DCU Auto loan rate drop Archived From: Finance |
DCU just dropped the auto loan rate a couple of days ago DCU Loan Rates.
e.g.
For FICO Score > 720, 36 month loan with "loyalty checking" status (which is easy to get) - the rate is now 4.95%.
I already had a loan with them - just refinanced today to the lower rate.
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any idea if toyota financial servise also lowered their rates after the fed-cut ?
puddonhead said:DCU just dropped the auto loan rate a couple of days ago DCU Loan Rates.
e.g.
For FICO Score > 720, 36 month loan with "loyalty checking" status (which is easy to get) - the rate is now 4.95%.
I already had a loan with them - just refinanced today to the lower rate.
That sounds like a great financial decision... wut's yer new monthly?
ooooops... did not notice the question earlier...
My earlier rate was 6.45% (Credit Score 690, Loyalty Checking Plus benefits). It dropped to 5.95% for me after the rate reset.
The monthly payment stays the same - $551. I will now pay the loan off sooner and would have saved ~$200 over the course of the loan if I was making just the minimum payments. However, I plan to prepay the loan much sooner (I bought a 23k car in Nov and after 2.5 months the loan balance is $15,223 now)
I am hoping to get my score above 720 soon (my credit history is very short) so that I can get a full 1% drop to 4.95% . Any suggestions on how I can get there quickly other than paying all my bills in time (which I anyway do).
puddonhead said:ooooops... did not notice the question earlier...
My earlier rate was 6.45% (Credit Score 690, Loyalty Checking Plus benefits). It dropped to 5.95% for me after the rate reset.
The monthly payment stays the same - $551. I will now pay the loan off sooner and would have saved ~$200 over the course of the loan if I was making just the minimum payments. However, I plan to prepay the loan much sooner (I bought a 23k car in Nov and after 2.5 months the loan balance is $15,223 now)
I am hoping to get my score above 720 soon (my credit history is very short) so that I can get a full 1% drop to 4.95% . Any suggestions on how I can get there quickly other than paying all my bills in time (which I anyway do).
Does DCU adjust your rate when you FICO score goes up? That's nice if it's true. I am hoping to get my score back up to 720 soon too, but I need an auto loan soon. Any information is much appreciated!
They have reset the interest rate twice with me in the last 3 months. I started off with a 6.95% loan. Then I found out about loyalty checking plus benefits. They reset the rate to 6.45% for me after this. Again they reset a few days ago (when I started the thread) to 5.95%.
The CSR told me that they should have no problems resetting my rate again if my credit score goes above 720.
They would not do any of these automatically though (these are all "Fixed Rate" loans after all). You have to keep monitoring it and give them a call when you think you qualify.
The loan is 4.45% now. I called to ask adjust my loan but wast turned down.
But they said they can do it if I open a checking account and a credit card with them.
My current loan is 4.95%. Not sure if it is worth it.
Any body know if DCU credit card is worth to apply?
Thanks
Penfed is lower @ 4.25%.
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