Anyone have recommendations for banks or CUs that offer competitive green/solar loan rates? Lowest I’m able to find is 3.99%.
I’m going through Tower fcu. $35 enrollment fee and they lock your rate when the application is submitted. I applied today and they confirmed if it will reflect today’s rates, not when it’s approved. 2.99 up to 60 months.
Is @cyak still around? He is the OG solar hackr, and has a whole thread.
Can I apply for both membership and loan at same time to get membership 1% off? or it has to be done one after another (membership first and then loan application)
thanks…
Yes
10 characters,
Is 1% discount is available for refinancing as well.
FedChoice approved me at 2.99% (72 months) for my lease buyout loan. Way better than the 6.6% the Honda dealership presented.
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Is that the new floor rate for the month?
Did you get approved prior to 10/31?
Not sure how it would be … as of 11/1 new car rates went up to 4.39% for 72 months. Even the 1% new member discount would only take you down to 3.39%. The 1% hike November was a shock to me, I thought floor would be 2.99% too. Maybe it is, but certainly couldn’t be for the higher duration loans
Fed Choice approved me yesterday 3.74 for 72 months including 1% new member discount and they said it’s their floor rate. I missed getting approved in October.
I got instant approved on Friday 10/28 and called to speak to a representative on Monday 10/31. She let me know what interest rate I was approved for and assured me that it would be locked in so I would get the October rate.
The 2.99% was an October rate
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FedChoice updated their rates on 10/28 and it definitely went up. My account was approved and so was my loan after they had a question around trade-in - not sure at what rate though. The membership email had this rate chart.
Cassie from FedChoice was a pleasure to work with. Here’s a link she sent after she called to verify my identity for the membership - MeridianLink Portal
Also, (Department of) Interior FCU was a breeze to get approved for as well. Turn around time was slightly better than FedChoice and their rates are better now with the new fedchoice floor - 72mo at 3.55% or 72-96mo at 3.75% base. 0.25% discount for $500 monthly direct deposit brings those down to 3.30% or 3.50%. To note, I couldn’t select 84 or 96 month on their app due to a glitch despite loan amount being more than their base 50k for the higher terms.
As for credit reports, FedChoice pulls Transunion for membership (or loan) and Interior FCU pulls Equifax for membership as well. Not sure what model but I’ll update this when/if I find out.
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Could someone with experience with FedChoice help me out - after approval and signing of the DocuSign documents, how long did it take them to wire the money to the dealer? Did they do it same day? I signed this morning and the document said that if I sign before 1pm it would get sent same day. But my dealer is reporting that the wire hasn’t hit their bank yet but perhaps it’ll update over night. Of course FedChoice closes at 4pm and isn’t open on Saturday’s so I have no way to check to see if they disbursed the wire. Also, supposed to pick up the car tomorrow, but not going to happen if they didn’t wire.
They usually send wires every work day once a day once provided with the wire info of the dealer. Sometimes they want to speak to the dealer and the dealer wants to speak with them to exchange it.
Did you receive a confirmation to your email that the wire was sent?
Email and FedChoice don’t work well… you need to call them
Yeah, unsurprisingly, the wire didn’t post to the dealer. So, yesterday morning I signed the DocuSign documents, no one looked at them to process them, and the wire wasn’t sent. Brilliant. Of course they are closed until Monday.
Thankful that my dealer is willing to set up a back up loan approval today and let me take the car today but they won’t send that in unless a week or more passes without FedChoice sending the wire which I view as zero risk once I call them on Monday.
I was told that it won’t affect my credit given car loan hard inquiries are treated as a single hard inquiry if all within 30 days.