apply. Mortgage insurance may be required depending on loan guidelines, if mortgage insurance is required, the mortgage insurance premium could increase the APR, interest rate and the monthly mortgage payment. Property and flood insurance (where applicable) may be required for the life of the loan. The Business Earn More feature is only available for one Free Business Checking account per membership. Qualified borrowers can finance up to 125% of the value determined by the purchase and sales agreement with conversion details and their value. There is a $10.00 minimum to open the account. Several factors, including your credit score, loan term and payment method will determine your DCU rate. For example, a certificate-secured loan secured by a 60-month certificate with a dividend rate of 0.90% will have an APR of 3.90%. It also allows co-signers and offers a new to credit program to assist. The DCU website says to become a member, a person must have something in common with other members, such as being related, employed at the same company, members of the same association, or residents of a particular geographic area. Digital Federal Credit Union offers autos purchase loans, auto refinancing, rent buyout loans and cash-out refinancing. MORE: Compare auto loans, rates and lenders. One of the top 20 credit unions in the U.S., as measured by assets, DCU offers loans for traditional used and new cars, classic or antique cars, recreational vehicles, boats and both street and off-road motorcycles. Want to see potential savings from refinancing. For a complete listing of all of DCUs fees and service charges, please see the Schedule of Fees and Service Charges. Sorry, We couldn't find what you are looking for. Other conditions may apply. All financial products, shopping products and services are presented without warranty. Other conditions may apply. Though DCU lists starting APRs from 4.49% to 6.99% with terms up to 84 months, those rates include a 0.50% discount for Plus members, which we'll discuss in a minute. APY = Annual Percentage Yield. Social Security or ITIN, address, time at address, phone, email, birthdate, employment status, employer name, housing status, housing payment amount, driver's license number, basic vehicle information (refi). The two most common scores used when underwriting car loans are FICO and VantageScore. The average interest rate for auto loans on new cars in 2022 is 4.07%. Rate is subject to change after consummation. NerdWallet strives to keep its information accurate and up to date. It is not intended to serve as legal, financial, investment or tax advice or indicate that a specific DCU product or service is right for you. Rates listed are for this product only and are subject to change at any time. Rates are variable and will vary with the market based on the Prime Rate and can change monthly. Want to know how much your electric car monthly payment would be with our credit union? Process can be 100% online including document upload. Hours. Offers flexible rates and terms, such as a 65-month option. Want the benefits of credit union membership. All loans are subject to approval, other conditions may apply. Other conditions may apply. AVERAGE AUTO LOAN INTEREST RATES BY CREDIT SCORE, Past bankruptcies, foreclosures or debt collections*. Fixed 15 Year: Yourestimated monthly payments are $649 and you will pay $66,849 in interest over the life of the loan. Well talk more in a minute about exactly how to apply, but in the meantime, there are several ways to qualify for DCU membership, including levels that offer auto loans discounts. Minimum daily balance of $500.00 to earn APY. For Motorcycle, RV, Boats and Trailers add 1.00% to rate. Dividends compounded daily, credited monthly. Any increase in the Index may increase the APR and the amount of your monthly payment. Not a member yet? While we strive to only link you to companies and organizations that we feel offer useful information, DCU does not directly support nor guarantee claims made by these sites. A loan origination team assists with in-process loans during regular information center hours. Please use your Chrome or Safari browser for best printing experience. Loan example: According toNerdWallet'sauto loancalculatorthat uses the VantageScore credit model, a borrower with a credit score of 300-499 (considered deep subprime), a $20,000 used car loan, repayment term of 72 months, interest rate of 18% APR and $0 down payment would have monthly payments of $456. Rates are determined by your personal credit history, loan term,account relationship, and payment method. The interest rate will be adjusted quarterly, based on changes to the index. The company declined interview requests. Loan terms: 24 to 84 months. Additional loan programs are available. The Annual Percentage Rate (APR)will be the dividend rate of the certificate securing the loan + 3%. DCU personal loans come with rates that run from 9.24% to 18% APR. You are about to enter a website hosted by an organization separate from DCU. The advertised rates are the lowest available rates based on the loan assumptions noted below. This article is for informational purposes only. APR =Annual Percentage Rates and interest rates are based on current pricing and are subject to change at any time without notice. Early withdrawal may also result in tax implications. Fees may reduce earnings on the account. Auto loans typically range from 24 to 60 months, or 2 to 5 years. Digital Federal Credit Union - Used car purchase loan, Digital Federal Credit Union - Refinance loan, DCU offers cash-out refinancing, meaning borrowers with vehicle equity may be able to receive cash up to 100% of the vehicles value with their refinance loan. For example, a person can join the nonprofit organization Reach Out for Schools for as little as $10 to become eligible for DCU membership. APY = Annual Percentage Yield. You can apply for DCU auto refinancing online, at a local branch or by phone. The down payment, interest rate, and term of your loan will determine how much you can afford to buy. Fees or other conditions may reduce earnings. Rate is subject to change afterconsummation. Other conditions may apply. DCU offers a 24/7 customer help center to answer questions. Dividends compounded daily, credited monthly. Best for applicants wanting fast approval, rate discounts and other credit union benefits. Repayment examples:Examples provided use highest current offered rate in effect for each repayment term and assume a constant interest rate on a $50,000 loan amount. Congrats. In addition, its best rates are available only to those with higher levels of membership. Jump-Up Certificate early withdrawal penalties will be calculated at the rate being earned at the time of withdrawal. Please refer to DCU's Account Agreement for Consumers, and Schedule of Fees and Service Charges for important information and disclosures. 220 Donald Lynch Boulevard Borrowers who open or have a DCU checking account, add direct deposit and make their loan payments electronically will receive a rate discount on auto and other consumer loans. ($) Desired monthly payment ($) Annual percentage rate (0% to 18%) He said it would be no problem to switch it . Creditors use a number of factors to decide what interest rate to offer, including: A persons credit score is the most powerful tool in predicting credit behavior. Rate is subject to change after consummation. New and used car loans. Borrowers should weigh the pros and cons of, Digital Federal Credit Union - Lease buyout loan, Compare lenders that offer auto lease buyout loans, Digital Federal Credit Union auto loan rates. The rate will remain in effect for the term of the certificate once issued. Rates are determined by your personal credit history. Rates are variable and are subject to change weekly. Members can also apply in online banking and may already have a preapproved auto loan amount displayed there. But like all credit unions, getting a loan from DCU requires membership, an extra step in the loan process if youre not already a customer. The credit union does provide financing for cars purchased through online used car retailer Carvana. Whether you are buying a new or used car or refinancing the one you already have, taking out an auto loan from a credit union like DCU can be a smart move. Payments received after 4 p.m. Eastern time will be credited to your account the second business day. Offers a tax advantage to help offset healthcare expenses. Eligibility guidelines are on the DCU website. Your actual rate within the ranges stated will be disclosed upon approval. I got pre approved by DCU for a car loan at that same rate of 1.99% but idk if it'll change if the car is used or not. Read more. Has a 15-day grace period. None. You'll need to agree to DCU's FICO Score Terms and Conditions presented. *In response to the COVID-19 outbreak and as part of the DCU Cares Program, forFuel EfficientLoans opened after 3/25/2020, and until further notice, DCU is offering the option to take advantage of no payments for the first 60 days after the closing of the loan. Fees may reduce earnings. APR =Annual Percentage Rates and maximum LTV allowed is determined by your personal credit history and loan term. APR = Annual Percentage Rates and interest rates are based on current pricing and are subject to change at any time without notice. I came across DCU on here and read positive reviews. The APR is fixed for the life of the loan. Qualified borrowers can finance up to 130% of the book value or up to130% of the purchase price, whichever is less. Advantage Savings is a sweep account, which means that balances up to the Maximum Program Deposit Amount ($1,000.00) will be automatically swept to FDIC and/or NCUA insured accounts held at participating Receiving Financial Institutions. Please refer to DCU's Account Agreement for Consumers, and Schedule of Fees and Service Charges, for important information and disclosures. With a longer term loan the interest rates may be higher, but as payments are drawn out longer, the overall monthly payment is more affordable. APR =Annual Percentage Rate. Privacy and security policies of DCU will not apply once you leave our site. Text DCU At: 620-669-8500. DCU offers cash-out refinancing, meaning borrowers with vehicle equity may be able to receive cash up to 100% of the vehicles value with their refinance loan. Please refer to DCU'sAccount Agreement for Consumers, andSchedule of Fees and Service Chargesfor important information and disclosures. To review the list of the current Receiving Financial Institutions and the current Maximum Program Deposit Amount, click here. Payment examples do not include taxes or insurance premiums, monthly payment obligation will be higher. Payment examples do not include taxes or insurance premiums, monthly payment obligation will be higher. Since major mechanical issues can be costly even exceeding the vehicle value in some cases giving out loans for older cars is riskier, making for a higher interest rate. Tools. There is no grace period on cash advances.