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Providing Superior Financial Services Since 1958
The Dillon Employees Credit Union was founded in 1958 to provide financial services specifically for the employees of the Dillon Companies. The credit union offices were located at the Dillon's Main Office and Warehouse location at 2700 East Fourth Street, Hutchinson, Kansas.
In March of 2009, Dillon Credit Union expanded the field of membership and is now open to the public to better serve the community and changed our name to "Dillon Credit Union".
In 2011, DCU moved to a new location at 2704 North Lorraine, while still maintaining our branch in our original location at the The Dillon Companies headquarters on Fourth Street.
Car Buying Pitfalls to Avoid
A new car loan can drive your credit ahead, cementing your reputation as a responsible borrower who can be trusted with major responsiblity, including obtaining a mortgage. But take a wrong turn-even one late payment and your credit score will sink, making it difficult - and in some cases nearly impossible -to obtain credit in the future. The time to guard against making such mistakes is before you sign a loan or decide which auto to purchase.
So first consider these auto loan pitfalls to protect your credit:
1. Forgetting to factor in loan costs:
Many auto buyers spend too much on loans because they look at the monthly payments, not the total cost of the car-including loan interest and finance charges. Savvy borrowers shop for auto financing from credit unions, banks and other respected lenders before they begin serious negotiations on a specific auto. Knowing the total cost of your loan before signing on the dotted line is key to ensuring you don't fall behind in payments or have created so much debt lenders consider you a high risk.
2. Getting upside down on a loan:
Long-term loans may make sense for those who can reasonably expect financial stability. But what if you buy a car based just on what you can pay on your current income, and then you are laid off? You may have to sell or trade your car even though it has depreciated and is worth less than you owe on the loan. This is called being upside down on your loan. To help reduce your odds of getting upside down, follow the 20/4/10 rule:
*Make a down payment of at least 20%.
*Finance a car for no more than four years.
*Don't allow your monthly vehicle expense-including principle, interest and insurance-exceed 10% of your gross income.
This way you can build credit without carrying a huge amount of debt and have options if your financial situation changes.
3. Rolling over a loan without first doing the math.
A common method to deal with negative equity is to buy another car and finance it by rolling the amount currently owed into the new loan. Incentives may reduce the balance on the existing loan and help erase negative equity, but it may not be worth it.
Remember autos with heavy incentives tend to have lower resale value for at least three years, according to Edmunds pricing analysts. This means you will be upside down for a longer period of time.
We want to be YOUR financial institution.
When you choose a financial institution, you are making a decision that will impact you for years to come. There are many Hutchinson Banks and Hutchinson Credit Unions, but none that can provide you with more personal and friendly experience than what you will find at the Dillon Credit Union.
Whether you need simple checking and savings accounts, high-yield investments, auto loans, personal loans, consumer loans, lines of credit or a new mortgage, DCU should be your first choice. Dillon Credit Union serves the heartland. Credit Union members can live, work or worship in 20 Kansas counties (see our service area here).
Stop by any time, grab a cup of coffee and let us show you why DCU should be your choice over any other Banks or Credit Unions in Hutchinson. Or better yet, apply for membership right now!
Need To Order Checks?
Order your checks online from Harland Clarke, our preferred provider.
If you have a data phone or tablet, whether it is an iPhone, iPad or Android device, you can download and use our convenient mobile banking application for free! Do your banking 24/7. Check balances and make transfers or payments, no matter where you are!
Ready For A New Vehicle?
Check out our NEW SPECIAL rates on new loans for you to replace your current vehicle.
If you haven't found the car you want yet ... check out this great resource for a great deal! Click below and SAVE!
Safeguard Your Family!
Protect your family from financial risks with Credit Disability and Credit Life insurance on all your loans. These inexpensive policies will make the payments on your DCU loans should you be unable to pay due to illness, injury or death.
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