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).
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What sort of credit score is required for those rates?
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.
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.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...
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.
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.
@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.
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).
Sure! What are your rates? LolCan I loan you some money?
I think you are going to be reliable and if nothing else, less volatile than TSLA.
What did you say that convinced them to rate beat?
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.
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.
Everence is 2.99% for 72 mo.
Hmm. And it says an addition .5% credit for EVs? Wonder what the membership requirements are.
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%