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finder.com’s rating: 4.6 / 5.0
★★★★★
Digital Federal Credit Union (DCU) offers auto loans in all 50 states for a wider range of vehicles than most competitors. But it only has full-service branches in two states. And its online banking system doesn’t have the strongest reputation.
Starting at 6.99%
APR
APR | Starting at 6.99% |
---|---|
Interest Rate Type | Fixed |
Requirements | US citizen or permanent resident and ages 18+ |
To qualify for an auto loan from DCU, you only have to meet the following criteria:
While Digital Federal Credit Union auto loans are available in all 50 states, DCU only has full-service, in-person branches in the following two states:
Unlike many of its competitors, DCU offers auto loans for a wide variety of vehicles, including new, used, classic and antique cars, as well as mobility vehicles for drivers with disabilities. DCU’s stand-out features include discounts for DCU account holders and substantially lower rates for energy-efficient vehicles, as well as maximum loan terms up to 10 years for some vehicles.
DCU offers a variety of auto loans for both new and used vehicles, including:
Whether you’re buying new or used, you have the option of purchasing through a dealership or private party. You can even finance a lease buyout or refinance your current DCU auto loan for a lower rate or longer term.
DCU offers several other vehicle financing options. These include:
DCU takes into account the following factors when determining your interest rate:
From longer loan terms to a slew of discounts, here are a few perks of taking out a DCU auto loan:
Consider these potential downsides before taking out an auto loan with DCU:
BBB accredited | No |
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BBB rating | A |
BBB customer reviews | 1.4 out of 5 stars, based on 25 customer reviews |
BBB customer complaints | 91 customer complaints |
Trustpilot Score | 2.8 out of 5 stars, based on 6 customer reviews |
App Store Score | 2.3 out of 5 stars, based on 195 customer reviews |
Google Play Score | 3.9 out of 5 stars, based on 3,234 customer reviews |
Customer reviews verified as of | 19 October 2020 |
Digital Federal Credit Union doesn’t have the greatest reviews on the Better Business Bureau (BBB). It receives an A rating from the BBB, but earns a meager 1.4 out of 5 stars for its customer review rating.
Many borrowers complain that DCU’s online system was difficult to navigate. And others stated communication with customer service representatives was difficult and unclear. If you choose DCU as your auto loan provider but don’t live in New Hampshire or Massachusetts, be prepared to navigate most details of your auto loan online.
However, in terms of DCU’s auto loans specifically, reviewers were generally satisfied with the low rates and extended loan terms available. Many said they were impressed by how quickly their loan was approved and how fast they received their funds.
Before taking out a DCU auto loan, double-check that you meet its eligibility requirements.
Most borrowers apply online, though you can also send a printed application in by mail or fax. And if you live in New Hampshire or Massachusetts, you can apply in person by visiting one of its 18 branches.
Follow these steps to begin the application online:
It usually only takes a few minutes to complete DCU’s initial application. However, you might be required to follow up by email or phone if you don’t have all the relevant information available right away.
Most borrowers say they heard back about a decision on the spot when applying in person or by the following business day if applying online. And once approved, most borrowers report that they received their funding by next-day air mail.
To apply for an auto loan at DCU, you’ll need the following information:
Once you’ve been approved for a Digital Federal Credit Union car loan, consider setting up autopay to avoid late fees and penalties. You might also want to sign up for a DCU checking account — which can take up to a week to process — so that you can qualify for its interest rate discount.
Keep an eye on your bank account and loan balance. If you notice something off, reach out to a DCU customer service representative by calling 800-328-8797.
DCU auto loans may be a good option for borrowers looking for flexible, extended loan terms or those interested in purchasing a rare or specialty vehicle. But with branches in only two states, it’s not ideal if you like being able to talk to a loans specialist in person.
You can see how DCU stacks up to the competition with our guide to car loans.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We rate car loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.
Read the full methodology of how we rate car loan providers to get a better picture of what goes into each star rating.
Digital Federal Credit Union auto loans is not currently available on Finder
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2 Comments
August 5, 2019
What kind of credit score does one usually have to have to qualify for a classic car loan with DCU. Also, I am in Arizona. Will that matter?
August 5, 2019
Hi Kevin,
Thanks for getting in touch!
DCU does not have a specific credit score requirement. However, generally, you have a good chance of getting approved by many auto lenders if you have good to exceptional credit (670-850 FICO score). According to a 2016 report from credit bureau Experian, the average credit score required to qualify for a new car loan was 714. If you’re in the market for a used car, that required average score drops to 678.
It’s important to note though that auto lenders may use a different credit scoring model when evaluating your auto loan application and your credit score isn’t the only factor that lenders consider during the application process. They’ll also look at your debt-to-income ratio, income, employment history, and other factors.
Hope this helps!
Best,
Nikki