Loan rates?

[twieland]

I used Parsons for my wife's 4xe and they have been good to work with, decent web portal. They are smallish so some multiple followups to get loan approved but worth it.

Great, thanks for the information, much appreciated!

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[DTown3011]

I got this from Tower today: " Due to experiencing very high volume in loans our turnaround time for a decision/update is about a week and half at this time. Once a decision/update has been made, you will be contacted by a loan processor via email to let you know the next steps of the process. We apologize for any inconvenience. "

 

[Jay]

I got this from Tower today: " Due to experiencing very high volume in loans our turnaround time for a decision/update is about a week and half at this time. Once a decision/update has been made, you will be contacted by a loan processor via email to let you know the next steps of the process. We apologize for any inconvenience. "

That's a bummer. Good luck and keep us posted what they say

 

[Tzadik_nistar]

Make sure you also sign up for a savings account separately, since you’ll need to be a member to even get the loan after you are approved.

they approved me for 2.24% x 36 months which seems amazing hoefully legit

 

[Tzadik_nistar]

they approved me for 2.24% x 36 months which seems amazing hoefully legit

They sent me this message "you should receive an approval via e-mail for 2.24% x 36 months. At this time please sign up for membership, upload a copy of your current insurance card and Tesla's Final Price Sheet with Line 5D completed with the amount you would like us to finance. Our loan closer will follow shortly." not sure why they think its a Tesla

 

[Stonji]

They sent me this message "you should receive an approval via e-mail for 2.24% x 36 months. At this time please sign up for membership, upload a copy of your current insurance card and Tesla's Final Price Sheet with Line 5D completed with the amount you would like us to finance. Our loan closer will follow shortly." not sure why they think its a Tesla

That’s a great rate!

I attached the purchasing agreement from Rivian and that seemed ok. I did call and then was transferred to my loan advisor where he explained the next steps and even changed the vehicle type on his end. I had selected Tesla when I applied for the loan but fixed that during the phone call.

 

[zymolysis]

I was offered 4.25% from ufcu.org University Federal Credit Union I was dealing with Omari Montique he told me he did a few Rivians and he knew alot of the process

I tried there, but it is only for cars to be registered in Texas.

 

[DTown3011]

They sent me this message "you should receive an approval via e-mail for 2.24% x 36 months. At this time please sign up for membership, upload a copy of your current insurance card and Tesla's Final Price Sheet with Line 5D completed with the amount you would like us to finance. Our loan closer will follow shortly." not sure why they think its a Tesla

I would do that in a heartbeat...I got a pre-approval letter from Parsons today, but nothing from Tower. Parsons said "Your rate will be determined on whether you have checking account or auto payment. If you choose to not do these things rate will be .50% higher." Just FYI.

 

[DTown3011]

Approved via Tower for 2.99% today. Was going to pay cash but can keep my money in other things earning more and will likely move forward with this option. Still waiting on Parsons.

 

[Jay]

Approved via Tower for 2.99% today. Was going to pay cash but can keep my money in other things earning more and will likely move forward with this option. Still waiting on Parsons.

How long did it take Overall with tower?

 

[DTown3011]

How long did it take Overall with tower?

I applied January 25 and got preapproval with a rate today. I still have to submit a few documents in order to finalize the loan but less than a week.

 

[zefram47]

Approved via Tower for 2.99% today. Was going to pay cash but can keep my money in other things earning more and will likely move forward with this option. Still waiting on Parsons.

Did they have any requirements you had to meet, membership, etc? I haven't even started looking around for a loan, but my window isn't until April at the moment. USAA is showing 4.84% as their lowest right now, which is ridiculous.

 

[DTown3011]

Did they have any requirements you had to meet, membership, etc? I haven't even started looking around for a loan, but my window isn't until April at the moment. USAA is showing 4.84% as their lowest right now, which is ridiculous.

Membership Eligibility -Tower Federal Credit Union (towerfcu.org)

You can qualify with a $35 donation to their foundation.

 

[kyunam]

Fwiw, myeecu.org jumped from 3.5% to 4.99% starting Feb 1st.

 

[DTown3011]

Fwiw, myeecu.org jumped from 3.5% to 4.99% starting Feb 1st.

Tower is still showing low rates as of 2/3 (today):

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