They sent me two emails, one with the rate and one with the approval. I just combined them into a PDF and sent that to lightstream.
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Let's talk financing rates
- Thread starter flashflooder
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- Model 3
They sent me two emails, one with the rate and one with the approval. I just combined them into a PDF and sent that to lightstream.
My latest info, as I'm picking up my car tomorrow:
FPCU is 60 months @ 2.24% (slow to respond. I had the pre-approval fairly immediate, but no loan term information unti ltoday)
PLCU is 72 months @ 2.49%
SDMCU is 72 months @ 2.74%, or 2.49% with GAP insurance ($450 one time).
These are all better than what Tesla (US Bank) offered - 72 months @ 3.55%
FPCU is 60 months @ 2.24% (slow to respond. I had the pre-approval fairly immediate, but no loan term information unti ltoday)
PLCU is 72 months @ 2.49%
SDMCU is 72 months @ 2.74%, or 2.49% with GAP insurance ($450 one time).
These are all better than what Tesla (US Bank) offered - 72 months @ 3.55%
i dont know if it has been mentioned but if you go with lightstream, it is technically an unsecured loan, so no lien on your title. Makes it a less of a PITA to sell your car or move between states if you have the paper title in hand.
Are they still offering 2.24? Their site now lists 2.49, but I guess it helps you already have pre-approval.
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.
Did you fill out the membership application first or did you just fill out the loan application? How soon did they get back to you with an approval? Also, it seems like you can pick any $ amount you want for the loan since they didn't require any info about the car?
@rlb4 - I actually filled out the auto loan first, called in later that day due to instant approval to get an e-mail to show rate and terms (didn't show bonus discount of 0.1% discount at the time). I was told over the phone that I also need to apply for membership in order for the loan application to be actually processed and adjust for the bonus manually, even though I received instant approval via online. So I applied for membership the same day, and waited the next day to get things processed. They were quick about it. As for how much on the amount of loan, technically, you can. But Fed Choice does do a credit check, I think a hard pull, and allow borrowing based on the credit rating and history. I only requested $67K because the remaining balance, I'm taking care of it by down payment so that way, monthly payment is under $1K.
Unfortunately they wont give me a membership due to my residence in Illinois, anyway around this?
wbhokie
Member
Nope. Gotta look for a local credit union or one of the bigger lenders posted here unfortunately.
So everyone going with lightstream, how do you get them to match. I got a preapproval from another lender, but I dont see any phone number that I can call. When I log in with my username and pw, it shows the interest rate that they gave me but I don't see anywhere where you can upload anything or provide documentation of the lower rate from another lender.
I just replied back to the approval letter from lightstream. They like to do everything over email.
Probably not. They do ask for your address and a government issued ID, e.g., drivers license and probably would match those two up. I thought about using someone's address, like a relative or something for you to try, but that might not work.
I think it is already a very good rate than the normal 2.49% APR financing for 72 months I've seen. The first credit union I applied to was 2.49% for a rate lock without knowing specifically when my Model 3 will arrive.
Reply to their email. They handle most communication through email. If they want you to call them, they'll give you their number.
97Monty
Member
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