DCU Auto Refinance Review 2022

DCU Auto Refinance Review – Introduction

When shopping for auto refinance loans, most people head to banks first. However, credit unions are an underrated option for your financing needs – provided you meet their criteria. Digital Federal Credit Union (DCU Auto Refinance) is one of the largest credit unions in the country and can help auto owners save money when refinancing.

Based in Marlborough, Massachusetts, DCU provides direct loans and auto refinance for eligible borrowers. Compared to other lenders, DCU auto refinance has more flexibility and offer better rates to customers in all 50 states. The only issue is that you need a membership with a credit union to apply.

In this DCU auto refinance review, the Refinance Team at Way.com breaks down the benefits of refinancing at a credit union like DCU. As always, there will be some drawbacks – but you get to make an informed decision at the end of this review!

Pros and Cons of DCU Auto Refinance: A Snapshot

A credit union is an institution that offers financial products to everyone who is a member. DCU offers auto loans for new and used car purchases, lease buyouts, and auto refinancing.

Borrowers who choose DCU can access lower rates and higher loan amounts for auto refinancing, and can also refinance existing DCU loans. Besides, they can pre-qualify through a soft credit check and compare different refinancing offers. All this puts more choice in the hands of the borrower.

Here’s a quick look at the main pros and cons of DCU auto refinance.

*As of January 2022

DCU Auto refinance rates are a good bet for customers who:

• Have a credit union membership and a DCU checking account
• Want to compare rates without hard credit inquiry
• Prefer automatic payments – and want rate discounts
• Want refinance guidance through the application process

Unique features of DCU Auto Refinance

Here’s a detailed look at the prominent features of the DCU Auto refinance process.

• Credit Union membership needed to apply for DCU auto refinance.
• DCU auto refinance credit score: Unfortunately, the minimum score to apply to DCU has not been disclosed.
• Pre-approval by soft credit inquiry: A soft credit inquiry won’t affect your credit score. Pre-qualification lets you choose from multiple DCU Auto offers.
• Loan lengths: DCU auto refinance offers loan terms varying from 36-84 months. The lack of a 12-month or 24-month term can be a disadvantage for some.
• APR Range: DCU refinance rates start from a minimum of 1.49% to 11%.
• Loan amounts: DCU will refinance loans ranging from $5000 to $500,000.
• Co-signers and co-borrowers allowed: You can lower your monthly payments by adding co-signers and borrowers.
• Hardship Plans allowed: Allows skip-a-payment, payment deferrals, and re-amortizations as part of hardship plans
• Rate Discounts: If you already have a DCU checking account and choose auto payment, you can get up to a 0.5% rate discount.

DCU Auto refinance requirements

Before applying for DCU auto refinance, check the table below to see if you meet all the requirements.

*As of January 2022

• If you are a serving member of the armed forces, the Military Lending Act will cover the DCU Auto refinance rates offered to you.
• DCU auto refinance also offers cash-out refinancing and 0.25% discount for energy-efficient vehicles.

How to apply for DCU auto refinance: Steps to follow

Step1: Pre-qualification

As the first step, use the DCU auto refinance calculator to check whether you can find an optimum interest rate for your monthly payments. Once you get an idea of what amounts you may pay, apply to pre-qualify with DCU by inputting your basic details and personal information.

The pre-qualification involves a soft credit check which will not affect your credit score.

Step 2: Choose an offer and complete the application

You will get multiple DCU offers, from which you can choose one. Once you choose an offer, a hard credit inquiry will be initiated. You can use the co-borrowing, co-signing, and automatic payment features to get preferential rates for refinancing.

Step 3: Finalize the refinance loan

Once you send in your supporting documents, you can sign the final deal and set a date to receive funding. Remember that you can also use the cash-out refinancing option to get up to 120% of the vehicle's resale value as a loan.

DCU Auto Refinance Review: Conclusion

If you already are a credit union member, we’d highly recommend checking out DCU Auto Refinance and going through the pre-qualification process. The APRs are generally on the lower side for those who qualify, and along with the automatic payment rate discounts can save you a lot of money.

DCU also has an A+ rating with the Better Business Bureau (BBB). The only delays that customers face have been during the documentation process. Some customer feedback mentioned issues in the finalization of the refinance deal, but were happy that the 24-hour customer support team were responsive and efficient.

Overall, DCU Auto Refinance is a worthwhile option to explore for those looking to refinance at competitive rates.

DCU Auto Refinance: Frequently Asked Questions

What is the address of DCU?

The official mailing address of DCU is 220 Donald Lynch Boulevard, Marlborough, MA.

How to contact: DCU Auto Refinance phone number

You can reach out to the DCU auto refinance customer support team at 800-328-8797 on weekdays between 8 a.m. and 9 p.m., and on Saturdays between 9 a.m. to 3 p.m.

Does DCU Auto refinance offer cash-out refinancing?

Yes, DCU Auto refinance also offers cash-out refinancing.

Does DCU auto refinance have a fixed or variable APR?

DCU offers fixed APRs for car refinancing starting from 1.49%..

Does DCU charge late fees?

Yes, DCU charges late fees up to 4% of the amount due.

Does DCU auto refinance report to any credit bureaus?

Yes, DCU reports account activity to Equifax.