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Let's talk financing rates
- Thread starter flashflooder
- Start date
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- Model 3
Did you have to send in any docs or speak to an agent? Or was it all just web-based?
voip-ninja
Give me some sugar baby
I'm getting nervous about rate hikes and rates where I am suck. The absolute best from local credit unions is about 3% on a 60 month new car loan with outstanding credit (my FICO over 820).
I ended up joining Everence, which was pretty painless.... $5 online deposit. Then I applied for an auto loan. 2.99% rate with supposedly a .5% discount for electric vehicle purchases. I just changed jobs a month ago so it will be interesting to see how this goes.
The plan, if I get approval, is to then have lightstream beat the rate with an unsecured loan. I have more than enough liquid assets to pay cash for the car so hopefully this won't be too much of a challenge.
After seeing all of the horror stories around delivery problems due to funding I will then switch my payment method to cash for my order.
I ended up joining Everence, which was pretty painless.... $5 online deposit. Then I applied for an auto loan. 2.99% rate with supposedly a .5% discount for electric vehicle purchases. I just changed jobs a month ago so it will be interesting to see how this goes.
The plan, if I get approval, is to then have lightstream beat the rate with an unsecured loan. I have more than enough liquid assets to pay cash for the car so hopefully this won't be too much of a challenge.
After seeing all of the horror stories around delivery problems due to funding I will then switch my payment method to cash for my order.
wbhokie
Member
Make sure you mention the liquid asset part on your application. I think several people mentioned "High balance savings/stocks" of 50k+ in non-401k accounts which helped them get the loan.
voip-ninja
Give me some sugar baby
Eh, I should have thought of that. If the loan officer reaches out to me today I can mention it to them and of course provide the documentation.
If I can get a 2.39% rate match with light stream it makes way more sense for me to finance this car than sell off some assets and write a check for it.
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it was web based. i applied late at night so not sure if that matters. i went to the website, clicked apply for loan, and it redirected me to another website to fill out the application. i was approved right after i submitted the application. my credit score is 830+, not sure why i was approved so quickly.
on another note, when i applied for Allegacy it took 2 days before a loan consultant contacted me.
@rlb4 @stayfocus18 ...so LA Financial approved me, but at a crappy rate, 2.99. I don't understand stand why. My credit scores are all about 770. I was in the middle of something when they called so I didn't ask any questions. Just said thanks, but no thanks.
Apparently, being out of state doesn't automatically disqualify you. It my impact your rate, maybe, maybe not. Best of luck to you guys. Going to try Allegacy next.
Wow that's 1% above their posted rates. Did they send you any paperwork documenting the rate? That's still better than Lightstreams rate
wbhokie
Member
I'm going through this same issue now. Approved through FedChoice. Have the 1.49% rate. Approved through Lighstream with Unsecured Loan. So I'm trying to do the Rate Beat to get the best of both. Lightstream keeps asking for "Official Approval Letter" and all FedChoice sends is emails so far and has nothing to speak of to display the rate terms you were given with your approval online. So I just requested an "official letter today". We'll see how that goes, but I have plenty of time to mess with this. All Lightstream wants is the same content of the email on a letterhead which is scanned in. So I'll keep calling FedChoice asking for that, and then keep calling lightstream and giving them the email I have until one or the other gives in.
eyespii
Member
Cintoman
Member
@winny84, @alxwhy...wondering if either of you or anyone else actually went ahead with the loan from LA Financial. If so, I saw a page that said that if a friend refers you, then me and the friend each get $50 into our LA Financial savings account. I just applied for a loan online, but if you guys went ahead and got a loan from them, would you like to PM me your full name and then I can use you as a referral and we'll get some $$$.
Thanks,
--Cintoman
ProphetM
Member
Timing question: My 'Edit Design' link finally disappeared from my Tesla account today, and the 'payment method' field is now open for me to add financial institution loan info. Is it safe to start getting a loan lined up at this point? A lot of these places have approvals that last 30 days, and I don't want to get one going and then find out that the car won't be ready before the loan offer expires. I ordered a non-performance AWD back on June 27, and switched to white interior on July 23.
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