Applied on 6 feb still no updates, will they consider 3.49 rate or now new rates 6.99 for 72 months when they pick my account and pre approve
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US National Auto Interest Rates
I am not a financial advisor, the research below is for informational purposes only. If you want to learn How To Pay No More Than MSRP, see my post here.
Always look for local credit unions around you first.
Avoid credit hard pulls if possible.
Just for fun I decided to check what is the Volkswagen US National interest rate for loans. Looks like up to 48 months the interest rate is 6.39% and up to 60 months 6.39%. Searching the "internets" I found:
1. Interior Federal Credit Union offering 5.00% for loans up to 36 months and 5.25% up to 60 months. The Credit Union has an open membership for anyone who join the New Mexico Wildlife Federation.
2. Fort Financial Credit Union offering "as low as" 5.49%. The Credit Union has an open membership for anyone who joins the Financial Fitness Association with an $8.00 donation. Rates are based on credit qualifications, including credit score, minimum amount financed and term, and includes Premier relationship discount of 0.25% APR.
3.Park Community Credit Union offering 3.25% up to 48 months and 3.50% up to 60 months. The Credit Union has an open membership for anyone who joins the Financial Fitness Association with an $8.00 donation. They are not accepting virtual applications at this time. You need to visit a local branch.
4. SRI Federal Credit Union offering 4.99% up to 72 months. Possible 0.26% rate discount on Zero Emission. The Credit Union has an open membership for anyone who joins the Financial Fitness Association with an $8.00 donation.
5. Tower Federal Credit Union offering 5.74% up to 36 months, 6.49% up to 60 months and 6.99% up to 72 months. The Credit Union has an open membership for anyone who becomes a member of the TowerCares Foundation with a $35 donation. Receive a 0.25% APR autodraft discount when you autodraft your payment from your existing checking account
6. Insight Credit Union offering 4.49% - 17.45% up to 84 months (Receive a 0.25% APR autodraft discount when you autodraft your payment from your existing Insight Credit Union checking account). The Cedit Union has an open membership with a $5.00 donation to the Insight Community Foundation.
7. United States Senate Federal Credit Union offering 2.99% up to 36 months, 3.24% up to 48 months and 3.49% up to 60 months (rates include 0.25% rate discount for automatic payment from a USSFCU account). Membership is open to anyone through a contribution to the US Capitol Historical Society (USCHS).
8. CommonWealth One Federal Credit Union offering 2.74% up to 36, 3.99% up to 48 months, 4.49% up to 60 months and 4.99% up to 72 months. You can join CommonWealth One FCU by becoming a lifetime member of the non-profit, consumer education organization, Virginia Consumer Council (VACC).
9. Gold Coast Federal Credit Union as low as 3.49%. You can become a member by making a contribution to $5.00 to the New Horizons Elementary School PTA. GCFCU is no longer accepting out of state applications. See post here.
11. Taleris Credit Union rates as low as 3.49%. You can become a member by making a $5.00 contribution to either the Public Animal Welfare Society (PAWS) or Seven Hills Historical Society. Loan Rate Discounts: Fuel Efficient, Electric, or Hybrid vehicle purchase = 0.10% discount Fuel Efficient Autos, which are five years old or less, and get 30 mpg Hwy or more, and have less than 75,000 mile
12. Digital Federal Credit Union (DCU) with rates as low as 5.74% up to 65 months. Published rate includes a 0.50% discount given when you maintain electronic payments and Plus or Relationship benefits on your DCU checking account. You can get an additional .25% off if you finance an energy efficient vehicle. You can become a member by following this referral link for a chance to get $20 with qualifying account with qualifying activities.
Non-Traditional Car Lending
1. Carputty a revolving line of credit is designed to seamlessly finance all of the vehicles in your garage – new or used, present or future. You’ll never have to apply for an auto loan again! A Carputty line of credit is tied to you—not a specific car.
2. First Republic Personal Line of Credit offering 6.95% – 8.45%. You can use your line of credit for whatever you want. Per their FAQs "First Republic Bank has a limited service area for retail banking. Personal Line of Credit applicants must be located within close proximity to our offices in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland (Oregon), Bellevue (Washington), Jackson (Wyoming), Boston, Palm Beach (Florida), Greenwich or New York City."
More info here https://www.bogleheads.org/forum/viewtopic.php?t=342046
3. Bank of America Business Auto Loan Fixed rates as low as 6.19% - You can get up to four Small Business Auto Loans with one Experian hard pull the same day. If you wait till the next day to apply, you will get a second hard pull on your Experian credit report. What you need:
1. Properly established LLC with EIN (The LLC I used I established it last month for my Turo business)
2. Stated personal income
3. Stated business income
4. Maximum combined loan amount $75K. For example, you can do three $25K loans or divvy up the $75K between 4 loans.
5. You need to wait till a loan is approved before applying for the next loan.
6. All four loans have to be requested the same day. If you wait till the next day or later, there will be another Experian hard pull.
7. Minimum Experian FICO score 720
8. Make sure that you write down exactly the same information on each application
If you need help establishing an LLC and/or getting business funding up to $250K in unsecured business credit cards, go to this link.
Did any of you get a lower interest rate recently? If so, what bank or Credit Union?
Always look for local credit unions around you first.
Avoid credit hard pulls if possible.
Just for fun I decided to check what is the Volkswagen US National interest rate for loans. Looks like up to 48 months the interest rate is 6.39% and up to 60 months 6.39%. Searching the "internets" I found:
1. Interior Federal Credit Union offering 5.00% for loans up to 36 months and 5.25% up to 60 months. The Credit Union has an open membership for anyone who join the New Mexico Wildlife Federation.
2. Fort Financial Credit Union offering "as low as" 5.49%. The Credit Union has an open membership for anyone who joins the Financial Fitness Association with an $8.00 donation. Rates are based on credit qualifications, including credit score, minimum amount financed and term, and includes Premier relationship discount of 0.25% APR.
3.
4. SRI Federal Credit Union offering 4.99% up to 72 months. Possible 0.26% rate discount on Zero Emission. The Credit Union has an open membership for anyone who joins the Financial Fitness Association with an $8.00 donation.
5. Tower Federal Credit Union offering 5.74% up to 36 months, 6.49% up to 60 months and 6.99% up to 72 months. The Credit Union has an open membership for anyone who becomes a member of the TowerCares Foundation with a $35 donation. Receive a 0.25% APR autodraft discount when you autodraft your payment from your existing checking account
6. Insight Credit Union offering 4.49% - 17.45% up to 84 months (Receive a 0.25% APR autodraft discount when you autodraft your payment from your existing Insight Credit Union checking account). The Cedit Union has an open membership with a $5.00 donation to the Insight Community Foundation.
7. United States Senate Federal Credit Union offering 2.99% up to 36 months, 3.24% up to 48 months and 3.49% up to 60 months (rates include 0.25% rate discount for automatic payment from a USSFCU account). Membership is open to anyone through a contribution to the US Capitol Historical Society (USCHS).
8. CommonWealth One Federal Credit Union offering 2.74% up to 36, 3.99% up to 48 months, 4.49% up to 60 months and 4.99% up to 72 months. You can join CommonWealth One FCU by becoming a lifetime member of the non-profit, consumer education organization, Virginia Consumer Council (VACC).
9. Gold Coast Federal Credit Union as low as 3.49%. You can become a member by making a contribution to $5.00 to the New Horizons Elementary School PTA. GCFCU is no longer accepting out of state applications. See post here.
11. Taleris Credit Union rates as low as 3.49%. You can become a member by making a $5.00 contribution to either the Public Animal Welfare Society (PAWS) or Seven Hills Historical Society. Loan Rate Discounts: Fuel Efficient, Electric, or Hybrid vehicle purchase = 0.10% discount Fuel Efficient Autos, which are five years old or less, and get 30 mpg Hwy or more, and have less than 75,000 mile
12. Digital Federal Credit Union (DCU) with rates as low as 5.74% up to 65 months. Published rate includes a 0.50% discount given when you maintain electronic payments and Plus or Relationship benefits on your DCU checking account. You can get an additional .25% off if you finance an energy efficient vehicle. You can become a member by following this referral link for a chance to get $20 with qualifying account with qualifying activities.
Non-Traditional Car Lending
1. Carputty a revolving line of credit is designed to seamlessly finance all of the vehicles in your garage – new or used, present or future. You’ll never have to apply for an auto loan again! A Carputty line of credit is tied to you—not a specific car.
2. First Republic Personal Line of Credit offering 6.95% – 8.45%. You can use your line of credit for whatever you want. Per their FAQs "First Republic Bank has a limited service area for retail banking. Personal Line of Credit applicants must be located within close proximity to our offices in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland (Oregon), Bellevue (Washington), Jackson (Wyoming), Boston, Palm Beach (Florida), Greenwich or New York City."
More info here https://www.bogleheads.org/forum/viewtopic.php?t=342046
3. Bank of America Business Auto Loan Fixed rates as low as 6.19% - You can get up to four Small Business Auto Loans with one Experian hard pull the same day. If you wait till the next day to apply, you will get a second hard pull on your Experian credit report. What you need:
1. Properly established LLC with EIN (The LLC I used I established it last month for my Turo business)
2. Stated personal income
3. Stated business income
4. Maximum combined loan amount $75K. For example, you can do three $25K loans or divvy up the $75K between 4 loans.
5. You need to wait till a loan is approved before applying for the next loan.
6. All four loans have to be requested the same day. If you wait till the next day or later, there will be another Experian hard pull.
7. Minimum Experian FICO score 720
8. Make sure that you write down exactly the same information on each application
If you need help establishing an LLC and/or getting business funding up to $250K in unsecured business credit cards, go to this link.
Did any of you get a lower interest rate recently? If so, what bank or Credit Union?
281 - 300 of 310 Posts
How did u get approved in 1 day this is miracleOh damn! They sure did! Glad I applied yesterday and got a conditional approval email today with the low rates.
Figures when rates are going down and they tell me membership went through they'd go up to absurd rates. They got their $35 out of me.
Yeah for sure. I called to follow up on the status of my membership application. Then towards the end of the call the lady asked if I already applied for a loan. I told her no coz I don't have my membership info yet. She said to just go ahead and apply for the loan online and skip the membership part. Lo and behold, I get my pre-approval the next day via the previous rate.How did u get approved in 1 day this is miracle
Yes. I did refinance with Tower for my Tesla car (also i took new car finance few months ago for my ID4 and I do have membership with them)My refinancing w/ TowerFCU timeline.
Membership approved on 1/16
Loan App submitted on 1/19
Conditional Approval on 1/23
Sent Documents in on 1/24
Still waiting on Loan Processor as of today (2/10)
Does anyone else have the same issue w/ Tower taking forever to refinance?
folks who applied at tower, and waiting for your loan to approved (issuing a check) do these things (assuming, you became member, applied auto loan, a loan application number is issued, and all the documentation is uploaded including POA etc..)
1. call Tower member services and find out your loan processor 4 digit extension
2. Call the that extension and leave a voice mail. (try this very early like around 9am to 9.15am (EST)
3. With high probability, your loan officer takes the call and ask about your loan (refer your application number)
4. if every document is uploaded (you can indicate with the loan officer), you loan will be approved in next one hr or so (you get document to esign)
One of my friend told me this, and even though my application is pre approved on Jan 24th, and it is sitting with loan officer where loan officer is completely overwhelmed with tons of application from all over US.. I left couple of messages on 4th or 5th but on feb 7th at 9.05am i was able to connect with my loan officer and by afternoon everything completed... All i said was, please look at my application and I uploaded all documents. Loan officer said, "ok. I am sending to final underwriter review".
good luck
My first payment for GCFCU was due today the 15th (loan opened on (12/21/22). I set up automatic external transfers for the 10th of each month, I thought 5 days would be plenty for the transfer to occur. They pulled the funds from my external account on the 13th and they did not show as available until this morning after 9am. I kept logging in the past couple days worried that I would be hit with a late fee. Once I saw the funds transfer into the GCFCU, I immediately transferred to the car loan and it showed as paid and next bill due 3/15. That's a little too close for my comfort so I changed the transfer date to the 9th of each month.
Could you provide a timeline of your experience with GCFCU? For example, date you applied for membership, date you got approved, and how long the auto loan process took. I applied for membership and am now waiting.My first payment for GCFCU was due today the 15th (loan opened on (12/21/22). I set up automatic external transfers for the 10th of each month, I thought 5 days would be plenty for the transfer to occur. They pulled the funds from my external account on the 13th and they did not show as available until this morning after 9am. I kept logging in the past couple days worried that I would be hit with a late fee. Once I saw the funds transfer into the GCFCU, I immediately transferred to the car loan and it showed as paid and next bill due 3/15. That's a little too close for my comfort so I changed the transfer date to the 9th of each month.
Thanks!
Holy crap, you're a lifesaver. This actually worked! They were able to push my loan through within a day and it's now approved! Thanks!!!Yes. I did refinance with Tower for my Tesla car (also i took new car finance few months ago for my ID4 and I do have membership with them)
folks who applied at tower, and waiting for your loan to approved (issuing a check) do these things (assuming, you became member, applied auto loan, a loan application number is issued, and all the documentation is uploaded including POA etc..)
1. call Tower member services and find out your loan processor 4 digit extension
2. Call the that extension and leave a voice mail. (try this very early like around 9am to 9.15am (EST)
3. With high probability, your loan officer takes the call and ask about your loan (refer your application number)
4. if every document is uploaded (you can indicate with the loan officer), you loan will be approved in next one hr or so (you get document to esign)
One of my friend told me this, and even though my application is pre approved on Jan 24th, and it is sitting with loan officer where loan officer is completely overwhelmed with tons of application from all over US.. I left couple of messages on 4th or 5th but on feb 7th at 9.05am i was able to connect with my loan officer and by afternoon everything completed... All i said was, please look at my application and I uploaded all documents. Loan officer said, "ok. I am sending to final underwriter review".
good luck
It's all in this thread already, but I'm not sure how helpful the information would be anymore. I got approved back in either late Nov or early Dec when it was first posted in this thread. I think I was one of the earliest to apply before all the lurkers learned about it, so I didn't have the long wait that everyone else has. A month ago someone posted they were getting 150 applicants per day... I don't know how they'll ever catch up at this point.Could you provide a timeline of your experience with GCFCU? For example, date you applied for membership, date you got approved, and how long the auto loan process took. I applied for membership and am now waiting.
Thanks!
FYI for anyone still following:
refinanced my 6.75% auto loan to 2.99 at Tower. Lengthy process, but finally did it. Took over a month.
I’m not even sure how I stumbled upon this thread because I never used this site, but feeling lucky that I did. I’m paying 2.99% on a 10 year old Porsche GTS, on a private party transaction, in this high interest environment - doesn’t get better than that!
refinanced my 6.75% auto loan to 2.99 at Tower. Lengthy process, but finally did it. Took over a month.
I’m not even sure how I stumbled upon this thread because I never used this site, but feeling lucky that I did. I’m paying 2.99% on a 10 year old Porsche GTS, on a private party transaction, in this high interest environment - doesn’t get better than that!
Did the Towers Federal Credit Union route. Donated $35, took forever to get a membership.
I got an approval rate of 9.590%. al that for waiting on hold several times for 45-60+ minutes, told wrong information to get membership first then do auto loan it will go through faster. I called the day before to ask if I'll get the rate before the hike, and was told on phone it would be honored. That was a lie. I even sent internal message to loan officer, asking them not to run the report if you are going to use the new hiked up rate. They ran it anyways and yay look at me 9.590% /s 😟
I got an approval rate of 9.590%. al that for waiting on hold several times for 45-60+ minutes, told wrong information to get membership first then do auto loan it will go through faster. I called the day before to ask if I'll get the rate before the hike, and was told on phone it would be honored. That was a lie. I even sent internal message to loan officer, asking them not to run the report if you are going to use the new hiked up rate. They ran it anyways and yay look at me 9.590% /s 😟
Don't forget to check your local credit unions. You may find a great rate in your own backyard.
Here is another tip. We all have relatives in other states and cities within the states. Ask what credit unions they belong to then check the rates. Some credit unions accept membership by family or friends referral.
Any interest rate you can get a percentage point less than what the Volkswagen US National rate offers (6.39% up to 60 months as of today), especially if you are refinancing, is worth your effort.
Here is another tip. We all have relatives in other states and cities within the states. Ask what credit unions they belong to then check the rates. Some credit unions accept membership by family or friends referral.
Any interest rate you can get a percentage point less than what the Volkswagen US National rate offers (6.39% up to 60 months as of today), especially if you are refinancing, is worth your effort.
Was just recommending Tower to a friend but went to check out their rates. I was shocked to see 8.5% for same term I got 3%. I thought I was looking at mortgage rates for a brief moment.
I financed with US Senate Federal Credit Union for 3.49% for 60months. Although this rate is higher than Tower, the loan officer was infinitely more prompt. She responded to my inquiries fast via web messages and I was able to actually talk to her over the phone when needed. Contrary to this, I couldn't talk to any loan officer at Tower. They didn't even respond to any of my web messages. Additionally, USSFCU did not require notarized power of attorney. I was able to gather required documents without paying anyone.
Only minor annoyance was that USSFCU required $30 to be in the account in order to send the check overnight FEDEX. Since the account was so new, I couldn't normally transfer money in before waiting external accounts to be verified. had to do it over the phone and paid $7 fee.
Otherwise, I highly recommend them I would say give them a try if Tower is basically ignoring you.
Only minor annoyance was that USSFCU required $30 to be in the account in order to send the check overnight FEDEX. Since the account was so new, I couldn't normally transfer money in before waiting external accounts to be verified. had to do it over the phone and paid $7 fee.
Otherwise, I highly recommend them I would say give them a try if Tower is basically ignoring you.
GCFCU stopped taking out of state applicants. Another one bites the dust.
You are correct. Is on their website here.GCFCU stopped taking out of state applicants. Another one bites the dust.
I updated the first page.
The biggest sign that we are heading for a mayor recession is car loans.... The average used car loan amount is $40K. Car loan interest rates are going up and Americans are falling behind on car payments at a higher rate than in 2009. Car repos are on the rise now to pre-pandemic levels. Many of these car loans have been packaged up and sold off by Wall Street. Sounds a lot like the sub-prime mortgage loans in 2008.
I plan to buy out a lease after I get my first bill. Can I pay off the car with cash, then refinance with an auto loan later? Would it have to be a used auto loan? I figure it would take a while to get a check from a credit union with how busy they are. If I buy it out with cash, I would avoid any interest fees with each passing day.
Hi,I financed with US Senate Federal Credit Union for 3.49% for 60months. Although this rate is higher than Tower, the loan officer was infinitely more prompt. She responded to my inquiries fast via web messages and I was able to actually talk to her over the phone when needed. Contrary to this, I couldn't talk to any loan officer at Tower. They didn't even respond to any of my web messages. Additionally, USSFCU did not require notarized power of attorney. I was able to gather required documents without paying anyone.
Only minor annoyance was that USSFCU required $30 to be in the account in order to send the check overnight FEDEX. Since the account was so new, I couldn't normally transfer money in before waiting external accounts to be verified. had to do it over the phone and paid $7 fee.
Otherwise, I highly recommend them I would say give them a try if Tower is basically ignoring you.
What was the process to get the loan?
Was it easy?
Did you call them or email?
Hi, yes it wasn't difficult. First, when trying to get the membership, it asks you to maka donation to US Capitol Society or something. It has the link. I can go there and there is bunch options for donation membership. It needs to be minimum $65 to become a member for that. Once I paid the amount, shortly an email comes showing confirmation that I paid $65 and became a member.Hi,
What was the process to get the loan?
Was it easy?
Did you call them or email?
Now I follow the usual signup process to the bank and later upload the screenshot of the donation confirmation email. Once that is done, I can apply for car loan. The process is simple and doesn't really require much. Perhaps uploading utility bills and driver license etc.
Once application is done. I waited and got a secured message that loan is pre-approved but need more info. So I uploaded documents like purchase order. Then it hung for a few days. But I called the customer service, and talked to loan officer and figured out additional documents that needs to be uploaded and that was pretty much it. Oh by the way need to link external account asap as that takes few days and need to have 30 dollars to overnight check to dealership.
281 - 300 of 310 Posts
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