Are Rivian Financing Rates Competitive?

[norivian]

Any insights on finance rates offered by Rivian compared to other financial institutions (banks, credit unions)?
Should i bother to check their rates or just go straight to my credit union? Thanks.

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[Rally1]

There is a similar thread existing, but I used Rivian finance (Chase I think) to make it easy, and refinanced it right away after delivery with a local credit union for a considerable savings.

 

[electruck]

Always compare the available options. Having said that, Rivian/Chase seems to be running a few points higher than the more competitive offerings right now (based on Rivian's payment calculator in the vehicle studio).

 

[Rivdog]

There is a similar thread existing, but I used Rivian finance (Chase I think) to make it easy, and refinanced it right away after delivery with a local credit union for a considerable savings.

Same. Rivian’s rates are about 1.5% higher but my credit union was being difficult to work with. Didn’t wanna delay delivery so I’m just refinancing ASAP.

 

[Tucker74]

Same - was two points higher than local credit union. Would have made transaction easier however … my delivery was delayed due to their finance requirements on bank

 

[ElCapiTan]

I didn't even bother to check and went with my credit union. I figured Rivian is making a profit over Chase's rate, so you will pay for the convenience.

Keep in mind unless you are buying a vehicle from the R1-shop that is already at the service center you'll have plenty of time to get rates and finalize a loan from a local credit union.

 

[Doug]

I bought from the shop and used a credit union. It was a bout 2 to 3% cheaper. I had everything done with my credit union in about 36 hours start to finish so it did not slow up the process at all. I know that will not always be the case. It will depend on your financing source.

 

[jbrumsey]

I used Rivian finance to squeeze in my purchase before the end of the year but currently in the process of refinancing with Parsons FCU. Someone else mentioned them on here and they are nearly 3 points lower than what Rivian gave me.

 

[krockett]

Went through Parsons FC myself, great rate when compared to other options. I recommend you become a member asap and then allow up to a week for the loan application to process. Super easy and smooth experience overall.

 

[zymolysis]

Any insights on finance rates offered by Rivian compared to other financial institutions (banks, credit unions)?
Should i bother to check their rates or just go straight to my credit union? Thanks.

I found that Rivian (Chase) rates are actually competitive with most institutions (including my local credit union). There are other options that are much better, though.

 

[Siva]

Rivian (Chase) would be probably fastest, but there are better rates available. I got 4% from Parsons FCU last week. Anyone can join Parsons. There are lot of posts on this forum about Parsons FCU. Please search for Parsons if you are interested.

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