Lowest interest rates in September?

Aroohoo

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Got my Parsons account set up today. Applied for a loan through the link in the online portal. Was automatically approved as soon as I submitted the info; it said to expect a loan officer to reach out within 24 hours. I only requested $35,000 so that probably has a lot to do with the automatic approval.

 
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sevengroove

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Got my Parsons account set up today. Applied for a loan through the link in the online portal. Was automatically approved as soon as I submitted the info; it said to expect a loan officer to reach out within 24 hours. I only requested $35,000 so that probably has a lot to do with the automatic approval.
Nicely done! Didn't realize they even had automatic approvals. Good to know.

I just got off the phone with them a while ago and primarily wanted more information about @pablo's claim that they are requiring 20% down on loans. I got some conflicting information within the same call.

At first, the person I spoke to put me on hold to talk to a loan officer, then came back and said that yes, we are asking for 20% down specifically on EV loans. I retorted with the fact that there is nothing on the website saying that, and in fact the EV loan page says they offer "up to 135% financing". They then put me through to the loan officer they got the info from, and that person said that it isn't a blanket requirement but most of the EV loan applications coming through were for an amount that was much higher than the MSRP of the vehicle (which is believable in the current market). That was cited as one of many reasons why loan officers could require a down payment.

I also specifically stated that I do not intend to put down more than 12%, and was assured that would be okay based on what they were seeing on my file after running my R1S VIN.

TLDR: there does not seem to be a blanket 20% down policy, but EVs being purchased for well over MSRP could be one of the targets for this requirement.

@pablo are you buying your R1 through Rivian or third party?
 

Aag12

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Just an update on my experience with adelfi. Officially approved and funded at 2.5% at 60mo. I asked for 85k got countered at 80k.

I applied on Saturday, they didn't take a look until Monday morning. I had a bunch of docs I needed to submit and this morning they approved everything and sent me to final funding. Unfortunately my rep never sent me my tracking number or pic of the check so I had to delay my delivery tomorrow one day!

Either way, shocked at the low rate and how easy it was.
 
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sevengroove

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Just an update on my experience with adelfi. Officially approved and funded at 2.5% at 60mo. I asked for 85k got countered at 80k.

I applied on Saturday, they didn't take a look until Monday morning. I had a bunch of docs I needed to submit and this morning they approved everything and sent me to final funding. Unfortunately my rep never sent me my tracking number or pic of the check so I had to delay my delivery tomorrow one day!

Either way, shocked at the low rate and how easy it was.
That is a great rate, and glad it worked out for you!

I should point out that while most CUs have some sort of membership requirements, adelfi is the first one I am seeing that is faith-based and requires you to be a Christian to apply.

Parsons FCU seems to be one of a very few that has a very low barrier for membership (joining the ACC, which they will do on your behalf for free as part of the application).
 

pablo

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Nicely done! Didn't realize they even had automatic approvals. Good to know.

I just got off the phone with them a while ago and primarily wanted more information about @pablo's claim that they are requiring 20% down on loans. I got some conflicting information within the same call.

At first, the person I spoke to put me on hold to talk to a loan officer, then came back and said that yes, we are asking for 20% down specifically on EV loans. I retorted with the fact that there is nothing on the website saying that, and in fact the EV loan page says they offer "up to 135% financing". They then put me through to the loan officer they got the info from, and that person said that it isn't a blanket requirement but most of the EV loan applications coming through were for an amount that was much higher than the MSRP of the vehicle (which is believable in the current market). That was cited as one of many reasons why loan officers could require a down payment.

I also specifically stated that I do not intend to put down more than 12%, and was assured that would be okay based on what they were seeing on my file after running my R1S VIN.

TLDR: there does not seem to be a blanket 20% down policy, but EVs being purchased for well over MSRP could be one of the targets for this requirement.

@pablo are you buying your R1 through Rivian or third party?
Well that is great news, but what horrible communication on their part. They need to explain that down payments would only be necessary if you are outside 135% of the MSRP. I am buying mine from Rivian, so maybe I'll give them another shot tomorrow and try to talk to an actual loan officer as it seems they have a bad game of telephone going on.

Thanks for the follow-up I was completely ready to write them off.
 


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sevengroove

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Well that is great news, but what horrible communication on their part. They need to explain that down payments would only be necessary if you are outside 135% of the MSRP. I am buying mine from Rivian, so maybe I'll give them another shot tomorrow and try to talk to an actual loan officer as it seems they have a bad game of telephone going on.

Thanks for the follow-up I was completely ready to write them off.
To clarify, they did not explicitly tell me that down payments would only be necessary if you are outside 135% of the MSRP. They implied that loan officers had a lot of discretion in terms of whether to require a down payment, and how much to require, based on the applicants' individual circumstances. But yea I agree their communications are a bit dicey - an excellent match for Rivian! 😆

Let us know what you hear when you try again with them.
 

Rally1

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I went with Chase to make it easy and fast on the 8 steps, 2 weeks later and into the local CU to refi, rates in line with the ones listed here.

Anyone having issues with the VIN or Rivian as a manufacturer. Orange County’s Credit Union system doesn't show it.
 
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TXR1S

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Unfortunately my rep never sent me my tracking number or pic of the check
Funnily enough I had this same issue. They don’t seem to be set up to do it easily. My check was cashed before delivery so it all worked out.
 

Aag12

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Funnily enough I had this same issue. They don’t seem to be set up to do it easily. My check was cashed before delivery so it all worked out.
Luckily I got my tracking and picture a day later. I called a bugged them for it, but you're right. There process isn't setup for it, but they manually helped me.

Customer service was great overall
 
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sevengroove

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Anyone having issues with the VIN or Rivian as a manufacturer. Orange County’s Credit Union system doesn't show it.
Parsons was able to pull up the exact MSRP of my R1S based on the VIN, even though Rivian wasn't listed as a manufacturer in their application's drop-down list.
 


Gpers

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2.64% for 72 months @ USECU.org (USE Credit Union). Super responsive and quick to fund. No fees and apply online
 

ericolson32

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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?
Did you end up financing with Parsons?
 

ericolson32

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That is a great rate, and glad it worked out for you!

I should point out that while most CUs have some sort of membership requirements, adelfi is the first one I am seeing that is faith-based and requires you to be a Christian to apply.

Parsons FCU seems to be one of a very few that has a very low barrier for membership (joining the ACC, which they will do on your behalf for free as part of the application).
How do they verify that you are "christian"?
 
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sevengroove

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Did you end up financing with Parsons?
That's the plan - I applied for the loan on Monday and I'm still waiting on a response/approval.
How do they verify that you are "christian"?
Beats me. It looks like they ask you to list the church you supposedly go to, but you could pick a random one - how would they verify?

Would be funny if an atheist or Buddhist named Christian applies and says "what? I am Christian!!"
 

itselectric

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@sevengroove - seems like Parsons is going pretty slow. I haven't been approved for my checking/savings account yet. Going on 3 business days for that.

Got a text from my local service center that my truck will be here in just "days" and to go ahead and complete the steps. My plan is to do everything but pay in full until inspection is done. Still Thinking Parsons is going to take too long to approve the auto loan.

I applied online with a local credit union and got the best rates they offered, the full amount I requested and instant approval. The rate is a bit higher (4.4% for 67+ months) but it is also local so easier to go in and deal with anything if needed.

Will still watch how the process goes for you and will pursue Parsons until I run out of time since they have already pulled my credit.
 
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