I just applied for a loan with LA Financial this evening. I'm not sure what my chances are as an out-of-state applicant, but I'll post the results here to let everyone know how it pans out.
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Let's talk financing rates
- Thread starter flashflooder
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- Model 3
I just applied for a loan with LA Financial this evening. I'm not sure what my chances are as an out-of-state applicant, but I'll post the results here to let everyone know how it pans out.
stayfocus18
Member
This is on my list.... gonna start applying next week. Please let us know how it goes.
Jedi2155
Model 3 has Arrived.
I disagree here, because GAP can provide some protection especially in the 1st year or 2 against depreciation. I decided to go with the maximum loan possible on my P3D in the case that I do get in an accident, I'd be losing the minimal amount of money (because you'd most definitely lose your down payment).
I was originally thinking about putting a significant amount of down payment in order to minimize my monthly rate, but the due to the generally low interest rates possible (< 2%), I decided to finance the maximum amount. Rather than lose $10k maybe $15k due to depreciation. Its a few hundred dollars for a large piece of mind. Especially as I don't fully trust autopilot/FSD.
I'd just pay the monthly rate until the point where my loan balance would roughly match the value of the car, at which point it makes sense to pay off your loan early to minimize interest charges. If you get in an accident before that period, then you will likely come out positive. That being said, I never want to be in an accident but you just never know.
My hope is they issue pre-approval letters without verifying membership eligibility... and (hope #2) the pre-approval letter is enough to promt Lightstream to match.
MatildaModelY
Active Member
Any Chicago based people have any intel on new loan rates? Moving there next week and then will take delivery of my model 3 in a month or so.
MatildaModelY
Active Member
Also how are people getting Lightstream to come down so much in their offers? I have perfect credit (820 score, long history) and on the LS website, I'm getting 4.2% offer.
vinny84
Member
If you have an approval from another bank/CU for lower rate, lightstream matches it and they give additional .10% discount.
wbhokie
Member
Sent in my own FedChoice loan app today, though I am a real new member, I still am never confident when applying for loans since some people like to get picky over rental properties. Still, hoping to hop on the 1.5% FedChoice/Lightstream train while it is still available.
If that doesn't work out, Allegacy applied 90% of my rental collections to income. I just had to provide copies of my leases.
wbhokie
Member
Yeah usually that is what happens. I just am always awaiting the questions because they always ask "What is your mortgage" and then I want to give the smart-ass answer of "Which one?". It will all get worked out, but yeah, nice to know there are options.
I can't speak for all those rates above, but here's my loan details from Financial Plus Credit Union in Iowa (NOT the same FPCU acronym used above):
-66 months, 2.24% apr
-hard requirement: 780 minimum credit score
I selected cash payment to Tesla. Once I had my VIN and proof of insurance, the credit union put the money in an account, I made the ACH payment directly to Tesla - done. Now they do require me to hand Tesla some paperwork and an envelope for them to send the title back to the bank, so it is *not* unsecured, but they didn't require me to jump through all the hoops had I told Tesla I was using financing.
vinny84
Member
Same with me. Cindy is my loan officer. She said I can either mail or send her scanned documents.
vinny84
Member
I spoke with LA Financial Credit Union. They said applicant has to live in LA county to apply for a loan.
wbhokie
Member
Got approved by FedChoice for 72 Months @ 1.49% with the first month membership promotion. Already had them send me the approval lender so I can look into matching it with Lightstream on Monday.
How are you getting this rate. I’m seeing the 0.25% off with online app but not a first month member promo. Anything local for me is like 2.6 for 72 months so trying to get something much lower.
wbhokie
Member
Search the thread.. new members get 1% off new loans in the first 30 days of membership automatically.
It does get capped at a min rate.Hey Federal Employees | FedChoice Federal Credit Union
Then what several people have done is take that loan and rate-beat that with Lightstream to see if they can get an Unsecured loan, which would not put a Lien on the title of your car and allow you to pay "As cash" since they would give you the lump sum of the loan up front.
Unfortunately, FedChoice is only a DC-Metro Area based Credit Union. So although you may be able to apply for a loan, you won't be granted that promotion unless you qualify for and become a member.
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