Loan rates?

[goldburger]

Are you guys doing such long loans because you intend to sell the truck in a few years?

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[mabowden]

I got 4.24% yesterday at schools first credit union (socal).

The process was almost too easy.

 

[countab45]

I used Rivian and its like 5.5%. i will refi in the next year depending on how rates look and have more time to look around at a credit union.

 

[dp351]

I inquired at Parsons and interior credit federal union. I liked that they offer terms up to 96 months and the competitive rates others have noted here. But right now their lowest potential rate for 60 mos was 6.14%, and for 72-96 mos was 6.29%. I also spoke to an underwriter at Parsons and learned that it would be a “full doc” loan, which means that they’d require ALL documents related to every rental property I own before making a decision, and that would take weeks.

I also applied with BofA, which took less than five minutes on my phone, and got approved instantly. The rate is 4.99% for a 72 month term.

 

[Count Orlok]

Interesting to see so many loan terms longer than some people predict that Rivian will be in business.

 

[Monkey]

I inquired at Parsons and interior credit federal union. I liked that they offer terms up to 96 months and the competitive rates others have noted here. But right now their lowest potential rate for 60 mos was 6.14%, and for 72-96 mos was 6.29%. I also spoke to an underwriter at Parsons and learned that it would be a “full doc” loan, which means that they’d require ALL documents related to every rental property I own before making a decision, and that would take weeks.

Wow. I had none of that with Parsons. It was quick and easy.

As for longer loan terms, I went with my 84 month just to keep the monthly obligation for my Lightning under a certain dollar amount. Less stress, but I intend to pay it down much sooner than that. I would have taken the Ford Credit offer of 3.9% for 60 months if not for Parsons. All the others I checked beforehand and the dealership checked were coming back in the mid 6% to low 7% range.

 

[Ngkgb]

I missed the boat on this but Cali folks can get 2.49% up to 72 mo. Apparently just gotta make a donation to join. Act fast though, offer only good til December 31.

https://www.myeecu.org/

 

[Tim-in-CA]

I missed the boat on this but Cali folks can get 2.49% up to 72 mo. Apparently just gotta make a donation to join. Act fast though, offer only good til December 31.

https://www.myeecu.org/

I don’t see where you can make a donation to join. Membership seems restrictive

 

[Killer95Stang]

My credit union is offering 2.74% for 60 with direct deposit. But, will probably be higher by the time I get my Rivian in 2024, with 11/21 reservation

 

[Ngkgb]

I don’t see where you can make a donation to join. Membership seems restrictive

Apparently once you start applying for a loan or an account it gives you that option.

 

[compmix]

Apparently once you start applying for a loan or an account it gives you that option.

Can confirm, signed up for an account and a loan, paid a $10 membership, and was approved for the loan within 2 days. Thanks for the recommendation!

Other CUs like Parsons and IFCU took over a week to join, still haven't heard back for the loan...

 

[Ngkgb]

Can confirm, signed up for an account and a loan, paid a $10 membership, and was approved for the loan within 2 days. Thanks for the recommendation!

Other CUs like Parsons and IFCU took over a week to join, still haven't heard back for the loan...

No problem. What rate did you end up getting qualified for?

 

[compmix]

No problem. What rate did you end up getting qualified for?

Their advertised 2.49%, which includes a 0.5% autopay discount. I'll also need to put down at least 10%.

 

[Ngkgb]

Their advertised 2.49%, which includes a 0.5% autopay discount. I'll also need to put down at least 10%.

Amazing. Glad you were able to take advantage. I heard about them just a couple days too late.

 

[ORFynder]

Are you guys doing such long loans because you intend to sell the truck in a few years?

I got a 4 yr loan at 3.09% in late June. I hate having debt so been focused on paying it off ASAP. Happy to report on track to pay off the loan in Feb 2023. And no, I don't see any scenario I will ever sell my R1. In fact, I'm itching to put a deposit on a R2 once they open that up to reservations

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