Lowest interest rates in September?

[sevengroove]

For those of you taking delivery this month (or potentially next), what are the lowest interest rates you are finding? I'm expecting my R1S anytime in the next 2 - 4 weeks, and would like to lock down a rate this month because next month will most definitely be worse.

The best I could find was Parsons Federal Credit Union. Free to join, and their EV-specific rate is as low as 2.49%:
https://www.parsonsfcu.org/loan-rates

Most others I'm seeing are in the mid 3's and upward. Any others that are worth looking into?

Sponsored

 

[AdamsFan1983]

My local credit union is still offering 1.84% for 72 months.

 

[sevengroove]

My local credit union is still offering 1.84% for 72 months.

Oh nice, which one is it? And is membership open to anyone?

 

[AdamsFan1983]

Oh nice, which one is it? And is membership open to anyone?

Small CU, there are eligibility requirements. If you're local to YORK, PA. PM me.

 

[Aroohoo]

For those of you taking delivery this month (or potentially next), what are the lowest interest rates you are finding? I'm expecting my R1S anytime in the next 2 - 4 weeks, and would like to lock down a rate this month because next month will most definitely be worse.

The best I could find was Parsons Federal Credit Union. Free to join, and their EV-specific rate is as low as 2.49%:
https://www.parsonsfcu.org/loan-rates

Most others I'm seeing are in the mid 3's and upward. Any others that are worth looking into?

Good find.

Before you posted this, Sound Credit Union had the lowest rates that I had seen and had open enrollment.

 

[sevengroove]

The best I could find was Parsons Federal Credit Union. Free to join, and their EV-specific rate is as low as 2.49%:
https://www.parsonsfcu.org/loan-rates

FYI for folks interested in joining, I was told to budget about a week to get membership approved and another week to get preapproved for a loan. They also said that they will honor the interest rate available when your application goes in for 30 days, so in theory one could apply for a car loan on Sept 30 and still have until late in October to receive their R1 and execute.

Good find.

Before you posted this, Sound Credit Union had the lowest rates that I had seen and had open enrollment.

I wonder if they will rate-match with Parsons. This is my first time dealing with CUs and auto loans (yea, I know - all leases so far) so I have no idea how any of this works.

 

[Blueassassin]

This is a depressing thread my credit score is over 800 and I went with the rivian / Chase finance 5.3% for 72 I think it was.

 

[NY_Rob]

This is a depressing thread my credit score is over 800 and I went with the rivian / Chase finance 5.3% for 72 I think it was.

Ooooof!! Did you shop around for rates?

My FICO Score is over 800 too, and I plan to use that to my advantage when Rivian finally see's fit to deliver my vehicle.

 

[Blueassassin]

... no I was too exited to get the truck.

 

[Aroohoo]

I wonder if they will rate-match with Parsons. This is my first time dealing with CUs and auto loans (yea, I know - all leases so far) so I have no idea how any of this works.

I've always paid cash for my cars, this is the first time I'm considering a loan giving the interest rates available vs. where inflation is and will be over the next few years. I stated I would pay cash in my 8 steps, but I may ask my guide to open that step up again.
I would be surprised if Sound or anyone else would match rates. Maybe if you already have a relationship with Sound the might, but if you are just opening an account, I would guess there is 0% chance of a match.

 

[tiltedandsaltyaf]

This is a depressing thread my credit score is over 800 and I went with the rivian / Chase finance 5.3% for 72 I think it was.

that is because it's through Chase, they generally don't have competitive auto rates. Find local CUs that is where all the deals are at these days. I stopped getting quotes from Chase/BofA/Wells for auto loans years ago, never competitive compared to my local CUs

 

[johnstuder]

... no I was too exited to get the truck.

My local CU had issues with the way paperwork worked with Rivian. So I did the Chase offer as well, and will refi next month.

 

[Blueassassin]

that is because it's through Chase, they generally don't have competitive auto rates. Find local CUs that is where all the deals are at these days. I stopped getting quotes from Chase/BofA/Wells for auto loans years ago, never competitive compared to my local CUs

Never done anything through a credit union before. Is it easy enough to switch the loan over to one at this point in the process? Does any one have a suggestion on the best CU?

 

[Aag12]

Fyi rivian marks up the rate and makes money on the financing. Chase rates aren't competitive as it is, but when you add 75 to 85 bps on top, it makes it even worse.

 

[Aag12]

Just to add data points, the cheapest I found was Aurora cu, 2.74%.

Signal cu has 1.74% but I don't qualify for membership

Sponsored