Let's talk financing rates

[voip-ninja]

I don't get how people are talking to customer service about the rate beat program. I've called them twice and each time they told me I would need to submit my documentation letter through email. How are people doing this over the phone?

When you send the information via email they attach a copy of it to your account.... so it's on file at that point. If you then call the reps they should be able to see the documentation.

The documentation needs to be in a non editable format (PDF for example), they don't want to see something like a Word document since there is the possibility that you edited it.

 

[voip-ninja]

What documentation did you provide to them? Was it just a preapproval letter? And how long did it take? I'm afraid they won't take my official preapproval.

They shot me down over email on the pre-approval letter twice, and the first time I spoke with them over the phone they said the pre-approval wouldn't work since it was in MS Word format. I re-sent it to them as a PDF (exported it), got shot down again on email, called them and they sent it to underwriting, it was approved a couple of hours later and I got notification that there were updated terms via email.

 

[voip-ninja]

Anyone with decent luck getting a stellar rate in the Chicago area? I have excellent credit but the best I'm seeing from the big banks and credit unions is around 3.8%. I don't get it...

You will have to jump through some hoops and join a CU out of state possibly, go here and see what rates and requirements there are for out of state CUs

Tesla loan comparison spreadsheet - auto updates hourly

 

[RandomNateGuy]

Pro tip with Lightstream rate matching. If you go ahead and schedule the funding then they won't rate match. They will make you apply for a new loan from them and then price match. I had to just pay off my loan from them to close the account (It only cost me like $15 in interest, so no big deal). I decided not to go back to them after Aspire gave me 1.99%. Not worth the hassle at that point, at least not for me.

 

[SoCalGuy]

Thanks. I'll apply for them right now and hopefully hear back from them in the day/afternoon.

I called earlier and asked what I needed as far documentation goes, but they stated I would need to e-mail them. Do I ask for loan specialist?

I don't get how people are talking to customer service about the rate beat program. I've called them twice and each time they told me I would need to submit my documentation letter through email. How are people doing this over the phone?

Yes you have to submit the docs that way. Once they reply to your email, you can always call and discuss it with them.

 

[hurjio]

Pro tip with Lightstream rate matching. If you go ahead and schedule the funding then they won't rate match. They will make you apply for a new loan from them and then price match. I had to just pay off my loan from them to close the account (It only cost me like $15 in interest, so no big deal). I decided not to go back to them after Aspire gave me 1.99%. Not worth the hassle at that point, at least not for me.

Could you elaborate a little more. I understand you have to at least apply for a Lightstream loan in order to use Rate Beat. Are you saying you actually accepted the loan from Lightstream before you submitted your rate beat? I just want to make sure I don't make the same mistake if I go that route. Thanks.

 

[osubuckeyes88]

You will have to jump through some hoops and join a CU out of state possibly, go here and see what rates and requirements there are for out of state CUs

Tesla loan comparison spreadsheet - auto updates hourly

Sdcu is 2.89% but they are awful. Wait will be at least a month.

 

[Goosby]

How did you sort out the "variable interest rate" wording? Did you have Allegacy change it? What did you say to Lightstream to get them to accept it?

The Lightstream rep said the wording used by Allegacy to explain the variable rate was enough to approve the rate beat.

 

[voip-ninja]

Could you elaborate a little more. I understand you have to at least apply for a Lightstream loan in order to use Rate Beat. Are you saying you actually accepted the loan from Lightstream before you submitted your rate beat? I just want to make sure I don't make the same mistake if I go that route. Thanks.

Lightstream is going to pre-approve you. When you log into Lightstream you are going to see the pre-approval terms for the loan. At this point you can click on "next steps" and complete the loan process including the funding date.

You can wait at this pre-approval step (touch nothing) and start the rate beat process. You have about 20 days or so to accept the LS initial offer and can rate beat that entire time.

Once you have the terms you want via any rate beat that LS does you can then proceed to fund the loan so that they will wire the funds to your account. You can choose a funding date up to 30 days out from when you complete the loan and then you can pick a payment window for the following month to begin repayment.

So, theoretically you get pre-approval and have until October 1st to execute... you can then choose to distribute in November and first payment in December sometime. This assumes you know when you need the funds for your car. Worst case you pay an extra $30-$40 funding your loan a little earlier than needed so there is no drama when your car is ready.

 

[hurjio]

@voip-ninja At what point do you know if they're offering you a secured vs. unsecured loan?

 

[voip-ninja]

@voip-ninja At what point do you know if they're offering you a secured vs. unsecured loan?

It will say it in 10 foot high letters in the pre-approval.

I applied and was immediately pre-approved for an unsecured loan. I did not need to provide them with any documentation, loan amount was $46,000. I didn't even need to tell them what kind of car I was considering.

 

[TankoftheNorth]

Okay, I need to get my financing in order. Has anyone gotten a rate lower than 2.29% for up to 60 months? That's the lowest current rate I can find from most of the credit unions and banks discussed in this thread and from my local area.

 

[voip-ninja]

Okay, I need to get my financing in order. Has anyone gotten a rate lower than 2.29% for up to 60 months? That's the lowest current rate I can find from most of the credit unions and banks discussed in this thread and from my local area.

That rate is pretty good right now.

Here's something another member put together that will be helpful;

Tesla Loan Comparison Spreadsheet - Auto Update Rates

 

[TankoftheNorth]

That rate is pretty good right now.

Here's something another member put together that will be helpful;

Tesla Loan Comparison Spreadsheet - Auto Update Rates

Holy god, that's awesome! Thanks for pointing me to this. I keep seeing the Lightstream loan come up in discussions but I can't ever find a rate from them that low on their site. What am I missing?

 

[hurjio]

Holy god, that's awesome! Thanks for pointing me to this. I keep seeing the Lightstream loan come up in discussions but I can't ever find a rate from them that low on their site. What am I missing?

People are mentioning Lightstream because they will beat any rate you bring to them by 0.1%. The default rate you get from Lightstream isn't any good. Additionally, they sometimes will give you an unsecured loan, meaning there won't be a lien on your car. I think the 2nd point is the biggest reason people are using Lightstream.

 

[osubuckeyes88]

Preapproval letter went through, just got 1.79 unsecured from light stream. Thanks for the help guys.

 

[MatildaModelY]

Preapproval letter went through, just got 1.79 unsecured from light stream. Thanks for the help guys.

how many months? this is a great rate.

 

[MatildaModelY]

Preapproval letter went through, just got 1.79 unsecured from light stream. Thanks for the help guys.

And also which CU/bank did you use to get Lighstream to match?

 

[rlb4]

Preapproval letter went through, just got 1.79 unsecured from light stream. Thanks for the help guys.

Who did you get them to rate beat?

 

[osubuckeyes88]

Who did you get them to rate beat?

I had applied for South Division Credit Union back in July. A month and a half later (this week), got the pre-approval rate for the initial 1.89%. They told me the interest rate went up for them as well this week, and I had to purchase a car THIS week to secure the rate. I had them quickly get me an approval letter then did all the light stream stuff today. Car doesn't come until the end of the month, so it worked out perfectly. But they were a pain the ass to work with. 1.79%, 5 years.