SW6

Does anyone know how long of a rate lock American 1 will do. I've called and chatted with them a few times online and the people I talk to don't seem to even know what a rate lock is... Assuming they will give me 30 days I'd like to lock that 3.5% as soon as my car gets on a boat which will hopefully be this week rather than see the rate increase.

TXRubicon

Don’t call it a rate lock. Ask them what rate you’re approved at and how long the approval is good for. Semantics but that’s what they say. Most will do 30 day approvals with a stretch to 45 if you ask nicely.

Xxyion

As echo'd above don't call it a rate lock as that's not the terminology they use.

That being said when I was pre-approved, the rate held for 60 days. I was approved for the 3.5% at 72 months for a 120k loan.

SW6

Thank you both for that. I've just gotten confirmation from them that approvals as good for 60 days. I'll get my application working this afternoon!

SW6

So I did the application and provided all of the info and documents over the last couple of days.

Loan officer called me this morning to finalize everything and let me know that if fact the rate IS NOT locked in until the loan funds and she expects that their rate will go up in about 3 weeks.

I think I’ll just pay cash and avoid the aggravation.

madmilk

I just closed with them this week for 72mo and 3.5%. The rate was good for 60 days, and they confirmed they aren’t raising rates for the rest of the year. Got the check overnighted which arrived yesterday. Picking up my GTS tomorrow morning. That credit union has been great to work with.

HooosierDaddy

That's conflicting to what they told me.

Just fired off an email with very specific question to this fact... Will report back.

SW6

Contrary to what they told me last week before I applied too. I was talking to the loan officer and finalizing the deal today and I just mentioned off the cuff that I was glad to have a good rate locked up for 60 days and she said it could change before funding if rates go up.

Interested to know what you hear back.

pettelli

.

60 days is typically the “approval period” not the rate lock. I could be wrong with Credit Union’s but unlike real estate secured loans (1st trust deed mortgage & 2nd trust deed equity loan) lenders will offer an “approval” for up to 60 days but not guarantee a rate until docs are drawn.

SukSquezeBangBlo

American1 landed me 3.8% for 84mo. I can’t recommend them enough.

HooosierDaddy

Excerpt from reply

“Yes, the loan amount is preapproved for the next 60 days and it’s currently locked in at the 3.49%. IF we end up raising our interest rates institution wide somewhere along the way, how it normally works is that we give preapproved members a 15 day grace period to close on the loan at the old rate.”

I'm okay with these terms and using it on our Macan GTS due in a couple weeks. Unfortunately my RS is still a ways out, doubt I’ll get to take advantage of this rate for that purchase.

Ken in San Diego

Wow. I just got approved for 3.99% at 72 months! Thanks for some folks here recommending this credit union. Best by far. Daisy is great.

here is her contact if you want yo try. And you don’t have to live in MI. just join from anywhere after approval.

Daisy Kelley

American 1 Credit Union

Branch Manager – Clarklake

Branch: (517) 435-3087 or ext 4005

Cell: (517) 395-9174

Fax: (888) 267-5889

dkelley@a1cu.org

_Liysa

Please excuse this message. This is my first time shopping for an auto loan on my own and posting here.
I submitted my application on American 1. After that, did you reach out to Daisy Kelley? or did you wait until a representative reached to you?
I'm hoping I can get a better rate. Porsche provided me with a 7.94% with an 826 score

Xxyion

Use the contact information above and send them an email. I emailed the rep i was given contact info for and they responded immediately and got me setup with an application and a pre-approved loan in about a weeks time. Doing it through the website i think just throws your application in the "to do" pile so it might take some time to get to.

_Liysa

Got it! Thank you, I sent an email a little while earlier.