timmmmeh
Well-Known Member
- Joined
- Jan 11, 2022
- Threads
- 2
- Messages
- 71
- Reaction score
- 49
- Location
- Los Angeles
- Vehicles
- 23 R1S, 23 MY
Schools First Federal Credit union had 4.49% for 60 months a week ago.
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Announcing our new "CLUBS" section where you can join or create a Rivian club or group! You can use this new feature to conveniently plan and discuss local events, gatherings or other club/group related topics.
So we encourage you to join (or start) special-interest and regional-based Rivian clubs at: https://www.rivianforums.com/forum/group-categories/clubs-groups.1/
Applied for membership, not for loan. In the application they asked something like why do you want to join cu? I mentioned buying a Rivian R1S and want to apply for loan immediately upon approval of membership.They require paystubs just for membership or did you mean for the loan application?
Navy Federal requires some sort of military affiliation. My brother is in the army and invited me many years ago as my āsponsorā. My fiance shares my address so she got in too. Best bank for credit and lending, ever. And awesome stateside customer service 24/7.My HELOC just hit 6.75%, of which I'm using it to pay for my Rivian, and I cannot, by my nature, continue paying those rates (I have a 2.8%, 15 year fixed on my house, which is almost paid off). I hate paying any and all interest, but 6.75% is ridiculous. One of my rental homes is under contract for sale and is expected to close in early May. If it doesn't go through, I'm looking at alternatives on getting a new loan. Forgive my ignorance, but the rates that I'm seeing in posts above that are sub 5%, are you required to be a Vet and ones like First Navy and some of the others?
Wow, complicated but thank you for the heads up. Iāll only have a few days to apply before my delivery date!Sounds like Navy Federal is on your list. When I was shopping around in March NFCU was by far the lowest I was able to find and looks like they're still offering the same rates today at 4.74% for 60 months. I had to do the pre-approval route since my VIN wasn't accepted by their system, but that locked in the rate for something like 60 days, so I'd do it sooner rather than later. I wound up financing the remainder after they gave me $30k for my 4Runner, which surprisingly beat Carvana, CarMax, etc.
Basically Navy Fed gives you a document that shows what you're pre-approved for and you fill in the vehicle make/model/VIN and financed amount that Rivian gives you. Fill in other info Navy Fed and/or Rivian want and send it to Rivian for receipt before your delivery date. Rivian then has to call Navy Fed and get the loan activated. You'll get your promissory note notification via email, sign it online, then send a copy to your guide for documentation/titling purposes. Things happened very quickly for me and mine showed up at the SC about 1-2 weeks before my guide thought it would. By the time delivery scheduling opened up there were only 2 days available and less than a week away so I had to overnight the loan doc to them.
thatās nice, their rates pretty much havenāt changed, were you already a member? How long did the whole process take?USSFCU has the best rates by far, they may change the rates beginning of next month but the other thread has pretty detailed info on this topic, my experience so far with them has been pretty smooth and very prompt, easy to apply and get those best (so far) lower rates!
https://www.rivianforums.com/forum/threads/loan-rate.14215/unread
https://www.ussfcu.org/resources/rates.html
How did this go for you? Can you share the timeline and other details? Iām planning to give the exact same reason as you didApplied for membership, not for loan. In the application they asked something like why do you want to join cu? I mentioned buying a Rivian R1S and want to apply for loan immediately upon approval of membership.
How did this go for you? Can you share the timeline and other details? Iām planning to give the exact same reason as you did
Thank you very much for the detailed response.There is a separate thread about this.
But here is mine timeframe:
Just to update you on the current time it takes:
Account Creation:
Created Date 5/3/2023. (I actually submitted a request on 5/2/2023, morning)
Approved Date. 5/9/2023
Account funded (5$) 5/12/2023. (Important step as without it they do not proceed with loan approval)
Loan Application
Created Date. 5/9/2023 Status - Pending
Created Date. 5/15/2023 Status -Approved
Check Sent to Rivian- ? (hopefully today)
One thing I learned - if you wait for more than a day for a response - call them, select the lending department, and talk to them directly. This will reveal that they are in need of additional documents, etc.
I got %4.24 for 60 month's. Credit score 750+. They did not like that I already have another auto loan, and were not able to give me %3.74 as they publish. Still better than 5.49 that I got from BoA with all my discounts.
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The whole process is smooth, as others mentioned call them instead of email response that helps to move things faster. Very good customer service.How did this go for you? Can you share the timeline and other details? Iām planning to give the exact same reason as you did
You need to call them. I had the same, called them and it moved forward. The rule of thumb with them - if you wait for more than 1-2 days - call.I applied to join USSFCU on 5/8. As of today (5/17) my application is still showing pending. Sounds like several more days for a loan application. Delivery scheduled 5/30...I'm really hoping these guys come through in time, otherwise maybe I can do a refi. If you want to get a loan with USSFCU, my recommendation would be to start very early. :/
Yes agree with @shap. I did my historical donation and membership application this past sunday. I called to check the status this morning and rep said it was pending. A few hours later they reached out for the due diligence questions and membership approved. I did the loan application shortly thereafter. Now I wait hoping to get the rates people are reporting.I applied to join USSFCU on 5/8. As of today (5/17) my application is still showing pending. Sounds like several more days for a loan application. Delivery scheduled 5/30...I'm really hoping these guys come through in time, otherwise maybe I can do a refi. If you want to get a loan with USSFCU, my recommendation would be to start very early. :/