Loan rates?

[RexRemus]

I got 4.74 at USSFCU in early August

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[TollKeeper]

Saw this bank program mentioned on our electric provider website. I don't know anyone who has used them for a loan, but their rates seem somewhat discounted compared to what others have stated.

https://electel.org/electric-vehicle-loan/

I am a member of a Electric COOP, but my COOP is not a member of Electel.

Contacted them to see if I am just not seeing it.. That would be awesome rate to get.

Past that..
5.24 PENFED
5.40 ElecTel (have to live in VA or NC)
5.74 on USAA
5.94 on Consumers Credit Union
5.99 on DCU (Digital Credit Union)
6.49 on CCU (my credit union, Colorado Credit Union)

 

[TollKeeper]

Saw this bank program mentioned on our electric provider website. I don't know anyone who has used them for a loan, but their rates seem somewhat discounted compared to what others have stated.

https://electel.org/electric-vehicle-loan/

You have to live in Virginia or North Carolina, and be a member of the local Electric or Phone Coop.

 

[TollKeeper]

Does anyone know what the rate that Rivian is offering?

 

[TollKeeper]

Assuming "outstanding" credit, lowest you can get is 6.99% from Rivian, per the financing page in my steps. Highest is 8.14%.

Are they really any quicker than getting it done at any other bank/CU??

Who are they financed thru? Chase would be my assumption?

 

[TollKeeper]

So this is a sheet I just typed up.. And these are the rates assuming you are approved for them.

Example truck was a $73000 R1T, plus destination, Colorado Taxes, and the $500 Rivian branded charger. Then a total of a $10000 deposit. Bringing the financed total to $69912.00

PENFED was a unknown, as you have to at least open an account to get the terms, and the related rates.

Assuming $79,912.00 Truck and a $10000.00 deposit
USSFCU	Term	Rate	Payment
	48​	4.99%​	$1,609.71​
	60​	5.24%​	$1,327.03​
	72​	5.74%​	$1,263.79​
PENFED	Term	Rate	Payment
	60?	5.24%​	$1,327.03​
	72?	5.24%​	$1,133.73​
USAA	Term	Rate	Payment
	60​	5.74%​	$1,343.16​
	72​	5.74%​	$1,150.08​
Consumers Credit Union	Term	Rate	Payment
	60​	5.94%​	$1,349.65​
	72​	6.39%​	$1,171.56​
Digital Credit Union	Term	Rate	Payment
	60​	5.99%​	$1,351.27​
	72​	5.99%​	$1,158.31​
Rivian	Term	Rate	Payment
​	60​	7.45%​	$1,399.23​
	72​	6.99%​	$1,191.59​

 

[TollKeeper]

I am down to the wire with my situation. Trying to get approved and a check mailed in 6 business days from when I picked the R1 out in the shop until delivery, so it's going to be tight. I am saving Rivian financing for a last resort, and will use them to buy the truck, and refinance later. I have heard they are much faster, but don't have experience with them yet, as I want to try with another bank first.

They use Chase, you are correct.

I might just go with the Rivian finance just to get it done. I plan to have the loan paid off by July or earlier next year, as thats when some of my deposits mature.

 

[Riviot]

I am a member of a Electric COOP, but my COOP is not a member of Electel.

Contacted them to see if I am just not seeing it.. That would be awesome rate to get.

Past that..
5.24 PENFED
5.40 ElecTel (have to live in VA or NC)
5.74 on USAA
5.94 on Consumers Credit Union
5.99 on DCU (Digital Credit Union)
6.49 on CCU (my credit union, Colorado Credit Union)

Don't forget NFCU! Has anyone gone with them in the last 3 months and can vouch for this?

 

[TollKeeper]

So a couple pages ago, we were talking about how to join USSFCU, and one of the options was to donate to the US Capitol Historical Society.. And these donations can range from $65 to $999 annually (renewing membership). Although some of the membership is tax deductible..

You can also join The American Consumer Council (ACC), which has a $15 dollar lifetime membership fee, which if you use the code USSFCU in the discount box, USSFCU will pay the $15 dollars for you, and your membership is free.

Then you will receive an email from ACC with the certificate, and you just upload that certificate, and your drivers license, during your USSFCU application.

This is where I am at in the application process.. Will let you know if there are any issues.

 

[lslick23]

I’m financing through them and it took a week for my account to be all done and financing approved. Once it is they are extremely quick and responsive for finishing the loan and sending Rivian the check overnight.

 

[jake]

Looks like USSFCU just bumped 0.25% across all terms starting in Oct. source

So this is a sheet I just typed up.. And these are the rates assuming you are approved for them.

Example truck was a $73000 R1T, plus destination, Colorado Taxes, and the $500 Rivian branded charger. Then a total of a $10000 deposit. Bringing the financed total to $69912.00

PENFED was a unknown, as you have to at least open an account to get the terms, and the related rates.

Assuming $79,912.00 Truck and a $10000.00 deposit
USSFCU	Term	Rate	Payment
	48​	4.74%​	$1,601.80​
	60​	4.99%​	$1,319.01​
	72​	5.49%​	$1,141.89​
PENFED	Term	Rate	Payment
	60?	5.24%​	$1,327.03​
	72?	5.24%​	$1,133.73​
USAA	Term	Rate	Payment
	60​	5.74%​	$1,343.16​
	72​	5.74%​	$1,150.08​
Consumers Credit Union	Term	Rate	Payment
	60​	5.94%​	$1,349.65​
	72​	6.39%​	$1,171.56​
Digital Credit Union	Term	Rate	Payment
	60​	5.99%​	$1,351.27​
	72​	5.99%​	$1,158.31​
Rivian	Term	Rate	Payment
​	60​	7.45%​	$1,399.23​
	72​	6.99%​	$1,191.59​

 

[TollKeeper]

Looks like USSFCU just bumped 0.25% across all terms starting in Oct. source

You are correct... Updated my post above to reflect the new rates...

So a couple pages ago, we were talking about how to join USSFCU, and one of the options was to donate to the US Capitol Historical Society.. And these donations can range from $65 to $999 annually (renewing membership). Although some of the membership is tax deductible..

You can also join The American Consumer Council (ACC), which has a $15 dollar lifetime membership fee, which if you use the code USSFCU in the discount box, USSFCU will pay the $15 dollars for you, and your membership is free.

Then you will receive an email from ACC with the certificate, and you just upload that certificate, and your drivers license, during your USSFCU application.

This is where I am at in the application process.. Will let you know if there are any issues.

I am still in the process of waiting for my membership to be approved....

 

[TollKeeper]

Just got a notification to call USSFCU to provide answers to "due diligence" questions.

Now I wait for them to send over documents for me to E-Sign to finalize the membership..

They did let me know that "because of our interest rates, we have received more applications this year than we have in multiple years combined, which is making it so our turn around time for new applicants is longer than expected."

 

[TollKeeper]

I am still in the process of waiting for my membership to be approved....

And my general savings account just got approved.

6 days from submitting the application for membership, to approval.

 

[TollKeeper]

And my general savings account just got approved.

6 days from submitting the application for membership, to approval.

And I just applied for a loan... But since its after hours, will likely have to wait till tomorrow.

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