Loan rates?

[DTown3011]

I'm STILL waiting for my final loan agreements with both Parsons and Tower. Tower looks to be the winner on rate, but in order to get approved you have to be a member and I'm still waiting for my application to clear. Anyone that applies I would recommend becoming a member prior to applying.

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[MidnightRivian]

Just applied for Parsons and Tower. Delivery date is July - September 2023


https://www.towerfcu.org/eligibility/

Eligibility

• Employees of member companies
• Members of organizations in our field of membership
• Immediate family members of existing members (spouse, child, sibling, parent, grandparent, grandchild, stepchild, stepparent, stepsibling and adopted child)
• Individuals living in household of an existing member
• Not eligible via above options? Become a member of TowerCares Foundation with a $35 donation. Make your donation and return here to Become a Member.

https://www.parsonsfcu.org/who-can-join

Parsons FCU welcomes:

• Employees of Parsons Corporation
• Employees of Parsons Complex Tenants who work in Pasadena, California
• Employees of Worley Corporation
• Immediate family or household members, including spouses and domestic partners, retirees, pensioners, and annuitants from any of the above
• New! Members of the American Consumer Council (ACC) - If you are or would like to become a member of the ACC, then you can now join the credit union! When you apply, under Eligibility, select the option, "None of the above" and “I would like to qualify by joining through the American Consumer Council” in the dropdown menu. This will give us permission to process and enroll you into the ACC. There is no additional cost to you for joining the ACC. You can learn more about the ACC here.

 

[norivian]

How long does it take Parsons to process a loan nowadays? Is their refinance rate any good?

 

[DTown3011]

How long does it take Parsons to process a loan nowadays? Is their refinance rate any good?

Took about 2 weeks for me.

 

[connoisseurr]

Took 2 days for a Tower FCU pre-approval for a MYP. Am now processing the membership application (paid donation, created account request, etc.).

 

[Siva]

Tower FCU doesn't seem to be offering the low rates anymore.

https://www.towerfcu.org/borrow/vehicle-loans/purchase-or-refi-my-car/

 

[Jay]

Tower FCU doesn't seem to be offering the low rates anymore.

https://www.towerfcu.org/borrow/vehicle-loans/purchase-or-refi-my-car/

They are just becoming greedy seeing so many applications. Make money while you can

 

[rivianr1s_2021]

Does anyone know if tower fcu provides loan if you are on a work visa?

 

[Jay]

Does anyone know if tower fcu provides loan if you are on a work visa?

I believe its only for citizens. One of my friend who is on work visa for his tesla and he wasn't given loan

 

[DTown3011]

Tower FCU doesn't seem to be offering the low rates anymore.

https://www.towerfcu.org/borrow/vehicle-loans/purchase-or-refi-my-car/

Wow those are double what they were last week. I’m STILL waiting for my membership to be approved. Submitted Feb 1, it’s been 10 days.

 

[paariv]

I applied for a Tower FCU loan on Monday, and submitted my membership application with donation on Tuesday. My loan @2.99% was conditionally approved this morning (Saturday). Application still pending final approval. But so is my delivery, so no big deal yet.

There are a couple of steps outstanding for Tower, including a power of attorney form I need to get notarized and upload to Tower. Their power of attorney form asks for an account number and date, but you're supposed to leave that blank. Not a great sign that they can't manage to tell you that in the written instructions.

Tower also mails checks directly to Rivian. This is something you'll need to tell Rivian as part of the 8 steps.

So this looks like at least a 1-2 week process.

 

[mkg3]

They are just becoming greedy seeing so many applications. Make money while you can

Right... Fed funds rate is 4.5~4.75% so they're being greedy....

 

[Jay]

Right... Fed funds rate is 4.5~4.75% so they're being greedy....

Yea. The fed rates have been same for past couple of months. Tower was offering 2.99 until last week and now 5.99. That speaks.

 

[mkg3]

Yea. The fed rates have been same for past couple of months. Tower was offering 2.99 until last week and now 5.99. That speaks.

Just for clarify sake, the Fed just raised 0.25% last week. Many high yield savings accounts are now paying 3.5~4.25% as a result.

Since ALL credit unions are known for paying higher interests to their member savers than banks, they need to perform in all aspects of their business. At their current auto rates, they are lower than majority of banks.

None of us like high rates but its not about greed.

 

[DTown3011]

I applied for a Tower FCU loan on Monday, and submitted my membership application with donation on Tuesday. My loan @2.99% was conditionally approved this morning (Saturday). Application still pending final approval. But so is my delivery, so no big deal yet.

There are a couple of steps outstanding for Tower, including a power of attorney form I need to get notarized and upload to Tower. Their power of attorney form asks for an account number and date, but you're supposed to leave that blank. Not a great sign that they can't manage to tell you that in the written instructions.

Tower also mails checks directly to Rivian. This is something you'll need to tell Rivian as part of the 8 steps.

So this looks like at least a 1-2 week process.

Longer than that. I'm on day 10 waiting for my membership application to be approved and you can't do anything until you are a member. I spoke to someone this morning and they said due to the backlog of applications, they are expecting at least 2 weeks just to get a membership approved let alone a loan.

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