Let's talk financing rates

[SD_Engnr]

What sort of credit score is required for those rates?

I'm not sure what showed up when they ran the credit check, but I'm currently showing a FICO of 820. I'm sure there are additional factors that may play into it (DTI).

 

[ConcordeSST]

I used it last week. My approval letter from the CU was just like yours, it only had the loan amount on it. So, I emailed the CU back asking for term and rate I was approved for. They replied with both. So, I PDF'ed the original approval email / letter and also PDF'ed my email thread with approved rate and term and I included a link to the CU's website with their posted rates. I then sent both to LightStream asking for them to match / beat it. About an hour later I got a generic email back from LightStream stating my documentation didn't qualify for them to match / beat. So, I emailed them back telling them this is all I got from the CU and asking them what else I needed to qualify. Less than an hour later, I got a generic email back that my new rate terms had been approved. I went to the LightStream site and the terms had been updated to match the rate from the CU and reduced by 0.1%, just like their program states. I'm not sure exactly why they ended up accepting what I sent them the second time and not the first time, but they did.

That is exactly what happened to me. Initial denial of rate beat due to only having a pre-approval letter. I then argued that there's no way for me to get anything more from that lender until I have them listed as a lien-holder on the title. Twenty minutes later, I got an automated approval email for the rate beat.

 

[97Monty]

Thank you!

Another data point for anyone interested, it only took me 5 minutes to fill out the application today and 8 minutes for them to approve me for an unsecured loan at their lowest current rate of 4.54%. I have 30 days to accept the offer. Now to chase down the rate beat option...

I'd recommend trying Everence first. i used them to get a 2.99 for 72 month fairly easily. They are a faith-based CU, but no membership required to get an approved letter...at least with the personnel I was in touch with.

 

[malciv]

Can you get a loan approval from FPCU (to take to Lightstream) without opening an account at FPCU?

Hopefully someone can answer this question. Really curious about the answer.

 

[dailo]

Hopefully someone can answer this question. Really curious about the answer.

Yes. I got my pre-approval letter from FPCU before I opened an account.

 

[BobTheLoveGoat]

I'd recommend trying Everence first. i used them to get a 2.99 for 72 month fairly easily. They are a faith-based CU, but no membership required to get an approved letter...at least with the personnel I was in touch with.

Their rate page says rates as low as 2.99% but it doesn't give a term. Is 72 their standard term?

 

[97Monty]

@BobTheLoveGoat They defaulted to a 60 month term when I got my quote @ 2.49%, but they quickly gave me a 72-month quote at the 2.99%.

 

[mattymattycee]

@BobTheLoveGoat They defaulted to a 60 month term when I got my quote @ 2.49%, but they quickly gave me a 72-month quote at the 2.99%.

This is exactly what I got, 2.99% for 72 mo, 2.49% for 60 mo...both using the electric vehicle incentive of 0.5% reduction. I submitted to LightStream and got rejected for Rate Beat...had to call and argue for a bit, but eventually the credit dept approved at a rate of 2.89% for 72 months. This was the best combo I was able to find living in Colorado.

 

[rlb4]

This is exactly what I got, 2.99% for 72 mo, 2.49% for 60 mo...both using the electric vehicle incentive of 0.5% reduction. I submitted to LightStream and got rejected for Rate Beat...had to call and argue for a bit, but eventually the credit dept approved at a rate of 2.89% for 72 months. This was the best combo I was able to find living in Colorado.

What did you say that convinced them to rate beat?

 

[MXWing]

I'm not sure what showed up when they ran the credit check, but I'm currently showing a FICO of 820. I'm sure there are additional factors that may play into it (DTI).

Can I loan you some money?

I think you are going to be reliable and if nothing else, less volatile than TSLA.

 

[SD_Engnr]

Can I loan you some money?

I think you are going to be reliable and if nothing else, less volatile than TSLA.

Sure! What are your rates? Lol

 

[mattymattycee]

What did you say that convinced them to rate beat?

I asked the rep to match, and he said no due to the lack of actual approval. I told him that the pre-approval document was the only thing I could get (which is true). He was hesitant, but eventually agreed to send it to the credit dept for review. They eventually accepted the rate beat, and updated my loan terms.

 

[ChrisH]

I had a heck of a time finding anything that much lower than what Tesla offered (3.59% for 72) so I will likely just go through them for less hassle.

 

[iamec]

I had a heck of a time finding anything that much lower than what Tesla offered (3.59% for 72) so I will likely just go through them for less hassle.

Curious... Are you also looking around WA state? I'll be in the same boat soon as I just placed my order last week.

 

[rlb4]

I had a heck of a time finding anything that much lower than what Tesla offered (3.59% for 72) so I will likely just go through them for less hassle.

Everence is 2.99% for 72 mo.

 

[ChrisH]

Curious... Are you also looking around WA state? I'll be in the same boat soon as I just placed my order last week.

Yep. BECU might be able to do 3.44% but I’m not sure the difference between that and 3.59 is worth the extra steps of third party financing.

 

[ChrisH]

Everence is 2.99% for 72 mo.

Hmm. And it says an addition .5% credit for EVs? Wonder what the membership requirements are.

 

[rlb4]

Hmm. And it says an addition .5% credit for EVs? Wonder what the membership requirements are.

2.99% is after the 0.5% reduction. All you have to do to join is say you agree with their values.

 

[JAUSA]

What sort of credit score is required for those rates?

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%

I think FPCU-60 months is not 2.24% any more and it's back to 2.49%. At least that's what they show in the website.
Could somebody maybe double check?

 

[joshk6656]

I started the process today with Allegacy. I called and asked about membership, I just needed to pay a $10 fee towards a non-profit to become a member. I'm currently out 15 bucks before applying. I plan on getting pre-approved with them, then have lightstream beat it hopefully. Their pre-approval is good for 60 days, and they said you keep your rate if it's longer, but they do need to re-run credit. You are required 10% down with Allegacy (based on my conversations today).

The process....

Join Allegacy | Allegacy Federal Credit Union
Join here, pick a $10 non-profit. Deposit 15 bucks into your account when you get to funding stage.

Shortly after, you will get an email with your member number, you need this for the next step. Once you have your member number, continue below.

Go here to sign up for online account.
Allegacy Federal Credit Union | Registration

Once complete, apply for your loan.
https://loans.allegacy.org/ConsumerNet/?enc=

I haven't made it past the application yet, but I just did all of this in the morning.