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Let's talk financing rates

CrazyCoconut

Member
Jul 24, 2018
720
440
Austin, TX
I haven’t pulled my score in quite a while but the last time I did it was 840. I also have multiples of the purchase price in non retirement assets I could use to cover the loan if it were to become necessary.
IMHO, this is key. They want to lend to people who do not NEED the loan and can pay for the car outright if necessary.
 

alxwhy

Member
Aug 11, 2018
19
18
bay area
What docs did you send from LA Financial to get LS to match?
i was preapproved right away for LA financial so it took me to a congratulations screen which i printed to pdf and sent to LS. i also received an email from LA that said the same thing. i think sending LS a pdf copy of an email should be sufficient as long as it contains all the loan terms being approved.
 
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Runt8

Active Member
May 19, 2017
1,986
2,373
Colorado
IMHO, this is key. They want to lend to people who do not NEED the loan and can pay for the car outright if necessary.
Thinking this is the key. My equifax score (which LightStream uses) is 794 but I have enough liquid assets to cover the loan so I was approved for unsecured.

As an aside, my equifax score is always ~25-30 points lower than my scores from the other two. Been that way for years, even as my credit score has gradually gone up. Anyone know why that is?
 

stayfocus18

Member
Apr 1, 2016
157
66
NYC
I got the call on the 15th and they wanted me to take delivery by the end of the month. I told him I was busy and it would have to wait until September. He said ok. So don't think you have to jump at the first loan you can get. Tell them you need an extra week or two now so they can plan accordingly. Think about it this way, how long have you been waiting for this car? 2 years? They can give you 2 extra weeks to make sure you get a good loan.

I have a strategy so its really not that panicked... thanks to this thread I have a plan... applied to mcu and another credit union so far.
 

ProphetM

Member
Jun 1, 2015
552
604
Las Vegas, NV
Here comes the panic application run... got email for 8/28 delivery

After nearly two months of total silence since order, 1 month since changing to white interior, I had my edit link disappear on Sunday, got an email mostly asking for loan info on Monday, and then a call on Tuesday (today), where I was told the car should be here by the end of the week and they're looking to deliver early next week. I'm still mid-application at Allegacy, with a new membership account set up but the auto loan web form had some sort of error that stalled me out - it thought a required field was empty but none were, so I couldn't continue. I'll have to call them in the morning.

Interest is (was) cheap.

And cars last longer now, too.
 

njsrikar

Member
Dec 16, 2017
163
78
Boston
Got it, thank you. I got approval from DCU with 2.49 for 65 months.
Can you please confirm the rate again? And when did you get this approval? Was it before 19th August? I ask because I got an approval from dcu for 2.99% ... their lowest rate ( includes direct deposit discount and EV rate). As per the loan officer over the phone their rates increased over the weekend.
 

Chak

Member
Jul 12, 2018
80
61
Richmond, VA
Can you please confirm the rate again? And when did you get this approval? Was it before 19th August? I ask because I got an approval from dcu for 2.99% ... their lowest rate ( includes direct deposit discount and EV rate). As per the loan officer over the phone their rates increased over the weekend.
I applied last week when the rate was 2.49 and got the pre-approval. When I called this week about the status, they said rates went up by 0.5%. But after checking with her manager she said they can still honor 2.49 as long as I submit MVPA with VIN on it by this Friday. I explained this to Tesla DA to see if he can speed up things. He gave me VIN#, but said MVPA with VIN on it won't be available until a few days before delivery on Sept 6th. He said he would try to get it to me as soon as he can.
 
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njsrikar

Member
Dec 16, 2017
163
78
Boston
I applied last week when the rate was 2.49 and got the pre-approval. When I called this week about the status, they said rates went up by 0.5%. But after checking with her manager she said they can still honor 2.49 as long as I submit MVPA with VIN on it by this Friday. I explained this to Tesla DA to see if he can speed up things. He gave me VIN#, but said MVPA with VIN on it won't be available until a few days before delivery on Sept 6th. He said he would try to get it to me as soon as he can.

Good luck!
 

SoCalGuy

Active Member
Apr 22, 2012
1,416
1,095
So Cal & New York, NY
It's sort of crazy to think you can get a 5 year loan now for 1.49-1.99%, especially when you consider that online savings rates are around 1.9% and expected to go up as rates increase. You can actually make money on your loan!

I do remember the days when GM used to do 0% financing for 5 years, pre-dating the high interest online savings accounts though.
 
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Nelson

Member
Oct 28, 2016
51
26
New Jersey
I also applied to LightStream and got a near instant approval. Got a better credit union rate and sent them the letter which states all of the terms but is marked as pre-approval and they are giving me a hard time about matching the rate. Been back and forth with them a few times this morning, without the MVPA I can't get anything else to them besides this pre-approval letter. Anyone have sucess calling them and making an appeal? Can't even find a # on theirwebsite.
 

CrazyCoconut

Member
Jul 24, 2018
720
440
Austin, TX
I also applied to LightStream and got a near instant approval. Got a better credit union rate and sent them the letter which states all of the terms but is marked as pre-approval and they are giving me a hard time about matching the rate. Been back and forth with them a few times this morning, without the MVPA I can't get anything else to them besides this pre-approval letter. Anyone have sucess calling them and making an appeal? Can't even find a # on theirwebsite.
866-635-1330
 

voip-ninja

Give me some sugar baby
Mar 15, 2012
4,124
4,694
Colorado
I also applied to LightStream and got a near instant approval. Got a better credit union rate and sent them the letter which states all of the terms but is marked as pre-approval and they are giving me a hard time about matching the rate. Been back and forth with them a few times this morning, without the MVPA I can't get anything else to them besides this pre-approval letter. Anyone have sucess calling them and making an appeal? Can't even find a # on theirwebsite.

Lightstream isn't going to match without a formal document from the lender that is labeled as an approval.

This is right where I am, Everence won't give me an approval letter without a VIN and lightstream won't match Everence formal pre-approval offer because it is labeled "pre approval" and has conditions in it related to VIN/order details.

I don't think calling them up is going to do anything to shake it loose.
 

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