Let's talk financing rates

[daver6640]

Update I got approved finally with Lightstream, I'm very happy with my rate and unsecured loan. So I'm basically paying cash in the eyes of Tesla and my insurance company! No lien!
FPCU didn't lock my rate and had to scramble last minute, so glad I found Lightstream thanks to this community.

First of all congrats. Once you got approved by LightStream do they deposit the money in your account before you take delivery of the car? Or do you need to wait.

Thanks

 

[jgd108]

Would you mind sharing your credit score? What score would qualify for an unsecured loan? How much down payment was required, if any?

Thanks and congrats!

Hey! It's really excellent credit but I believe if it is lower they will just default to secured loan and the rate might be higher, but with Rate Beat it doesn't matter!

First of all congrats. Once you got approved by LightStream do they deposit the money in your account before you take delivery of the car? Or do you need to wait.

Thanks

Thanks! Yes they can wire same day (bank fee) or ACH next day. Then I told Tesla I'm now paying cash for the entire purchase, because of my unsecured loan Lighstream mention specifically do not want to be a lien on the car. They are all on-line very fast and low overhead costs that they seem to be passing onto the buyer. And best.. no need to qualify and open a credit union account!!

 

[Marsnaut]

Thanks! Yes they can wire same day (bank fee) or ACH next day. Then I told Tesla I'm now paying cash for the entire purchase, because of my unsecured loan Lighstream mention specifically do not want to be a lien on the car. They are all on-line very fast and low overhead costs that they seem to be passing onto the buyer. And best.. no need to qualify and open a credit union account!!

I'm looking into Lightstream now. How long does the quote last? I haven't received the VIN yet and it would be weird if they wired me the cash the same day without a delivery date set.

 

[jgd108]

I'm looking into Lightstream now. How long does the quote last? I haven't received the VIN yet and it would be weird if they wired me the cash the same day without a delivery date set.

I can't see right now, but most likely 30 days or so.
First I would get the best rate from a credit union or bank and get all loan details and amount in writing.

Then apply to Lightstream and get them to beat your rate.

If all works, then you can select when you want the funds transferred.

Worst case you start the loan a bit early but without the stress of not having the money in time for delivery

 

[Marsnaut]

I can't see right now, but most likely 30 days or so.
First I would get the best rate from a credit union or bank and get all loan details and amount in writing.

Then apply to Lightstream and get them to beat your rate.

If all works, then you can select when you want the funds transferred.

Worst case you start the loan a bit early but without the stress of not having the money in time for delivery

Four weeks since configuration for me. I have a FPCU pre-approval for around 60 days. I might apply next week. I was trying to avoid the hard pull but I guess it doesn't matter if they match the rate like you wrote above.

 

[insaneoctane]

I have to admit that the Lightstream thing worked really out to be pretty easy. I ended up getting 1.89% for 72 months via their rate beat program. I sent them documentation and received confirmation of my new terms by morning. Most everything I did through them was very quick (application, rate beat, amount tweaks, acceptance and funding). I am supposed to have the money deposited into my account tomorrow for a Saturday delivery. I just emailed my ISA who changed me to cash. Tomorrow I will get a cashier's check from my bank and all should be good in the universe (knock on wood). I love no lien on insurance too.

 

[tpatana]

Chase via Tesla offered me 3.29% for 60 months with up to 70% LTV (30% down)
Bank of America offered me 2.79% for 60 months or 2.99% for 48 months with 50% LTV (50% down)

800+ FICO

I'm lazy so I chose Tesla only I got identical offer as you, Chase 3.29% 60 months and 30% down. Bit higher than I was hoping/expecting, so I'll probably pay quite plenty early to drop the actual interest amount in $$.

 

[Thomas Edison]

I have to admit that the Lightstream thing worked really out to be pretty easy. I ended up getting 1.89% for 72 months via their rate beat program. I sent them documentation and received confirmation of my new terms by morning. Most everything I did through them was very quick (application, rate beat, amount tweaks, acceptance and funding). I am supposed to have the money deposited into my account tomorrow for a Saturday delivery. I just emailed my ISA who changed me to cash. Tomorrow I will get a cashier's check from my bank and all should be good in the universe (knock on wood). I love no lien on insurance too.

How much are you putting down?

 

[insaneoctane]

How much are you putting down?

~25%
Not a fan of high monthly payments ..

 

[Pkmmte]

Is it possible to refinance with any of these other providers?

I regret my loan with Logix (3.24% for 60 months) after reading these awesome rates. I would've gotten a much better rate if they had checked my Transunion or Equifax rather than my Experian score which is significantly lower than those two. I put down a hefty down payment anyway and would've loved to go with FPCU for 72 months but Ryan had told me they didn't accept EVs. I should've insisted more...

 

[Marsnaut]

Is it possible to refinance with any of these other providers?

I regret my loan with Logix (3.24% for 60 months) after reading these awesome rates. I would've gotten a much better rate if they had checked my Transunion or Equifax rather than my Experian score which is significantly lower than those two. I put down a hefty down payment anyway and would've loved to go with FPCU for 72 months but Ryan had told me they didn't accept EVs. I should've insisted more...

I think what he might meant was that EVs can only be on 60 month terms at FPCU.

 

[MosquitoFloss]

Is it possible to refinance with any of these other providers?

I regret my loan with Logix (3.24% for 60 months) after reading these awesome rates. I would've gotten a much better rate if they had checked my Transunion or Equifax rather than my Experian score which is significantly lower than those two. I put down a hefty down payment anyway and would've loved to go with FPCU for 72 months but Ryan had told me they didn't accept EVs. I should've insisted more...

I recently got 2.24% from Logix for 48 months. Other than the rate, do you have any other complaints in dealing with them? So far it seems so chill I'm almost a bit nervous.

 

[holyxtee]

Hey! It's really excellent credit but I believe if it is lower they will just default to secured loan and the rate might be higher, but with Rate Beat it doesn't matter!



Thanks! Yes they can wire same day (bank fee) or ACH next day. Then I told Tesla I'm now paying cash for the entire purchase, because of my unsecured loan Lighstream mention specifically do not want to be a lien on the car. They are all on-line very fast and low overhead costs that they seem to be passing onto the buyer. And best.. no need to qualify and open a credit union account!!

My CU has an additional 0.25% off on my rate if I set up auto pay with them. Do you happen to know if Lightstream can beat the discounted rate with the 0.25% off? Or just the quoted rate?

 

[ev4m3]

If anyone is exploring financing options in the Boston area, take a look at Liberty Bay Credit Union.
I was able to secure 1.99% for 72mos for my Model 3 and they were willing to do >100% of vehicle price. (I wasn't looking to finance that much, but I know some people finance as much as possible.)

Picking up the Model 3 on Monday!

 

[Pkmmte]

I recently got 2.24% from Logix for 48 months. Other than the rate, do you have any other complaints in dealing with them? So far it seems so chill I'm almost a bit nervous.

The rate is my only complaint, I love everything else about them. Comparing the 72-month rate I got more Logix (3.99%) vs others here (1.99% or 2.24%) really hurts knowing that could've been me had I insisted more and gotten those. Only reason I ended up with Logix was because I already had an account with them and my Model 3 came MUCH earlier I first anticipated.

 

[JK2112]

Just did 1.5% for 48 months with Point Loma Credit Union in San Diego (autopay and I believe in-person branch visit required). Super painless if you're in the area.

 

[timk225]

I finally got my final financing numbers, Bethpage FCU gave me 2.89% to finance $45K of my 3's price for 6 years. I thought that was ok.

 

[jgd108]

My CU has an additional 0.25% off on my rate if I set up auto pay with them. Do you happen to know if Lightstream can beat the discounted rate with the 0.25% off? Or just the quoted rate?

My understanding of RateBeat program is it the rate has to be available to everyone, and yes everybody gives discount for automatic payments (Lightstream included). Should be fine, make sure they beat the discounted rate otherwise no use

 

[drewbaumann]

I have to admit that the Lightstream thing worked really out to be pretty easy. I ended up getting 1.89% for 72 months via their rate beat program. I sent them documentation and received confirmation of my new terms by morning. Most everything I did through them was very quick (application, rate beat, amount tweaks, acceptance and funding). I am supposed to have the money deposited into my account tomorrow for a Saturday delivery. I just emailed my ISA who changed me to cash. Tomorrow I will get a cashier's check from my bank and all should be good in the universe (knock on wood). I love no lien on insurance too.

Who did you get the initial 1.99 rate from?

 

[zaku178]

How are interest rates in NJ? Has anyone found any interest rates lower than what Tesla is offering at 3.25%?