Lowest interest rates in September?

[sevengroove]

Thanks for this. I just applied for an account (checking and savings to get the additional rate discount) as well. Someone else mentioned it takes a few days to get those up and running before you can apply for a loan. Is that accurate?

Their rates almost seem too good to be true right now, but fingers crossed it all works out for everyone.

That someone might have been me .

I was told to budget a few days for membership approval, but I ended up calling them in between for a bunch of questions and they kind of sorted out my approval during those calls. So I think the answer is it depends, but their staff is super helpful on the phone.

You will definitely need membership approved before you can apply for a loan.

And yes their rates are ridiculous given the current market. They will honor the Sept rate (for up to 30 days I believe) as long as you submit your loan application by Sept 30.

Sponsored

 

[itselectric]

That someone might have been me .

I was told to budget a few days for membership approval, but I ended up calling them in between for a bunch of questions and they kind of sorted out my approval during those calls. So I think the answer is it depends, but their staff is super helpful on the phone.

You will definitely need membership approved before you can apply for a loan.

And yes their rates are ridiculous given the current market. They will honor the Sept rate (for up to 30 days I believe) as long as you submit your loan application by Sept 30.

Thank you for getting this all straightened out and posting your experience. I'll be watching your process unfold and I'm right there behind ya.

 

[EVTrukHog]

In order to streamline the Rivian purchase process, I'm considering going with Rivian financing and Rivian insurance... then refinancing after title/registration is complete and converting to my incumbent insurance provider (if advantageous). Is this a bad idea?

 

[snakeey11]

I was told to budget a few days for membership approval, but I ended up calling them in between for a bunch of questions and they kind of sorted out my approval during those calls. So I think the answer is it depends, but their staff is super helpful on the phone.

Yeah, I'm happy with their customer service so far. It took basically two business days for my membership approval to go through and I just this morning submitted the loan application. I'm glad at least one other person is ahead of me in the process so Parsons will have some idea already of what specific quirks are required in dealing with Rivian

 

[pablo]

It is too good to be true, I just got my membership approved and they were going to try and fast-track my loan for this Friday and then after a hard credit pull just to become a member they drop a bomb that loan officers are now requiring around 20% down payments. My credit score is over 840, so pretty sure this is going to apply to everyone. Maybe y'all will be luckier than I.

The person helping me with the membership approval was very nice but this just feels like a total bait and switch. 20% down payment makes their rate completely uncompetitive, they need to list that on their rate sheets or at least before they pull your credit, not cool.

 

[Atlrivian]

August 12 I got 2.25% at Emory Alliance Creidt Union in Atlanta. Sadly you must visit a branch to take advantage of these rates.

 

[sevengroove]

It is too good to be true, I just got my membership approved and they were going to try and fast-track my loan for this Friday and then after a hard credit pull just to become a member they drop a bomb that loan officers are now requiring around 20% down payments. My credit score is over 840, so pretty sure this is going to apply to everyone. Maybe y'all will be luckier than I.

The person helping me with the membership approval was very nice but this just feels like a total bait and switch. 20% down payment makes their rate completely uncompetitive, they need to list that on their rate sheets or at least before they pull your credit, not cool.

Wtf. That's a bunch of bullshit. I will give them hell if they tell me this, I'm expecting to hear from an underwriter tomorrow. I was planning on putting around 10% down and will push for that as much as I can. Will keep you all posted here.

 

[VenturaLuke]

I went with my local CU (which I was not a member of before) just a couple weeks ago and was able to get 3.49 for 60 months. They also offered 4.04% for 72 month or longer. Not the best rate but definitely better than what I've seen Rivian financing offering. I had them go ahead and submit the payment when my guide told me the truck had arrived in CA. I didnt want anything to hold up delivery. Truck ended up sitting in a rail yard for over a week and just arrived at the SC today. Oh well, at least I know it should be delivery time s00n!

 

[sevengroove]

I went with my local CU (which I was not a member of before) just a couple weeks ago and was able to get 3.49 for 60 months. They also offered 4.04% for 72 month or longer. Not the best rate but definitely better than what I've seen Rivian financing offering. I had them go ahead and submit the payment when my guide told me the truck had arrived in CA. I didnt want anything to hold up delivery. Truck ended up sitting in a rail yard for over a week and just arrived at the SC today. Oh well, at least I know it should be delivery time s00n!

My guide told me that they are no longer cashing checks / withdrawing down payments instantly - they are apparently holding until delivery is made. Don't know if it will pan out that way for you but thought I'd share.

And yea mid 3's seem to be where most other CUs are at right now. Which isn't bad at all, especially compared to Rivian/Chase.

 

[sevengroove]

In order to streamline the Rivian purchase process, I'm considering going with Rivian financing and Rivian insurance... then refinancing after title/registration is complete and converting to my incumbent insurance provider (if advantageous). Is this a bad idea?

I would explore financing third-party sooner because rates are likely going to continue climbing for the next 2-3 months. You're probably fine on that approach for insurance though.

 

[VenturaLuke]

My guide told me that they are no longer cashing checks / withdrawing down payments instantly - they are apparently holding until delivery is made. Don't know if it will pan out that way for you but thought I'd share.

And yea mid 3's seem to be where most other CUs are at right now. Which isn't bad at all, especially compared to Rivian/Chase.

Good to know. I just had to upload the tracking number and a copy of the check from my CU to the financing and then I also made my down payment at the same time as well. I haven't actually looked to see if the down payment was withdrawn from my account but I think it was.

 

[Timo]

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?

Just applied for Parsons. Thanks for the head's up!

 

[sevengroove]

Just applied for Parsons. Thanks for the head's up!

Np! Beware of what @pablo mentioned up in their post about them requiring 20% down. I haven't got that far yet but curious to see if you are also told the same thing or not.

 

[Timo]

Np! Beware of what @pablo mentioned up in their post about them requiring 20% down. I haven't got that far yet but curious to see if you are also told the same thing or not.

Roger that. I figured it's worth the effort to try. Not disclosing any of that seems pretty shady to me. It's nowhere on their site.

If/when you speak to them and it comes up you might mention that there are at least 3 and probably more loans riding on their decision. I specifically called out rivianforums as how I found out about them.

Good luck!

 

[snakeey11]

It is too good to be true, I just got my membership approved and they were going to try and fast-track my loan for this Friday and then after a hard credit pull just to become a member they drop a bomb that loan officers are now requiring around 20% down payments.

Ah, that's good to know, and does suck because that isn't made clear anywhere that I could see. Luckily, I was already planning on only financing 75% or so.

Sponsored