Loan rates?

[ycking]

My experience with United States Senate Federal Credit Union(USSFCU) been okay, filled out joint membership 4/14 and was approved today 4/20. It took little longer because I did a joint membership. I advise anybody who will be doing Secondary Registrant on rivian title to create separate membership at USSFCU and not joint. Finance officer told me I would need a separate membership for my wife before closing. If i knew I would have never done joint membership. I applied for 84 months at 4.49%. And was told will take 1-2 days for status of approval or not.

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[Tyleem111]

Got 5.44% @ 72 months through Navy Federal. Going to try the USSFCU route and see how they compare.

 

[Tyleem111]

My experience with United States Senate Federal Credit Union(USSFCU) been okay, filled out joint membership 4/14 and was approved today 4/20. It took little longer because I did a joint membership. I advise anybody who will be doing Secondary Registrant on rivian title to create separate membership at USSFCU and not joint. Finance officer told me I would need a separate membership for my wife before closing. If i knew I would have never done joint membership. I applied for 84 months at 4.49%. And was told will take 1-2 days for status of approval or not.

Thanks for sharing your experience. I just applied for membership...will see how long until it's approved.

 

[Revvian]

Pretty smooth experience with USSFCU, just took 5-7 biz days for the full cycle (eligibility of membership to membership to opening account to loan approval). Got 4.49% on a 84 month term after 0.25% discount with auto pay from USSFCU account. Their response times are stellar, highly recommend given the current rates.

 

[Sgt Beavis]

Originally, I was planning on financing the truck and refinancing it later with the tax credit going towards paying down the principal more. However I’m not going to get a rate anywhere near 3.9% so I’m just keeping the cash for now.

 

[R1Sky Business]

Just got 5.84% 84 months with usaa with >800 credit score. Planning on refinancing in future

Assuming rates decrease....

 

[SANZC02]

Originally, I was planning on financing the truck and refinancing it later with the tax credit going towards paying down the principal more. However I’m not going to get a rate anywhere near 3.9% so I’m just keeping the cash for now.

Talk to your lender, many have a way to pay additional principle on a loan, the lowers the monthly interest that is calculated each month on outstanding balance meaning more money goes towards principle for each payment after that reducing the principle even more. Overall interest paid will less and vehicle pays off sooner.

 

[Hed007]

My experience with United States Senate Federal Credit Union(USSFCU) been okay, filled out joint membership 4/14 and was approved today 4/20. It took little longer because I did a joint membership. I advise anybody who will be doing Secondary Registrant on rivian title to create separate membership at USSFCU and not joint. Finance officer told me I would need a separate membership for my wife before closing. If i knew I would have never done joint membership. I applied for 84 months at 4.49%. And was told will take 1-2 days for status of approval or not.

Excuse my ignorance, but why would you want a joint registration on a vehicle? I have always registered individually. Either in my name or my wife's.

 

[zefram47]

Excuse my ignorance, but why would you want a joint registration on a vehicle? I have always registered individually. Either in my name or my wife's.

Some people may have to do that to qualify for the loan if dual-income and neither can qualify on their own. I'm sure people have other reasons, but that could be the primary factor for some.

 

[R1Sky Business]

Ussfcu today.....

 

[Spaceball1]

Excuse my ignorance, but why would you want a joint registration on a vehicle? I have always registered individually. Either in my name or my wife's.

I do it for beneficiary reasons. If myself or my wife have an unfortunate passing, we keep everything in both our names to make it easier for the beneficiary. Maybe not as important for the debts, but for the vehicle titles it is.

 

[BronxBomber]

Shopping for "used" R1S' and most banks determine a car is used by titling, so USSFCU only finances up to $75k

Parsons/Skyla counts a 2023 R1S with ~100 miles as "new" although it has been titled. Was hoping USSFCU would follow suit!

 

[R1Sky Business]

I do it for beneficiary reasons. If myself or my wife have an unfortunate passing, we keep everything in both our names to make it easier for the beneficiary. Maybe not as important for the debts, but for the vehicle titles it is.

A man with a plan.....so adventurous

 

[R1Sky Business]

Shopping for "used" R1S' and most banks determine a car is used by titling, so USSFCU only finances up to $75k

Parsons/Skyla counts a 2023 R1S with ~100 miles as "new" although it has been titled. Was hoping USSFCU would follow suit!

Just have them drive around the block a few times.

 

[ycking]

Excuse my ignorance, but why would you want a joint registration on a vehicle? I have always registered individually. Either in my name or my wife's.

I always done individually in the past. I currently have another car loan (Mach-e) + mortgage from last year under my name and rivian reservation is under my name. Did not want risk not getting approved for loan, since I will most likely not put that much down payment. Cash is better in banks right now.

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