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Let's talk financing rates

tomjonesrocks

Member
Jul 17, 2018
33
5
San Diego
I just talked to Xceed, and they quoted me 2.75% for 60 months with autopay for a 2018 Model 3, same as on their web site. I will probably apply with them or Everence and get LightStream to beat it.

Cool - glad that worked out for you. Maybe it's not intentional. The internal policy was clear (rates varied as the years of the vehicle increased and the length of the loan) but the website doesn't quite make that clear. They sent me a PDF of the grid across years and percentages and compared to the website - they get more out of sync the older the car and longer the term ...
 

1dirtypanda

Member
Jun 28, 2018
11
6
CA
i got approved for San Diego Metro Credit Union www.sdmcu.org - 100% for 48 months at 1.99% (requires $350 membership for san diego zoo - www.sandiegozoo.org and this is their EV rate loan) If I buy their GAP insurance ($450) then they'll drop it another 1.74%. With these fees it doesn't really save you money though because of these additional fees. BUT I'm gonna try to get Lighstream to match the lowest rate first thing in the am.
 
  • Informative
Reactions: dailo

UKayla

Member
Mar 6, 2016
30
12
West Virginia
I see a lot of people waiting on the final contract before they have to go to their local CU in person to get a check. Does using an online CU improve the delivery process?
 

tentimesodds

Member
Jan 26, 2018
95
41
Charlottesville, VA
I see a lot of people waiting on the final contract before they have to go to their local CU in person to get a check. Does using an online CU improve the delivery process?
If you qualify for an unsecured loan with LightStream, they just send you the money and then you pay Tesla by ACH or cashiers check. Much easier than involving a financial institution.
 
  • Helpful
Reactions: hoang51

goodlucktj

Member
Jun 29, 2018
34
18
Waukee
In Iowa, I went through Financial Plus Credit Union:

www.financialpluscu.com/

Currently 36 - 66 months for 2.24% - the only string is to open/maintain an account for 10 days - no upfront fees or account fees. Honestly, I got tired of looking for 1.99 beyond 36 months without fees. When I signed up last week they said I'm the 4th Tesla loan they've processed in the last month, some of them from California.
 

Adeon

Member
May 20, 2018
44
35
Los Angeles
In Iowa, I went through Financial Plus Credit Union:

www.financialpluscu.com/

Currently 36 - 66 months for 2.24% - the only string is to open/maintain an account for 10 days - no upfront fees or account fees. Honestly, I got tired of looking for 1.99 beyond 36 months without fees. When I signed up last week they said I'm the 4th Tesla loan they've processed in the last month, some of them from California.


How did you get that rate? I only see 3.240
 

scottysize

Member
Dec 27, 2017
111
81
Sanger, TX
I got mine from AA Credit Union. By the time it's all said and done, I'll be at 2.11% for 60 months.

What I had to do to get that rate:
  1. First, you have to work for an airline, or an airport (I work for an airport.)
  2. Have a Checking with Direct Deposit (I didn't have an account to begin with.)
  3. Sign up for Online Banking
  4. Allow them to automatically take the payment from your checking each month
 

BrianBradford

Member
Mar 6, 2015
16
8
New York, NY
For those that financed with FPCU and Lightstream, what did you send as proof for the match at Lightstream?

Lightstream requires an official Loan Agreement from a competing lender. Needs to be the official loan agreement, not a pre-approval lender. Lightstream terms also need to be the exact same term and loan amount as the competing offer.

The way I did it was get pre-approved with lightstream first, for whatever rate they are offering. Once lightstream pre-approves you, start shopping around for cheaper loans. Send the loan agreement from competing bank and thats it. All this took 2-3 days for me. Lightstream is super fast.
 
  • Helpful
Reactions: hoang51

dailo

Member
Jul 22, 2017
656
790
Bay Area
So you have to actually start the loan process with the CU to get the loan agreement? I have a pre approval but would need to open an account to get to the next step.
 

tentimesodds

Member
Jan 26, 2018
95
41
Charlottesville, VA
Lightstream requires an official Loan Agreement from a competing lender. Needs to be the official loan agreement, not a pre-approval lender. Lightstream terms also need to be the exact same term and loan amount as the competing offer.

The way I did it was get pre-approved with lightstream first, for whatever rate they are offering. Once lightstream pre-approves you, start shopping around for cheaper loans. Send the loan agreement from competing bank and thats it. All this took 2-3 days for me. Lightstream is super fast.
This wasn’t true, for me. I applied at my CU first, and after my approval there asked them for a letter detailing my approval including rate, term and amount. I then applied to LightStream and was approved there at a higher rate, and sent in my letter from the CU. They adjusted the APR to heat the CU within an hour.
 
  • Helpful
Reactions: hoang51

hoang51

Member
Aug 22, 2013
879
796
NoVA
I was previously bummed out that Fed Choice ended their 1.49% APR for 72 months on June 1. So their lowest rate is currently sitting at 2.49% APR for 72 months, with an advertised 0.25% APR rage reduction. I had the plan of applying to Fed Choice, get the extra 0.25% APR off to get down to 2.24% APR, then apply to Lightstream to get an additional 0.1% APR off to be at 2.14% APR for 72 months. Seems like a hassle to jump through hoops for lower APR but I'm trying to make sure the monthly payment is with my budget.

After applying for to the vehicle loan at Fed Choice, I found out from the loan officer that I cannot receive the 0.25% APR off promo for applying an auto loan online. The loan officer stated that I'm getting a better deal: 1.00% APR off because I'm a new member. So now I'm eligible for 1.49% APR for 72 months. I'll probably not bother having Lightstream beat such rate at the moment because I'm already deep into the loan process and don't want to deal with fees closing an account I just opened just to get a loan approval request.

So the 1.00% off promotion seems to be still active for new members, although probably not advertised on the website.
 

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