Rivian interest rates have risen in price
Interest rates for the purchase of a new Rivian EV have reached the highest point we have seen to date following a price increase. Compared to Rivian financing deals you might get recently, the latest changes amount to an interest rate hike of nearly 1%, significantly outpacing the recent 0.5% rate hike by the Federal Reserve.
According to Rivian’s online payment calculator, the R1T electric van is quoted at 4.45% APR for 72 months. That’s 0.98% more than Rivian’s 3.47% incentive we saw in March. Unlike Tesla, Rivian also has an 84-month financing agreement at 5.05%, although this rate is higher than the previous rate of 4.16%.
On an EV of $75,000, Rivian’s new 6-year finance rate would imply nearly $10,600 in interest. At 3.47% APR, the cost was nearly $8,200. This translates to a price increase of around $2,400. While we think a higher rate is unlikely to deter buyers, it’s worth noting that Rivian still doesn’t offer leases on its EVs.
As we recently reported, Tesla raised interest rates to 3.24% for 72 months, a notable advantage over Rivian’s rate of 4.45%. While other factors will no doubt play a role in the decision to buy a Rivian over a Tesla – such as a $7,500 federal tax credit – buyers may want to do their research carefully.
Best EV, PHEV and hybrid car deals