bkafrick

I got 1.89% from Bank of America on 60 months...

ajindal

remember DCU is 65 months, if someone is looking for 36 months then penfed is good

EricNCSU1204

So unfortunately DCU will not give you anything in writing saying that you are approved or any of the terms (or rate) you are approved for. We were approved for 1.74 with DCU but I have to change my direct deposit to them which is a pain so we are trying to avoid it...... so in a nutshell, light stream will not beat the DCU rate.

EricNCSU1204

was this directly through B of A or through the dealer? their website shows 2.74 is their lowest.

Lookout57

I got a rate of 1.89% for a BoA loan from my dealer back in September.

adamvincent617

I would target local credit unions... Tell them that you need a proof of rate to complete the purchase order on the car... I did this with Gulf Winds Federal Credit Union and then matched it with LightStream at 10 basis points lower and got the loan unsecured, if holding the title is important to you... Basically signed the loan docs, no proof of purchase was required, money was deposited in 24 hours and we wrote a check for purchase...

audi40

Your payroll dept. should be able to split your direct deposit and only send a portion of your pay to the DCU account, so you can leave the bulk of your pay in your regular bank account...I've done this plenty of times.

EricNCSU1204

DCU said could not split. Must be the entire thing. Said if we split, they will catch on and the rate will go up to direct pay rate.

As far as local credit unions, none will match rates... the rates they offer are it.

Going to see what the dealer can come up with. Told them I had 1.74 for 65 months already approved and if they could beat it I would consider going with them.

I really appreciate everyones suggestions and pointers. Loving this forum.

audi40

We had a loan with DCU on my wife's car in 2014, arranged through the dealership (1.49% for 60 mos). Did all the paperwork through the dealership's FI manager and just set up the direct deposit w/ my payroll dept. and never had any input from DCU - only deposited enough + a little extra to cover the payments each month. Sounds like you're in direct contact with DCU, which may be the difference, but even still, I doubt they actually monitor the direct deposit amounts once the account is set up and funds are flowing into it.

Ray_QT

I have had one car financed through DCU for many years and I never had an issue with split deposits.