See how securing an auto loan before shopping could help you get the most for your money.
1. Eligibility by Family Relationship to a Current DCU Member
Relatives of DCU members are eligible to join if they are spouses, domestic partners, children grandchildren, parents, grandparents or siblings (including adoptive in-law, and step relationships).
2. Eligibility by Company You Work for or Retired From
3. Eligibility by Organization You Belong To
4. Eligibility by Community
You are automatically eligible to join DCU if you live, work, worship, or attend school in one of the communities in our list. Any business or other legal entity located in one of these areas is also automatically eligible to join.
|Terms||APR¹ As Low As||EMP² Per $1,000|
|Up to 36 Months||1.49%||$28.42|
|Up to 48 Months||1.49%||$21.47|
|Up to 65 Months||1.49%||$16.02|
|Up to 72 Months||2.49%||$14.97|
|Up to 84 Months||3.99%||$13.66|
¹APR= Annual Percentage Rate. Rates are determined by your personal credit history, loan term, account relationship, and payment method. Rates listed are for this product only and are subject to change at any time. Rates and terms on loans for other types of vehicles, including mobility vehicles, will differ. Published rate includes a 0.50% discount given when you maintain electronic payments and Plus or Relationship benefits on your DCU checking account. For refinance of a DCU loan an administrative fee may apply.
²EMP = Estimated Monthly Payment
ESTIMATED PAYMENT SCHEDULE
Estimated payment will be
Frequently asked questions and answers to help manage and plan for your auto loan.
The most common ways to apply for a DCU Auto Loan are through our online application or in a branch (Note: branch lobbies are currently open by appointment only.) If you are already a DCU member, you can submit your application within Online Banking under LoanSuite. This will allow you to streamline your application, because you won’t be asked for any information we may already have. Additionally, you could check to see if you are already preapproved for an auto loan.
If you have questions or need assistance submitting an application, you can contact our Consumer Loan Call Center at 800.328.8797 – then select Option 3.
You must be a DCU member to finalize and fund a vehicle loan, but you can submit your loan application before finalizing membership. If you are not yet a DCU member, you will receive information about how to apply to become a member after you receive your loan decision.
For more information about membership eligibility, visit our membership eligibility page.
No—you do not need to have a vehicle selected before submitting your auto loan application. Some members choose to initiate their application before deciding on a vehicle, so that they know their exact budget and can complete the transaction quickly once they find the right one.
When you apply, you have the option to indicate you don’t yet know the make and model of the vehicle. However, you will be asked to provide an estimate of your loan amount (purchase price less any down payment or trade-in value). If approved, your loan offer will be good for up to the stated amount pending verification of all required documents. When you finalize your loan, you can specify the exact dollar amount you wish to fund.
To apply for an auto loan, you will need the following information:
To finalize and fund your auto loan, you will need to do the following:
The timeline for application and funding can vary, depending on how quickly the required documentation is provided. In many instances, we are able to provide instant decisions on applications submitted through our online application. You will receive a notification if further review is needed to decision your application. Once you provide all of the documentation needed to finalize your loan, the check is usually delivered by FedEx within 2-3 business days.
Rates are determined by your personal credit history, loan term, account relationship, and payment method. Members may be eligible for a 0.50% discount by maintaining electronic payments on the loan and Plus or Relationship benefits on your DCU checking account. Rates and terms on loans for other types of vehicles, including mobility vehicles, will differ.
Many factors go into determining the final loan amount for the purchase of a new or used vehicle. These factors include any manufacturer's rebate, the trade-in value of your old vehicle less any outstanding balance, your down payment, etc.
Once the loan amount is determined the interest rate and the term of the loan will be used to estimate your vehicle payment. To estimate your monthly payment, try our Monthly Payment Calculator.
Loan to value is the ratio that compares the amount of a loan against the value of the vehicle. Typically, lenders have a “maximum LTV” threshold in place which determines how much of a loan they are willing to finance for a vehicle based on its value. The LTV threshold is based on a number of factors, including creditworthiness, vehicle age, mileage and term of the loan. At DCU, qualified borrowers could finance up to 130% of the purchase price or book value, whichever is lower.
GAP insurance is optional auto insurance that helps pay off your loan in the event your vehicle is totaled or stolen and you still owe more than the depreciated value. Regular auto insurance will only cover what the vehicle is worth at the time of the loss. GAP insurance protects you when your auto loan balance exceeds your car's current book value. DCU offers members GAP Advantage insurance through Allied Solutions. GAP Advantage can be purchased for both new and used vehicles, for a reasonable one-time cost of $295. For more information, visit the GAP Advantage Insurance page.
Other insurance options that DCU makes available to members include:
Yes, DCU works with a select group of dealerships in New England through Credit Union Direct Lending (CUDL). These dealerships can submit an application to DCU or other lenders on your behalf and get the required paperwork for funding to DCU. Visit our CUDL Auto Buying page for more information.
While every member has access to most of our great benefits, the more a member does with DCU, the more those benefits multiply. Check out the information below for a detailed description of benefits by level.
Every member enjoys these benefits automatically:
Enjoy all the Basic Member Benefits plus:
How to Qualify: Add and maintain direct deposit (qualifying direct deposit is a recurring electronic credit of your payroll, retirement, Social Security, or other recurring monthly income). If at any time you fail to maintain these qualifications, your benefit level will be automatically adjusted without notice and you will no longer be eligible to receive the associated benefits.
Enjoy all the Plus Member Benefits and:
How to Qualify: Add and maintain direct deposit (qualifying direct deposit is a recurring electronic credit of your payroll, retirement, Social Security, or other recurring monthly income) AND make at least 5 transactions per month (qualifying transaction types include debit and/or credit card transactions, bill payments, balance transfers, or P2P transfers that clear your account within the same month). If at any time you fail to maintain these qualifications, your benefit level will be automatically adjusted without notice and you will no longer be eligible to receive the associated benefits.
Needed a new car and searched through my entire area for rates. Ended up going with DCU because rates were best anywhere, I could find. Gave them a call and rates were even better than listed. Service after applying was top notch.READ MORE REVIEWS
Professional service, faster and easier Process, good rate... can't ask for more! Thanks DCU!READ MORE REVIEWS
I have been a DCU member with multiple accounts and auto loans for over 6 years now and they are hands down the best out there. No nonsense and no hidden. I strongly recommend DCU for all your banking.READ MORE REVIEWS
LOWER YOUR RATE, PAYMENT, OR BOTH WHEN YOU REFINANCE.
On Balances Up to and including $1000.00
$0.00 Annual Fee
On Balances Up to and Including $100,000.
We are currently experiencing extremely high call volumes. To help keep our phone lines open for those members directly impacted by the current COVID-19 outbreak, please leverage self-service tools such as Online and Mobile banking for routine transactions.
All DCU branch lobbies, including our Teller lines are open. Member Service Representative (MSR) advance appointments are no longer required but are encouraged. We look forward to serving your financial needs.