R2 outside financing

[VandalSibs]

I would only take something longer than 60 m max if the interest rate was less than 2%.

Good luck with that with what interest rates are right now. I remember a few credit unions that once offered 1.5%, but I'm pretty sure that was pre-pandemic.

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[Blitzjb]

Good luck with that with what interest rates are right now. I remember a few credit unions that once offered 1.5%, but I'm pretty sure that was pre-pandemic.

I'll be happy with low 5's to high 4's right now

 

[UnsungZero_OldTimeAdMan]

Good luck with that with what interest rates are right now. I remember a few credit unions that once offered 1.5%, but I'm pretty sure that was pre-pandemic.

And those days may never return. I even doubt we will ever see 2% again.

 

[Zathras]

Just wondering if anyone has found a lower rate than what rivian is offering on R2?

San Diego County Credit Union is offering 4.69 for up to 66 months for people with 800+ credit rating. That's the best I can find around here. Our daughter-in-law says she's getting about the same at her credit union too. (She's getting the Performance with Catalina Cove, so I'm thinking Borealis or Forest Green?).

 

[SwampNut]

People actually take out 72 month auto loans?

Did you know that even if it were 200 months you can pay it at whatever speed you want, and also have the financial flexibility of a lower payment? When I bought my Rivian I was given a lower interest rate for doing 72 months, so why not? I still paid ahead. When I refinanced it, that company offered their best rate if I did 48 months, so...that was my choice.

Be careful with early pay off fees, some loans have them in the fine print. Not saying Rivian does, but there are lenders that do.

I hear this claimed often, and have never seen evidence of it. Have you? (Outside of BHPH lots and other ultra sub-prime.) Federal law bans it outright on loans that are longer than 60 months. Many states also ban these fees on all loans.

 

[Blitzjb]

Did you know that even if it were 200 months you can pay it at whatever speed you want, and also have the financial flexibility of a lower payment? When I bought my Rivian I was given a lower interest rate for doing 72 months, so why not? I still paid ahead. When I refinanced it, that company offered their best rate if I did 48 months, so...that was my choice.



I hear this claimed often, and have never seen evidence of it. Have you? (Outside of BHPH lots and other ultra sub-prime.) Federal law bans it outright on loans that are longer than 60 months. Many states also ban these fees on all loans.

I am not worried about a lower payment. I can afford the car....
This in one of the credit unions in my area:
7, 8 years LOL LOL LOL

Auto Loans	Term/Description	APR1
Fixed-Rate New Auto	Up to 5 years	5.250%
	6 years	5.500%
	7 years	5.750%
	8 years/ 90% financing	6.000%

 

[SwampNut]

Yes, I was gonna say and forgot, that 96 months is the new normal for the people who really shouldn't buy an expensive car. It's interesting that the rate was lower for a longer term when I bought the truck, and now the reverse is true. Or maybe just for my own credit situation, dunno.

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