Credit Unions with good rates that accept applicants anywhere within the US?

[mt247]

Tower is snail slow (IMHO). I had your train of thought, paid for the Tower Cares bull*** and applied for a membership on 1/18. I heard nothing else until 1/26 when they asked me for a copy of the back of my drivers license. I responded immediately. And yet nothing has happened since, and my member application still says “pending”.

I applied to join Adelfi on 1/19 and was confirmed within a few hours on the same day.

Since my delivery window is approaching, I’m about 99.9% sure that I’m going with Adelfi because Tower is either overextended due to volume or simply incompetent. Neither of which I will tolerate when it comes to service and the need for timely processing with a new loan on a Tesla.

Adelfi is 3.85% for 60 months versus 2.99% for Tower. I guess I could always refinance with Tower later, but I’m not impressed at all so far.

how long does AdelFi is taking to approve the loans, can you share the timeline and your experience with them?

 

[mt247]

people from the bay area or California or any banks that approve loans for people living in california? what CU's or banks are you considering for auto loans and how's your experience with them? I have my EDD as Jan29-feb12th but still waiting for VIN, hopefully, get it soon. I want to shortlist some banks/CU to save time once I get my VIN.

I have seen AdelFi and myeecu, not eligible for tower. I would like to know if anyone went with them and how's your experience with them.

 

[Macb00kemdanno]

how long does AdelFi is taking to approve the loans, can you share the timeline and your experience with them?

I've heard many people say that it doesn't take too long at all. I haven't applied yet because my delivery window is from February 12 to March 18. I wanted to wait until I'm a bit closer to my window to avoid having to get hit with a double hard credit check if my 30-day loan window expires before I take delivery.

 

[Cyclone]

I've heard many people say that it doesn't take too long at all. I haven't applied yet because my delivery window is from February 12 to March 18. I wanted to wait until I'm a bit closer to my window to avoid having to get hit with a double hard credit check if my 30-day loan window expires before I take delivery.

I think there is sufficient time generally to get the application approved and ready. The problem I think that may catch people with Tower is if Tesla doesn’t provide a MVPA and VIN days before needing to schedule pickup.

If you have to schedule in the next three days when you get that, Tower is unlikely to get it processed and a check overnighted in time.

 

[YW555]

I think there is sufficient time generally to get the application approved and ready. The problem I think that may catch people with Tower is if Tesla doesn’t provide a MVPA and VIN days before needing to schedule pickup.

If you have to schedule in the next three days when you get that, Tower is unlikely to get it processed and a check overnighted in time.

I got my VIN Friday afternoon and the pick up date options where the next Monday - Wednesday. So there's very little chance to get approved by Tower in that time. Tesla loan is super quick and I'm hoping to refinance with Tower before their rate changes.

 

[scSeattle]

I got to know lately about another bank which advertises as 2.99 for 60 months but few closed auto loan at 1.99%
They say that we need to call and talk to them.
I haven’t tried yet. But sharing if anyone want to give a try.

Current Loan Rates | Mokelumne Federal Credit Union

Our current rates are quoted on the lowest possible rate. Credit history, amount financed, mileage, loan type and term will determine actual rate.

www.mokelumnefcu.com

 

[Cyclone]

I got my VIN Friday afternoon and the pick up date options where the next Monday - Wednesday. So there's very little chance to get approved by Tower in that time. Tesla loan is super quick and I'm hoping to refinance with Tower before their rate changes.

Yeah, especially since they don’t have loan processors working on the weekends, you’d never get it done in time even if you had already been approved at Tower. Tower charges the same regardless of new, used, or refi, so you should be good.

It took them about 7 days to approve me. Then waited for Tesla to get the paperwork ready. I don’t have a pickup date yet, so that should give things time to get done.

 

[j4y_7]

I got to know lately about another bank which advertises as 2.99 for 60 months but few closed auto loan at 1.99%
They say that we need to call and talk to them.
I haven’t tried yet. But sharing if anyone want to give a try.

Current Loan Rates | Mokelumne Federal Credit Union

Our current rates are quoted on the lowest possible rate. Credit history, amount financed, mileage, loan type and term will determine actual rate.

www.mokelumnefcu.com

The only posts I could find referencing the 1.99% rate were from 2018/2019

Looks like membership is limited: “The current field of membership includes persons who live, work or attend school within the boundaries of San Joaquin County, California.”

 

[Sneakerhead]

This would’ve been the best especially for cali residents. 1 day check delivery guaranteed.

 

[YW555]

My MVPA disappeared when I applied for a Tesla loan, is that normal? Hopefully that's not needed for refinance.

I got to know lately about another bank which advertises as 2.99 for 60 months but few closed auto loan at 1.99%
They say that we need to call and talk to them.
I haven’t tried yet. But sharing if anyone want to give a try.

Current Loan Rates | Mokelumne Federal Credit Union

Our current rates are quoted on the lowest possible rate. Credit history, amount financed, mileage, loan type and term will determine actual rate.

www.mokelumnefcu.com

"You can open your Mokelumne Federal Credit Union account by visiting one of our two convenient locations."

So do you have to be a local resident to be qualified for a membership? I'm in Texas.

 

[Jimboy435]

I got my VIN Friday afternoon and the pick up date options where the next Monday - Wednesday. So there's very little chance to get approved by Tower in that time. Tesla loan is super quick and I'm hoping to refinance with Tower before their rate changes.

Tower is worthless! Got pre approved on the 17th, uploaded all docs..didn’t hear anything. Managed to get the loan processor contact but he doesn’t pick up

 

[PickleRick1216]

Tower is worthless! Got pre approved on the 17th, uploaded all docs..didn’t hear anything. Managed to get the loan processor contact but he doesn’t pick up

I just got off the phone with Tower checking on my loan application (submitted 1/25) and membership (submitted 1/19) and they couldn't give me an estimate on when the membership or loan application would be reviewed/approved.

I think it is safe to assume that it will be difficult for most of us to close on the loan before our cars are ready. Tower's recommendation was to take the Tesla financing initially and then refinance with Tower once they finally get to the application. I asked her twice if Tower charges any finance fees or other charges and she said NO. I re-confirmed that all we pay is the principal and interest and she said "ABSOLUTELY." Having secured several car loans and mortgages in my day I am always suspicious about low interest rate loans because they are usually accompanied by buying points or hidden finance and credit fees. Unless she was lying to me that doesn't appear to be the case here.

At this point I plan on going with Tesla financing just to get the car off the lot and then close with a Tower refinance later at the 1.99% rate. Worst case I might have to pay higher interest rates for 1-2 months but that is probably easier than frantically calling Tower daily and trying to overnight a cashiers check and trying to get all of the stars aligned for pickup day.

 

[Cyclone]

Tower is worthless! Got pre approved on the 17th, uploaded all docs..didn’t hear anything. Managed to get the loan processor contact but he doesn’t pick up

I wouldn’t say worthless, but they are indeed small and slow. If you feel 17th - now makes them worthless for processing all the loan apps they received, then your best bet is to apply elsewhere and potentially refinance with Tower.

 

[j4y_7]

Tower is worthless! Got pre approved on the 17th, uploaded all docs..didn’t hear anything. Managed to get the loan processor contact but he doesn’t pick up

When were your docs uploaded and when is your delivery date?

 

[Jimboy435]

When were your docs uploaded and when is your delivery date?

I uploaded all docs and the POA on 18th and the 23rd and no response. My member application is also stuck says “referred”. My delivery date is Feb 4th

 

[Jimboy435]

I wouldn’t say worthless, but they are indeed small and slow. If you feel 17th - now makes them worthless for processing all the loan apps they received, then your best bet is to apply elsewhere and potentially refinance with Tower.

I guess I was too harsh. I would assume in the year 2023, when Tesla can approve you a loan with simple clicks. Penfed was ready to fund me in 2 days at 5.99%, Adelfi I can’t go with since I am not a Christian which seems to be their requirement but they were also ready to fund in 3-4 days…surprised tower is so behind in getting things done. I will go with Tesla and refinance if tower comes through

 

[Cyclone]

I guess I was too harsh. I would assume in the year 2023, when Tesla can approve you a loan with simple clicks. Penfed was ready to fund me in 2 days at 5.99%, Adelfi I can’t go with since I am not a Christian which seems to be their requirement but they were also ready to fund in 3-4 days…surprised tower is so behind in getting things done. I will go with Tesla and refinance if tower comes through

I thought about Adelfi as their under 4% rate is still a good option. However, it is unclear if I can get a loan for over the purchase price and I figured if I was to refinance with Tower anyway, I’ll just use another bank/credit union that I’ve worked with before to make things easier.

 

[scSeattle]

I just got off the phone with Tower checking on my loan application (submitted 1/25) and membership (submitted 1/19) and they couldn't give me an estimate on when the membership or loan application would be reviewed/approved.

I think it is safe to assume that it will be difficult for most of us to close on the loan before our cars are ready. Tower's recommendation was to take the Tesla financing initially and then refinance with Tower once they finally get to the application. I asked her twice if Tower charges any finance fees or other charges and she said NO. I re-confirmed that all we pay is the principal and interest and she said "ABSOLUTELY." Having secured several car loans and mortgages in my day I am always suspicious about low interest rate loans because they are usually accompanied by buying points or hidden finance and credit fees. Unless she was lying to me that doesn't appear to be the case here.

At this point I plan on going with Tesla financing just to get the car off the lot and then close with a Tower refinance later at the 1.99% rate. Worst case I might have to pay higher interest rates for 1-2 months but that is probably easier than frantically calling Tower daily and trying to overnight a cashiers check and trying to get all of the stars aligned for pickup day.

They only charge lien charges of $ 35 and no hidden fees or any other fees. Yes, go with Tesla finance and refinance same day. They are genuine but are slow. Give them 15 days time

 

[Fleasciante]

Tower conditionally approved my loan application and want these documents. I'm assuming I cannot upload anything until I have the VIN and all of these steps/forms require a VIN. But I see others on here have said they have uploaded documents already. Thanks for any help.

• Signed purchased order, including VIN.
• Original Notarized Specific Power of Attorney signed by all proposed title holders.
• Proof of vehicle insurance: copy of unexpired insurance card, binder, or declaration page. Tower to be listed as loss payee and deductibles of $500 or less.
• Signed contracts for GAP and Warranties if purchased directly from the dealership or third party.

 

[Cyclone]

Tower conditionally approved my loan application and want these documents. I'm assuming I cannot upload anything until I have the VIN and all of these steps/forms require a VIN. But I see others on here have said they have uploaded documents already. Thanks for any help.

• Signed purchased order, including VIN.
• Original Notarized Specific Power of Attorney signed by all proposed title holders.
• Proof of vehicle insurance: copy of unexpired insurance card, binder, or declaration page. Tower to be listed as loss payee and deductibles of $500 or less.
• Signed contracts for GAP and Warranties if purchased directly from the dealership or third party.

You are correct that you pretty much can’t do anything until Tesla provides you the MVPA. They won’t produce the MVPA until after you get a vin assigned. Sometimes they do that right after a vin assignment, sometimes they wait closer to delivery to produce it. Either way, when it is ready, you will download it off the Tesla website, not the app.