Digital Federal Credit Union is based in Massachusetts and is among the top 20 credit unions in the USA. It has members in all 50 states, though it only has full service branches in two states. Because of this, they have a very comprehensive online system for mobile banking. Digital Federal Credit Union (DCU) has a company vision to help “all members achieve their financial goals”. They do this by prioritizing people first, doing the right thing, and making a difference. DCU is a comprehensive financial service that offers loans, credit cards, retirement options, business banking, insurance, and HSA accounts.
- Many options for auto loans
- Low APR
- Financial Tools
Options for Loans
Our favorite part about DCU is their commitment to help you save money. Now when it comes to car loans, they have a few options like new car loans, used car loans, classic car loans, antique car loans, and mobility vehicle loans. It is not a common practice in the industry to offer so many types of loans. This can be convenient for customers when searching for an auto loan that works with their specific needs.
- Low APR (1.74 percent +)
- Extended term length (84 months)
- Loans up to 120 percent of the price of the car
- 0.5 percent discount with electronic DCU checking account payments
- Discounts for energy efficient vehicles
- Mobile access to your loan
- Five star review from over 2,000 of their members
- Auto loan calculators available
These options, as well as a comprehensive website application make DCU a convenient place for a car loan. DCU also has great customer service options. If you have any questions you can call in, chat online, email, and send feedback online. The online application is also fast and convenient so you can quickly find what loan you qualify for.
- Checking account
- No free credit score
- Loan cap may set limitations
Best to have a DCU Checking Account
DCU has a lot of great options for loans but there are a few things to keep in mind. Firstly, make sure you have a DCU checking account so you can get the lowest rate possible. This can be an inconvenience for customers by creating an extra step that takes time. It can also be off-putting for customers who already have a banking account with another bank and do not want to maintain more than one account.
- Maximum loan amount is only $50,000
- No free credit score check
- High APR for classic and antique cars
Although DCU doesn’t have a lot of issues with their services, some of these items are deal breakers. Since they only offer up to a $50,000 loan, a lot of car buyers wont be able to take out an auto loan at DCU because so many new cars cost more than $50,000. Customer’s who know they are looking for vehicles that cost more should look else where for a loan.