Loan rates?

[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.

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[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.

 

[TollKeeper]

I hope I didnt jump the gun... But I just confirmed a configuration in the shop..

 

[DJ24]

And my general savings account just got approved.

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

Wow that happened fast! I did the “due diligence” questions late in the day Friday but haven’t heard anything since. Will call tomorrow if I don’t hear anything.

 

[TollKeeper]

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

And loan got approved just now..

Edit:
5.24 on the 60
5.74 on the 72

We opted for the 72, only because we are paying it off when a deposit matures next year.

 

[shimps1]

Just finalized a loan with Library of Congress Federal Credit Union, 72 months at 4.59%. Originally with Chase through Rivian, did that to take delivery on time, and refinanced with LoCFCU this week. No issues.

 

[Rivifan]

Navy Federal Credit Union, if you're eligible. super easy process once you become a member, and i had found them based on previous recommendations here. Admittedly I havent checked the rates lately, but they seem to have a history of being very competitive. Hope that helps.

 

[jake]

Just finalized a loan with Library of Congress Federal Credit Union, 72 months at 4.59%. Originally with Chase through Rivian, did that to take delivery on time, and refinanced with LoCFCU this week. No issues.

Congrats, that's an amazing rate! How long/smooth was the membership and loan application? My R1S will arrive early Nov, not sure if it's too late to apply LoCFCU.

 

[shimps1]

Congrats, that's an amazing rate! How long/smooth was the membership and loan application? My R1S will arrive early Nov, not sure if it's too late to apply LoCFCU.

Someone on reddit posted about them about 2 weeks ago, so they got bombarded with applications. They said they had over 200, and it sounds like there are maybe 5-10 people that work there total, so it might take a bit, but I was able to get mine done in about two weeks or so. They are a bit outdated, requiring physically signing papers they email you, scanning them, and emailing them back (instead of docusign), but nothing terrible.

You will need to become a member of ALA (https://ec.ala.org/membership/join) to be eligible. Should be about $70ish to do that. You'll get your membership card from them in a couple days (emailed), then you can apply to be a member with LoCFCU, using the ALA member number they send. From there, they will call you, confirm info, set up your accounts, and then you can apply for the loan.

Took about 2 weeks to finish the whole process. I would start now, I bet you can get it done. If not, it's easy to finance with Rivian/Chase so you don't delay delivery, and then refinance with LoCFCU. They just mailed my payoff check to Chase today, didn't even need to make my first payment to them.

The below rates were as of 9/23, with a 750+ credit score. Not sure if they are still this low, or if they ticked up a bit.

4.39% for 5yrs
4.84% for 6yrs
5.89% for 7yrs

Other terms are available upon request. We offer an additional discount on the quoted rate up to .25% if you would like to apply for a Visa credit card with LCFCU (no additional credit pull needed).

 

[jake]

Looked like they jacked up their rates a few times (3 times in just a week according to reddit), I'll try and see if it still worth it. Thanks for the detailed info!

 

[ros8]

I am trying to secure a loan for my R1S and would appreciate any suggestions. USSFCU declined as I am not a citizen or permanent resident. Will be contacting Library of Congress FCU (checking if I can become a member by donating) and Penfed tomorrow. I live in Illinois.

 

[AxelR]

I am trying to secure a loan for my R1S and would appreciate any suggestions. USSFCU declined as I am not a citizen or permanent resident. Will be contacting Library of Congress FCU (checking if I can become a member by donating) and Penfed tomorrow. I live in Illinois.

Try going through Rivian or your current US bank.

 

[USMCGRUNT]

I wanted to throw my update in there on my R1T...I concur that Navy Federal was an extremely simple process. I have had their account for over 25 years, but do not use it for my banking. I only keep a small amount in there for instances like this.

I received an immediate pre-approval up to a certain amount. I can go pick up the check tomorrow at a branch near me.

I ended up getting 5.29% up to 72 months. As long as Rivian knows how to complete it on their end, it couldn't have been any easier from NFCU.

I received a message from my guide today that my vehicle is in Florida. She already had the VIN for me. Not sure why it goes to Florida after Normal, but I will do a little more research on that.

 

[Mari76]

We ended up going with FedChoice Federal Credit Union for our R1S. Instant approval with rate of
4.74%/60mo or 4.89%/72mo. Would have liked to go with USAA since we bank with them and financed our Mach-E thru them. EECU would have been our second choice.

EECU offered 5.79% for 60 and 72 months

PenFed offered 60 months, 7.24% APR
72 months, 7.59% APR

USAA offered 60 months 6.94%
72 months at 7.04%

 

[TollKeeper]

%5.24 with a 60 at USSFCU.. Locked in today. Payment being sent tomorrow to Rivian.

I will add a point to save a small bit of money, and a potential headache.

I sent my deposit to USSFCU to include onto the check to Rivian.
This will save you money on FedEx'ing a deposit check to Rivian.
It will also save the headache of a potential misadressed, or lost, envelope to Rivian.

I just transferred the funds from my local personal account to USSFCU, which took 1.5 days to go from one account to the other.

I just asked my USSFCU loan officer to include it, and she said no problem.

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