Real-world interest rates?

[RollerCoast]

I usually purchase all my vehicles outright. But with everything going on in the world, I’m not sure that’s the smartest move right now. I haven’t financed a vehicle in a decade, so I’m a bit ignorant on current rates and terms. What kinds of rates and terms are people getting from Rivian? Outside financing? Anyone using a line of credit? I just want to be prepared in the event that my number gets called so I’m not scrambling. Thanks!

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[jjswan33]

Here is the current rate sheet from my CU, my rate in March was closer to 2% but that was before a couple of fed rate hikes.

 

[PastyPilgrim]

I'm doing financing for mine now. Rivian is currently offering like 5-6% depending on parameters, with banks and credit unions in the 3-4% range.

 

[Dark-Fx]

I'd try to get a rate locked in soon if you can, there's another fed meeting at the end of this month and the prediction is another hike.

 

[sevengroove]

I'd try to get a rate locked in soon if you can, there's another fed meeting at the end of this month and the prediction is another hike.

How long do rate locks typically last?

 

[Andystroh]

We just got some offers… 5.6% thorough rivian/chase, a couple in the 4s, 3.6 through a local CU. Rough compared to just a few months ago.

 

[Dark-Fx]

How long do rate locks typically last?

Depends. I think 45 days is pretty common.

 

[mgc0216]

Same as others - Rivian was much higher than my CU (5-6 vs. 3-4)

 

[AdamUCF]

When I was going through the paperwork ~2 weeks ago Rivian (which is through Chase) and Chase were about 5%. I ended doing a local credit union for 2.5% at 48 months. They had 60 months for 2.9% as well.

 

[RollerCoast]

At those numbers, and with the abysmal investment returns, I’ll probably just pay cash or tap my HELOC for a few months. ? Thanks for the info!

 

[yizzung]

At those numbers, and with the abysmal investment returns, I’ll probably just pay cash or tap my HELOC for a few months. ? Thanks for the info!

Well, you can buy a Rivian for $80K (before the price hike) and sell it on the secondary market for $120K so you could take out a 10% loan and still make money...

 

[AdamsFan1983]

1.84 for 72 mo at my local cu right now

 

[Mcfly Rivian]

1.84 for 72 mo at my local cu right now

Whats the cu? That's a killer rate.

 

[r1vlife]

My credit union is at 3.29 for 72 months. Previously was 2.29.

 

[AdamsFan1983]

Whats the cu? That's a killer rate.

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