DCU is a consumer and retail-focused bank that has about 30 locations located in Massachusetts and New Hampshire. The company is well known for providing great terms on a variety of consumer loan products. One of their most popular products with consumers is their auto loan program, which often provides the best terms and leverage options available in the area.
One of the key characteristics of DCU, and what sets is apart from other auto lenders, is that the company is willing to provide a higher loan amount than other car lending companies. While most car loan providers would want to see a consumer put forth a down payment equal to at least ten percent of the purchase price, DCU does not require any down payment. In fact, the company will finance up to 120% of the purchase price, which will cover all taxes and fees that could be incurred with the purchase.
DCU is also well known for having attractive interest rates and term lengths. For well-qualified buyers, DCU will provide an interest rate of 1.75% with a repayment term equal to 84 months or less. Consumers that have a mortgage, savings account, checking account, or other consumer services through DCU will be able to save even more money through a full relationship discount.
Those that apply for a loan also have given positive reviews about the online application form. The online application form will normally take a consumer no more than ten minutes to complete. Once the form has been finalized and all paperwork has been submitted, the lender can give a notice of approval within just a few hours. Those that are approved will then have the ability to use the loan proceeds to buy any car that fits the parameters of the loan.
While there are not many complaints about getting a car loan through DCU, the one complaint that is common is that it is difficult to see a loan professional in person. DCU is a smaller bank compared to many other lenders in the area, which means they do not have as many physical locations. For those that are not located nearby a branch location, it can be a challenge to find a convenient location to meet with a bank employee.