Loan rates April 2023 thread

[AdaminFlag]

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.

Dang, I think I phrased my question wrong when I called today...I simply asked for a status update. Was told to click here, enter info...pending. Told it takes 7-10 days. Will call tomorrow (if not yet approved) and ask a more pointed question around how I can speed things up.

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[shap]

Dang, I think I phrased my question wrong when I called today...I simply asked for a status update. Was told to click here, enter info...pending. Told it takes 7-10 days. Will call tomorrow (if not yet approved) and ask a more pointed question around how I can speed things up.

Call them and ask if you want to make sure they have all the documents. Then they will open your case and review it. They will ask questions, and send it to operations that will send you a DocuSign link.


IMPORTANT - you will receive several emails from them with DocuSign, one will have a security code. You will need it to access DocuSign. If you will click "I did not receive a code" when DocuSign will ask you for one - the process is canceled And you will need to call them and start over.

 

[shap]

Now I wait hoping to get the rates people are reporting.

I got 4.24 APR for 60 months. My credit score was above 750, but they did not like that I already have one load on the other car. Just FYI.

 

[q177onique]

Dang, I think I phrased my question wrong when I called today...I simply asked for a status update. Was told to click here, enter info...pending. Told it takes 7-10 days. Will call tomorrow (if not yet approved) and ask a more pointed question around how I can speed things up.

When I called I said I wanted to make sure they didn’t need anything further from me. The rep said membership processing was taking longer than usual and wouldn’t give me an estimated turnaround time. I was surprised to hear from them later in the day and more surprised that membership was granted pretty immediately after the due diligence questions. To note I was extra polite with no Karen undertones.

 

[yancantcook]

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.

Quote Reply

Thanks for sharing them. So if I go with the rivian financing if 6.8% and then do refinance with the ssfcu later, are there any major downsides to it? Got a r1s ready to go after I picked it from the r1 shop but not much time for financing since they called me immediately after order to pickup car

 

[chesterwhipplefilter]

I did BofA about a month ago for 60 months at 5.59 pct (with relationship discount). Decided this was easier than opening a new account and joining memberships, etc, at a credit union for not much difference.

 

[BrentInCO]

I'll probably go with Skyla CU (formerly Parsons), unless anyone can show me there's a better rate out there. I checked 25+ sources today.

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