Let's talk financing rates

[scottman71]

Anybody know if you need to first join San Diego Metropolitan Credit Union before you can be approved for a loan?

 

[NathanielHrnblwr]

Anybody know if you need to first join San Diego Metropolitan Credit Union before you can be approved for a loan?

You do not. You can apply online.

 

[xdriv3]

For those who use Lightstream... since they provide an unsecured loan... can I apply now and take the money. Park it in my account. Wait for my Tesla to come and pay the lump sum to Tesla?

I have no problem sitting on the money and to start making payments on them if necessary.

 

[dailo]

Looks like FPCU has increased their rates to 2.49%

 

[dailo]

For those who use Lightstream... since they provide an unsecured loan... can I apply now and take the money. Park it in my account. Wait for my Tesla to come and pay the lump sum to Tesla?

I have no problem sitting on the money and to start making payments on them if necessary.

Yes you can. You also have 30 days after approval to actually start the loan, but you are locked into the rate.

 

[rlb4]

For those who use Lightstream... since they provide an unsecured loan... can I apply now and take the money. Park it in my account. Wait for my Tesla to come and pay the lump sum to Tesla?

I have no problem sitting on the money and to start making payments on them if necessary.

Lightstream rates are not very good. Most use their Rate Match. Even though Lightstream doesn't require any car info, don't most other lenders require some sort of proof of a car?

 

[xdriv3]

Lightstream rates are not very good. Most use their Rate Match. Even though Lightstream doesn't require any car info, don't most other lenders require some sort of proof of a car?

That is an excellent point. My intent was to use the Rate Match.. But as I don't have a car, nor VIN, I'm not sure how far I'd get with other lenders.

 

[rlb4]

That is an excellent point. My intent was to use the Rate Match.. But as I don't have a car, nor VIN, I'm not sure how far I'd get with other lenders.

I'm looking to do the same as you. I definitely want to use Lightstream rate match because it is unsecured. Problem is rates are going up and I have no idea when I will be getting the car, AWD. If we could find a lender with a low rate that does not need any car info, your plan would work.

 

[dailo]

I think you can get a pre-approval letter without any car info. Banks that have done Model 3 loans prob already know they will get short notice between getting the VIN and cutting a check.

 

[hoang51]

It also says siblings of federal employees. My sister is a teacher which is considered a federal employee. I emailed them about what they consider "area" in relation to the cities they list.

Your sister is a teacher is too vague. But I'm not the one to judge if she qualifies as a federal employee just for being a teacher. Good luck on getting a low rate.

 

[malciv]

You do not. You can apply online.

You can get a loan at a credit union without being a member? Wow, I had no idea. That potentially opens up a lot more options than I thought I had. Any other credit unions with great rates let non-members apply? I'm thinking even if I have to become a member to get the loan, I could use the pre-approval for Lightstream.

 

[wbhokie]

You can get a loan at a credit union without being a member? Wow, I had no idea. That potentially opens up a lot more options than I thought I had. Any other credit unions with great rates let non-members apply? I'm thinking even if I have to become a member to get the loan, I could use the pre-approval for Lightstream.

They may allow you to fill out the loan application first, but you will still need to become a member. Every credit union requires membership.

 

[capn00]

@hoang51 were you able to get your FedChoice loan approval without a vin?

I still am awaiting confirmation that my current employer is considered an approved contractor for eligibility purposes, but I don’t have my VIN yet and still have a Sep-Nov deliver window on my order.

I would like to get the loan approval from FedChoice then have Lightstream match and provide the funds. Then I will have a low rate locked in, even if I have to start payments before I have the car. 1.49 for 72 months would be worth starting early!

 

[wbhokie]

@hoang51 were you able to get your FedChoice loan approval without a vin?

I still am awaiting confirmation that my current employer is considered an approved contractor for eligibility purposes, but I don’t have my VIN yet and still have a Sep-Nov deliver window on my order.

I would like to get the loan approval from FedChoice then have Lightstream match and provide the funds. Then I will have a low rate locked in, even if I have to start payments before I have the car. 1.49 for 72 months would be worth starting early!

That's a good question... I might want to do the same. Interest rates seem to be slowly creeping up every month and it would be nice to get locked in. Then again I don't want to get screwed with Lightstream if they demand paperwork I don't have. @hoang51 I'd like to know the answer to that too please.

 

[voip-ninja]

That's a good question... I might want to do the same. Interest rates seem to be slowly creeping up every month and it would be nice to get locked in. Then again I don't want to get screwed with Lightstream if they demand paperwork I don't have. @hoang51 I'd like to know the answer to that too please.

US treasury bonds are going from 4% to 5% according to Jamie Dimon.

If that happens we can kiss 2.x rates and probably 3.x rates goodbye.

Looks like some inflation along with higher borrowing costs are unavoidable in this red hot economy.

 

[wbhokie]

An update to my unanswered question and an update to my loan processing:
1) Lightstream specifically states that their loan is made out to individuals only here under Questions/FAQs/Loan Use. So I qualified as an individual, no problem.
2) See previous post here which describes prior to the current unfolding events. Since PTOFCU has a higher rate at 2.49% APR for 72 months, I decided that I will not go with them. Instead, I'm aiming to go with Fed Choice for the 2.24% APR. I didn't care much for the 0.1% APR reduction from Lightstream, as it wasn't really worth my time to apply. So going through the loan process with Fed Choice while in contact with Tesla IDA (Inside Delivery Advisor), Tesla wanted the secured loan from Fed Choice to have my business name on the loan paper work. I e-mailed the loan officer at Fed Choice since I couldn't find any information on their website if they can or can't do business loan. The response was no, they will not. So the next thing I did was ask if the loan amount could be deposited into my account and I make the payment to Tesla. After a couple of days passed without any answer, I changed plans where I will now apply at Lightstream, utilize their Rate Beat Program and get an unsecured loan (meaning not a lien holder like typical car financing), to avoid registration problems with Tesla. Good thing that I had requested an e-mail from Fed Choice earlier to show what loan I qualified for to show proof to Lightstream in the event that I utilized them. I submitted the approval e-mail from the Fed Choice loan officer along with online print out of account approval due to the wording in the loan approval e-mail stipulating the account opening needs to be approved. Later in the day yesterday, I get a reply back stating that I need an official approval letter. I'm like, WTF, I just attached everything that is as official as it gets for online communication. So I replied back with the same loan approval attachment. I get an e-mail back again stating the same thing. At this point, I'm frustrated what constitutes "official letter" that Lightstream is requesting. So I requested further clarification. Before closing out of the night, I send one last message to Fed Choice requesting an official letter detailing the loan agreement for review. I get a reply back from the loan officer this morning that one will be prepared. Also this morning, I get a reply stating I should call Lightstream. So I called in, explained kindly to the representative about my situation, and about 5-10 minutes later, I was approved. There appears to be some misunderstanding or overlooked issue with the account approval requirement stipulated in the loan approval email, even though I submitted clear evidence that the account was approved. So a simple approval e-mail with pertinent information regarding the loan purpose, the rate and term length is official enough for Lightstream. At this time, I'm still waiting on Fed Choice to get me an official letter, which is now moot. I would've gone with Fed Choice if I got a proper and favorable reply back with respect to my question. So now I can have the car registered under me and my business, and pay Tesla in cash to avoid loan registration matching.

I'm happy with 1.39% APR financing for 72 months with Lightstream. I hope all this information may be helpful to anyone in a situation like me with Lighstream's Beat Rate Program and dealing with Tesla registration under a business.

So a quick follow-up on your loan... did you request it to be unsecured? Did they just write you a check and not ask for any details? How did that work?

 

[goodlucktj]

How did you get that rate? I only see 3.240

Front page, I snipped the pertinent proof for reference.

 

[hoang51]

@hoang51 were you able to get your FedChoice loan approval without a vin?

I still am awaiting confirmation that my current employer is considered an approved contractor for eligibility purposes, but I don’t have my VIN yet and still have a Sep-Nov deliver window on my order.

I would like to get the loan approval from FedChoice then have Lightstream match and provide the funds. Then I will have a low rate locked in, even if I have to start payments before I have the car. 1.49 for 72 months would be worth starting early!

If you went that route, it'll be 1.39% APR financing...

That's a good question... I might want to do the same. Interest rates seem to be slowly creeping up every month and it would be nice to get locked in. Then again I don't want to get screwed with Lightstream if they demand paperwork I don't have. @hoang51 I'd like to know the answer to that too please.

@capn00 and @wbhokie, when I completed my online vehicle loan application through Fed Choice's website, they did not ask for a VIN. I even chose "No" to "Do you know the Make and Model" question to avoid filling in VIN if they asked. FYI, I did get a VIN from Tesla prior to applying for loans in case it was needed. But so far, the only place that requested my VIN are insurance companies. But my VIN isn't active (car not built yet) for the insurance companies to look it up.

So a quick follow-up on your loan... did you request it to be unsecured? Did they just write you a check and not ask for any details? How did that work?

Going through Lightstream, I qualified for the unsecured loan. According to Lightstream, eligibility depends on your credit score, among other things. But I think most vehicle loans they issue are unsecured loans in order for them to compete with other loan companies. Lightstream will deposit the money to the bank (via ACH) at the applicant's choosing, within 30 days of loan approval.

 

[wbhokie]

If you went that route, it'll be 1.39% APR financing...



@capn00 and @wbhokie, when I completed my online vehicle loan application through Fed Choice's website, they did not ask for a VIN. I even chose "No" to "Do you know the Make and Model" question to avoid filling in VIN if they asked. FYI, I did get a VIN from Tesla prior to applying for loans in case it was needed. But so far, the only place that requested my VIN are insurance companies. But my VIN isn't active (car not built yet) for the insurance companies to look it up.



Going through Lightstream, I qualified for the unsecured loan. According to Lightstream, eligibility depends on your credit score, among other things. But I think most vehicle loans they issue are unsecured loans in order for them to compete with other loan companies. Lightstream will deposit the money to the bank (via ACH) at the applicant's choosing, within 30 days of loan approval.

Ok excellent. This checks all of my boxes. I am going to go ahead and start the fed choice paperwork this week then. Thank you!

 

[zonela]

Thanks for everyone who has been posting to this thread! I was able to get Lightstream to match my rate at FPCU so now my APR is 2.14%! Wish I applied earlier when rates were still 1.99, but I'll take it.

Hi,

How did you get the 2.14% match from FPCU? I got an formal approval letter from FPCU stating the amount and terms but they will not disclose the rate in the email. I called and their reason is that rate changes all the time and they can only give me a verbal confirmation of the rate. I think Lighstream will need the rate in the approval letter qualify for rate beat.