Loan rates?

[athlon64x2]

Anyone who is on a work visa, apply for a USSFCU Auto loan ?
Are they strict about their criteria of being a permanent resident or US Citizen ?

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[chandlerr85]

USAA has 60 month @5.25 and 72 month at 5.35.

were you actually able to get that rate? when I got quotes from USAA they were all pretty comparable to the Rivian interest rates around 6.5%. This is with an above 800 credit rating as well.

 

[Sevn86]

If anyone in Houston area is wondering I went with shell federal credit union and got 4.99% for 60 months. Very smooth process.I got in right before the rates went up to 5.24% for 60 months.

 

[LHB]

were you actually able to get that rate? when I got quotes from USAA they were all pretty comparable to the Rivian interest rates around 6.5%. This is with an above 800 credit rating as well.

Yes, 5.34% for 72 months.

 

[iforbes]

In CT it was 5.25 at CONNEX (credit union)

 

[MidnightRivian]

I just went through the entire loan process with United States Senate Federal Credit Union.

I think I am in love with this credit union. The people are extremely nice, the process was super easy and the rates are untouchable.

The whole process from start to finish took less than 1 hour of work. I am ready to bring my entire banking needs to them. They have won me over for sure.

 

[tjp74]

The whole process from start to finish took less than 1 hour of work.

That's good to know. I am assuming that's from submitting the application online and getting the approval and arrange the funding? (ACH?) assuming you already have the membership?

I was already approved and funding process started (check sent to me) with PenFed CU before I came across this thread. I am hoping I can still cancel the loan with PenFed but I need to be approved before I can do that and was wondering how soon I can be approved. It seems 2-3 days before my membership is approved and I can actually apply for the loan?

 

[MidnightRivian]

That's good to know. I am assuming that's from submitting the application online and getting the approval and arrange the funding? (ACH?) assuming you already have the membership?

I was already approved and funding process started (check sent to me) with PenFed CU before I came across this thread. I am hoping I can still cancel the loan with PenFed but I need to be approved before I can do that and was wondering how soon I can be arroved. It seems 2-3 days before my membership is approved and I can actually apply for the loan?

I already had an account setup in April when I first heard of USSFCU. I applied on 6/9/2023 which took like 10 minutes and was pre-approved the same day. I sent a message to USSFCU yesterday asking them about the next steps.

Today the loan officer messaged me and after 30 - 45 minutes. I had signed my loan documents, my loan was funded, a check was cut and mailed via Fedex to Rivian along with email proof sent to me to upload as one of my 8 steps. Getting a hold of a rep on the phone was easy. I called couple times to get an update and each time they were extremely nice.

USSFCU knows how to work with Rivian and has done many loans for members recently. You just need to put Tesla as the make when submitting your application and put down additional details like Rivian R1S in the spot where the model of the vehicle goes.

This was by far the easiest and most expensive vehicle purchase I have made.

I am a little perplexed with how smooth everything went while having the Rivian s00n mentality with my order. I was even able to walk away with a 6/2023 ocean coast launch edition build. The only compromise I feel I had to make was pay for black paint versus take the free white paint in exchange for 20" All terrain wheels.

I honestly had no issues waiting till September to get my vehicle or even 2024.

Rivian did a solid job of baiting me with launch edition freebies to move my purchase up 3 months s00ner. Rates with USSFCU helped seal the deal and make me pull the trigger when I found my ideal LE build in the shop

 

[runwithscissors]

I already had an account setup in April when I first heard of USSFCU. I applied on 6/9/2023 which took like 10 minutes and was pre-approved the same day. I sent a message to USSFCU yesterday asking them about the next steps.

Today the loan officer messaged me and after 30 - 45 minutes. I had signed my loan documents, my loan was funded, a check was cut and mailed via Fedex to Rivian along with email proof sent to me to upload as one of my 8 steps. Getting a hold of a rep on the phone was easy. I called couple times to get an update and each time they were extremely nice.

USSFCU knows how to work with Rivian and has done many loans for members recently. You just need to put Tesla as the make when submitting your application and put down additional details like Rivian R1S in the spot where the model of the vehicle goes.

This was by far the easiest and most expensive vehicle purchase I have made.

I am a little perplexed with how smooth everything went while having the Rivian s00n mentality with my order. I was even able to walk away with a 6/2023 ocean coast launch edition build. The only compromise I feel I had to make was pay for black paint versus take the free white paint in exchange for 20" All terrain wheels.

I honestly had no issues waiting till September to get my vehicle or even 2024.

Rivian did a solid job of baiting me with launch edition freebies to move my purchase up 3 months s00ner. Rates with USSFCU helped seal the deal and make me pull the trigger when I found my ideal LE build in the shop

Do you mind sharing the rate you received?

I already had an account setup in April when I first heard of USSFCU. I applied on 6/9/2023 which took like 10 minutes and was pre-approved the same day. I sent a message to USSFCU yesterday asking them about the next steps.

Today the loan officer messaged me and after 30 - 45 minutes. I had signed my loan documents, my loan was funded, a check was cut and mailed via Fedex to Rivian along with email proof sent to me to upload as one of my 8 steps. Getting a hold of a rep on the phone was easy. I called couple times to get an update and each time they were extremely nice.

USSFCU knows how to work with Rivian and has done many loans for members recently. You just need to put Tesla as the make when submitting your application and put down additional details like Rivian R1S in the spot where the model of the vehicle goes.

This was by far the easiest and most expensive vehicle purchase I have made.

I am a little perplexed with how smooth everything went while having the Rivian s00n mentality with my order. I was even able to walk away with a 6/2023 ocean coast launch edition build. The only compromise I feel I had to make was pay for black paint versus take the free white paint in exchange for 20" All terrain wheels.

I honestly had no issues waiting till September to get my vehicle or even 2024.

Rivian did a solid job of baiting me with launch edition freebies to move my purchase up 3 months s00ner. Rates with USSFCU helped seal the deal and make me pull the trigger when I found my ideal LE build in the shop

Did you do a down payment through Rivian? I just applied through USSFCU today for an account setup after the donation last week to. I'd like to wire Rivian some and then do the rest via a loan. I never spent this much on a car either since I mostly did leases. While I can afford it, it's just wild despite the March discounts but I think it's going to get worse in terms of interest rates so better late than never!

 

[MidnightRivian]

Do you mind sharing the rate you received?


Did you do a down payment through Rivian? I just applied through USSFCU today for an account setup after the donation last week to. I'd like to wire Rivian some and then do the rest via a loan. I never spent this much on a car either since I mostly did leases. While I can afford it, it's just wild despite the March discounts but I think it's going to get worse in terms of interest rates so better late than never!

I got the rates that are posted on their website.

I sent my down payment direct to Rivian as one of my 8 steps.

They prefer you to use ACH which is linked via PLAID to your bank account.

They were able to complete the payment step right away and the following day the money was out of my checking account.

I believe you can do check or wire but check with your guide on the options.

https://www.ussfcu.org/resources/rates.html#new-auto-loans

 

[BG_ATX]

USSFCU knows how to work with Rivian and has done many loans for members recently. You just need to put Tesla as the make when submitting your application and put down additional details like Rivian R1S in the spot where the model of the vehicle goes.

Couldn’t agree more with this statement. They knew everything about what Rivian expects. I was also fortunate to lock in in mid May before the recent rate hikes. Took delivery 3 days ago.

 

[advan24r]

Just did Bank of America 5.69% w/0.5% relationship discount included for 72 months. No prepayment or payoff penalty.

 

[iansriv]

USSFCU knows how to work with Rivian and has done many loans for members recently. You just need to put Tesla as the make when submitting your application and put down additional details like Rivian R1S in the spot where the model of the vehicle goes.

Thanks for the detail. Not clear on what you mean by "put Tesla as the make?"

 

[MidnightRivian]

Thanks for the detail. Not clear on what you mean by "put Tesla as the make?"

The online loan application for USSFCU hasn’t been updated to reflect Rivian as a make when you try to initially apply.

just select Tesla as the make and under model type Rivian and the model so R1S or R1T.

The loan officer will update the official application make and model to Rivian R1T or R1S based on what you have listed.

 

[tjp74]

Dang.. how long does it take to get the membership application processed at USSFCU? I applied June 13th Tuesday last week, over a week. Still pending status. no emails or anything... I called couple days ago... agent said there is nothing she can do... just wait it out....
I found this after getting approved at PenFed. Their check is sitting on my desk and my R1S is getting delivered next week so I might be running out of time and have to just go with PenFed. I've got 5.64% for 72 month but USSFCU's rate of 4.49% for 60 month is really tempting... almost a full percentage lower and I can pay it off a year sooner without raising the monthly payment much.

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