Digital Federal Credit Union auto loan review

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3.25/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Regular Annual Percentage Rate (APR) 3.25/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Regular Annual Percentage Rate (APR) On Digital Federal Credit Union's website It indicates an expandable section or menu, or sometimes previous / next navigation options. A check mark. It indicates a confirmation of your intended interaction.

New, used, and auto refinancing available A check mark. It indicates a confirmation of your intended interaction. No payments for 60 days after loan closing A check mark.

It indicates a confirmation of your intended interaction. Rate discounts available A check mark. It indicates a confirmation of your intended interaction.

Allows co-signers A check mark. It indicates a confirmation of your intended interaction. Loan approved instantly or same day A dash.

It often indicates an interaction to shrink a section. Membership required for a loan A dash. It often indicates an interaction to shrink a section.

No lease buyouts It indicates an expandable section or menu, or sometimes previous / next navigation options. You'll get your money within two to three business days Loan terms from 36 to 84 months 0.50% membership level discount 0.25% energy efficient vehicle discount The bottom line: Digital Federal is a great option for borrowers who want fast funding. You may get your money the same day.

You also don't have to start making payments until 60 days after you close the loan. However, membership is required in order to qualify.Pros and cons of Digital Federal auto loansNew, used, and auto refinancing available. Most borrowers looking for a loan will take out one for these three purposes.

You won't be able to buy out a lease with this lender, however.No payments for 60 days after loan closing. Borrowers will get some breathing room after taking out a loan. You'll have ample time to set up a budget that incorporates your new loan payments. Rate discounts available.

You'll get a discount of .50% when you are a member of the credit union with a plus or relationship member status. You'll also receive an additional discount of 0.25% if you have an energy-efficient vehicle.  Allows co-signers. If you have a poor credit history and are worried about your eligibility for a loan, a co-signer may help you qualify.

You may also get a better rate with one. Loan approved instantly or same day. Fast approval will allow you to shop for your vehicle in no time. Membership required for a loan. You're only eligible to become a member if you're family of a current member, work at a partner company, or are a part of a qualifying organization or community. No lease buyouts.

Some borrowers may be looking for a lender who will finance a lease buyout. You won't be able to do so with Digital Federal.  It indicates an expandable section or menu, or sometimes previous / next navigation options. It indicates an expandable section or menu, or sometimes previous / next navigation options.

Digital Federal is best for borrowers with energy-efficient cars, as the credit union offers discounts on loans for them. Additionally, if you need some extra time before paying your loan, the credit union will give you 60 days before it requires you to make payments. Most other lenders don't allow it.

However, borrowers looking to buy out their leases won't be able to do so with Digital Federal.  How Digital Federal auto loans compare It indicates an expandable section or menu, or sometimes previous / next navigation options. It indicates an expandable section or menu, or sometimes previous / next navigation options. Both Digital Federal and Navy Federal require borrowers to be members to take out a loan.

However, Navy Federal has the stricter eligibility requirements of the two. You're only eligible if you are an active military member or veteran, as well as an employee or retiree of the Department of Defense. Family members of any of the aforementioned groups also qualify. Huntington is only available in 11 states — Colorado, Florida, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, West Virginia, Wisconsin.

Digital Federal and Navy Federal are available in all 50 states. See our ratings methodology for auto loans » Frequently asked questions Digital Federal is rated A+ by the Better Business Bureau, a nonprofit organization focused on consumer protection and trust. The BBB rates companies by evaluating their responses to customer complaints, honesty in advertising, and truthfulness about business practices.  Digital Federal hasn't been involved in any recent controversies. Between its top BBB score and clean history, you may feel comfortable borrowing from the lender.  Digital Federal doesn't disclose the minimum credit score it requires for its loans.

However, the better your score, the better your chances are of qualifying.  Generally, you'll be approved for a loan within one business day and receive your funds shortly after. Ryan Wangman is a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF).

In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe.  Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services here >> Read more Read less Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.**Enrollment required.

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