Auto Loans
Great Values on Car, Truck, and Van Financing
StreetWise | How to Apply | Payment Protection | Mechanical Breakdown Insurance | Need Help With Insurance
You can easily throw away $2,000 or more at the best car dealership or buying service if you don't understand the car business. Why? These folks are in business to maximize their profits. And they maximize their profits usually by making more on the unwary buyer than they do on the savvy buyer.
Let us help you become a savvy car buyer with unbiased consumer advice from the nation's foremost expert on dealership tactics – Remar Sutton. Visit our StreetWise Auto Buyers Guide before you choose a car or set foot in a dealership. Your wallet will thank you.
Thousands of DCU members finance their cars, trucks, and vans with DCU instead of dealers or banks every year. Why? Because they know DCU is a not-for-profit financial institution they own. Wouldn't a financial institution you own work harder for you than a for-profit company?
We make loans for buying or refinancing your vehicle more affordable, easier to get, and more flexible than you'll find elsewhere. Here are the main benefits to borrowing for your next car at DCU...
- Borrow for up to 84 months – Generally, choosing a longer term will lower your monthly payment. Choosing a shorter term will reduce your interest rate and the total cost of your loan. The maximum length of time depends on the vehicle and your budget.
StreetWise Tip: To minimize the cost of your loan, determine the maximum monthly payment you can comfortably handle and choose the shortest term that gives you that payment.
- Qualified borrowers can finance up to 120% of the purchase price – This is enough to cover taxes, title fees, and more. Most lenders require at least 10% down – some much more. Certain Business Vehicle and Equipment loans may be subject to a maximum loan of 80% of the purchase price.
StreetWise Tip: To minimize the cost of your loan, make as big a down payment as you can comfortably handle. The less you borrow, the lower your total cost.
- Unbeatable rates on used cars – We finance new and used cars at the same rates. We believe you should not be penalized if you prefer used cars. Car dealers and most institutions don't agree and will charge you more – some 20% or more.
StreetWise Tip: New cars instantly lose thousands of dollars in value the minute you drive them off the dealer's lot. If you buy a late model used car, someone else gets to eat all that depreciation. You'll save a bundle and typically still have time left on the manufacturer warranty.
Don't buy any used vehicle without reading Buying A Used Car on this web site. - Multiple-vehicle loan discount – If you're in a multi-car household, we can help. If you have a DCU vehicle loan, we'll give you a 1/4% rate discount on each additional auto loan you open as part of our Loyalty Checking Plus benefits.
You'll pay 1/2% less than with other repayment methods when you have a Loyalty Checking Plus relationship and make electronic payments. That's one of many great extra benefits you get with our Loyalty Checking program. Since so many members pay electronically, DCU's advertised rates have the Loyalty Checking Plus/electronic payment discount already figured in.
Convenient electronic repayment options that qualify include...
- Weekly Automatic Transfer – With this method, you'll actually pay off your loan faster and save interest. That's because we divide your normal monthly payment by four to arrive at your weekly payment. As a result, you'll make one extra full monthly payment per year.
- Monthly Automatic Transfer – You can choose to have us transfer your payment automatically each month on the due date.
- PC Branch or Easy Touch Transfers – You can agree in writing to satisfy your monthly payment on or before the due date yourself using PC Branch or Easy Touch Telephone Teller. PC Branch allows you to make one-time transfers to your loan account or you can set up recurring transfers that happen automatically. You can even make them using Wireless PC Branch over your web-enabled digital cell phone or PDA (Palm OS).
When you're thinking about buying a car and want to know DCU's interest rates, visit our rates page or one of our branches. Your actual rate may vary with the term (in months) you select, your personal credit history, account relationship, and the discounts for which you may qualify.
When you look at our rates page online, you'll see our best rates for each auto loan term. The rate is for members that have the best credit history. For members whose credit history is not so good, other rates are available. And even though these rates are higher, they are far less than the rates these members would pay elsewhere.
StreetWise Tip: If your credit history is not what you would like it to be, visit our StreetWise Guide to Credit and Credit Management. You'll get tips on managing credit and learn about credit scores and how to improve yours.
Our published rates already include the Loyalty Checking Plus/electronic payment discount. Any multiple-vehicle loan discounts will be subtracted from the rate you qualify for.
You can estimate your monthly payment with one of our free online loan payment calculators once you know how much you want to finance, the term, and the rate you expect to pay. Visit our web site or call Easy Touch Telephone Teller (800.328.8797 – select 6). Use them as often as you like, 24 hours a day, seven days a week.
A DCU Auto Loan Check is a check made out to you that's good for up to your approved loan amount. You can use it to purchase a car at any licensed dealer. Since you will already have financing arranged before you shop, you can focus on negotiating the lowest price you can for the car you want like you are paying with cash in hand.
You can use your Auto Loan Check for a new or used auto, truck, van or motorcycle. Some restrictions may apply, contact DCU for details. You cannot use it for a private sale or to refinance a loan at another institution.
StreetWise Tip: When shopping at a dealership with an Auto Loan Check, tell the dealer you are a cash buyer. Don't let the dealer know you have an Auto Loan Check or for how much you are approved. Agree on a price, a fair trade-in value, and get a signed purchase and sale agreement before you talk financing. If you don't, dealers will work hard to get as much of your approval as they possibly can. That will mean a bigger loan and higher payments for you.
Once you know how much you want to borrow, make sure the blanks on the face of the check are completed as follows:
- Choose a repayment method
- Fill out the vehicle information
- Fill in the loan amount (not to exceed the maximum on the check)
- Endorse the back of the check yourself (both borrower and co-borrower if applicable). Make sure the dealer endorses the back of the check as well, and leave the check with the dealer as payment. We'll establish your loan, according to the amount and term you have specified on the face of the check, when the check clears.
If you've already applied for a loan, just give us a call or email us to request a check. An Auto Loan Check can usually be made in one business day and is good for 30 days.
If you haven't applied yet but are interested in buying a car, log onto PC Branch to see if you're already approved for a DCU auto loan (look for a message on the Account Balances page). You can accept your loan online and check the box for an Auto Loan Check at the bottom of the acceptance form. You can also stop by any branch. DCU will send you your Auto Loan Check and you'll be ready to shop like a cash buyer in no time.
The tools below are all designed to do one thing – save you money. Learn how you can protect yourself from spending too much on a car before or after the sale.
StreetWise Web Site
What can you afford? What's safe? What has good resale value? When is 7% cheaper than 0% (a hint: many times!). Our web site is driven by hard information, not hype. And it has a turbo-charged online buying guide that tells you the secrets of the auto business! Don't even think about a car or car loan without reading this guide and surfing the StreetWise web site.
Vehicle History Services
We give you access to Carfax Vehicle History Reports so you can do a background check on the used car you're about to buy. If you know the VIN (Vehicle Identification Number), you can find out how many owners the car had, been returned as a lemon, been in a flood, had the odometer rolled back, and more. Although this service is not free, the information provided is worth every penny if you are buying a used car!
We give you access to Carfax Vehicle History Reports so you can do a background check on the used car you're about to buy. If you know the VIN (Vehicle Identification Number), you can find out how many owners the car had, been returned as a lemon, been in a flood, had the odometer rolled back, and more. Although this service is not free, the information provided is worth every penny if you are buying a used car!
Second Chance Auto Loans
Would you mind if we save you a thousand dollars or so by refinancing your present car loan? We save our members thousands all the time by doing that! Even if you think you have a cheap loan now, give us a chance to see if we can beat it. For a free evaluation, send us an email or stop by any branch with the following information...
- Make and model
- Remaining loan balance
- Amount of current payment and interest rate
- Original number of payments and how many you have left
- The name, address, telephone, and loan account number for your current lender. Most of this information will be on your finance contract or your payment book.
We'll tell you quickly if we can save you money or congratulate you on the deal you already have. If you financed a used car somewhere else, we can virtually guarantee a better deal a DCU. And we'll reimburse you for any retitling fees.
StreetWise Tip: You may already be approved for a DCU vehicle loan!
Shopping with an approved loan from DCU is like shopping with cash – the best way to shop. And you may already be approved!
Log on to PC Branch from the home page. You'll see a congratulatory message on your Account Balances screen if you're already approved for an auto loan. Click on the message to learn more about your approval and to accept it online. Approved loans are valid for 30 days.
If you're not already approved, don't be concerned. It's fast and easy to apply (see below).
If you're not already approved, it's easy to apply!
- Apply apply online 24 hours a day. Most members get an answer while still online.
- Apply by phone 24 hours a day at 800.328.8797 (select 3). Most members get an answer while still on the phone.
- Apply at any DCU branch during business hours. Fill out the enclosed application before you come in to save time.
- Apply by fax to 508.263.6392 with a printable vehicle loan application (pdf format).
- Apply by mail using the same printable application.
If you are buying a vehicle through a private sale, you will need to provide us with an intent to sell form. If you have questions, please call the Information Center at 508.263.6700 or 800.328.8797, weekdays from 8:00 am to 11:00 pm and Saturdays from 9:00 am to 3:00 pm, Eastern time.
Ease your loan payments, protect your family, and safeguard your credit rating. Payment Protection offered by Digital Federal Credit Union helps relieve the financial stress and worry related to making loan payments when your life takes an unexpected turn. To learn more about how Payment Protection works, select here.
If you will be keeping your new or used car for a while Mechanical Breakdown Insurance through DCU is a good deal. This cost is about half what a dealer would charge you for a typical extended warranty. And MBI, usually lets you go to your repair shop, where dealer warranties limit work to specific dealerships. With three protection levels, and several term and mileage plans, you should check it out. For more information select here.
DCU Insurance offers insurance with the personal service you deserve. So whether you have a car, truck, van, or you're buying one, DCU Insurance could be the right choice for you.
Remember that any insurance required as a condition of the extension of credit by the credit union need not be purchased from DCU Financial Insurance Services but may, without effecting the approval of the application for credit, be purchased from an agent or insurance company of the member's choice. Insurance products are not deposits of Digital Federal Credit Union (DCU) and are not protected by the NCUA. They are not an obligation of or guaranteed by the credit union and may be subject to risk. Insurance is offered by DCU Financial Insurance Services, LLC, an affiliate of DCU. Business conducted with DCU Financial Insurance Services, LLC is separate and distinct from any business conducted with the credit union. Any questions or concerns regarding this relationship may be addressed to the Office of Consumer Affairs.
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Digital Federal Credit Union
220 Donald Lynch Boulevard PO Box 9130 Marlborough, MA 01752-9130 508.263.6700 • 800.328.8797 |
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© 2008. Digital Federal Credit Union