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CHECK OUT YNCU! Final paperwork processing for my approval at $75K loan over 8 years at 4.59%, rate is locked in for 90 days.
They have an EV special where 1-5 years is 4.09% and 6-8 years is 4.59%. You get approved for more the longer the term, but you can choose your own payment amount. So, I could up my monthly amount to get it down to 6 years if I wanted.
This is by far the best rate I've seen—and they LOCK the rate for 90 days vs other banks at 30 days.
The underwriter, Liz, said I can provider her e-mail to those interested here. She was fantastic. It is:
[redacted because of overwhelming interest]
FYI, Bank of Canada meets July 13th and are expected to raise rates by 1% then...so don't sleep on this!
Also: I'm about two hours from the closest YNCU and that isn't an issue. You can do this all online.
They have an EV special where 1-5 years is 4.09% and 6-8 years is 4.59%. You get approved for more the longer the term, but you can choose your own payment amount. So, I could up my monthly amount to get it down to 6 years if I wanted.
This is by far the best rate I've seen—and they LOCK the rate for 90 days vs other banks at 30 days.
The underwriter, Liz, said I can provider her e-mail to those interested here. She was fantastic. It is:
[redacted because of overwhelming interest]
FYI, Bank of Canada meets July 13th and are expected to raise rates by 1% then...so don't sleep on this!
Also: I'm about two hours from the closest YNCU and that isn't an issue. You can do this all online.
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Shekhawat Mx
Member
All the details are in the original post. YNCU Credit Union and even the direct email of the underwriter. Cheers.
This looks good. Is 4.59% a fixed rate or variable?
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It’s fixed. Variable is a terrible idea right now with the hikes.
Shekhawat Mx
Member
She is not doing for kingston/ southern eastern Ontario.
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Did you check the YNCU website to see if there’s other branches serving that location?
Shekhawat Mx
Member
Unfortunately there is no branch in the kingston. RBC has approved 5.99 for 96 months which is very high.(don’t want to pay 19k in the interest)
Hm, dunno. I’d email them or schedule a phone call to see if any branch will serve you. No branch is remotely near me and I’m OK.
Hey all, please stop using the email I sent. The underwriter informed me she’s a bit overwhelmed and it seems the majority of the emails coming in are OUTSIDE the jurisdiction of YNCU. Please check their website first. (I’m in Durham region.)
If anyone knows how to get a moderator to edit that email out or something, that would be appreciated. Thank you.
If anyone knows how to get a moderator to edit that email out or something, that would be appreciated. Thank you.
Hey all, it looks like I'm approved for 5 years @ 4.09% interest w/ YNCU (remember, check to see if they serve you...Ontario-based, I believe.) As an FYI...
My previous 75K loan @ 4.59% over 8 years VS 65K loan @ 4.09% over 5 years is an $8,000 difference in interest—which is crazy. Keep that in mind as you finance. Cheers.
My previous 75K loan @ 4.59% over 8 years VS 65K loan @ 4.09% over 5 years is an $8,000 difference in interest—which is crazy. Keep that in mind as you finance. Cheers.
Hey all, just got a note from YNCU. While I was locked in and my rate is guaranteed for 90 days, they raised it from 4.09 to 5.09 on Monday and they expect it to go up again this week (Bank of Canada expected to raise .75-1% today.) Hopefully some of you were able to get in...and if not, 5.09 is still a fantastic rate if they serve your area. I recommend checking out credit unions over banks.
Tony_YYZ
Tezler Guru
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