In June I was approved by Navy Federal CU at 2.59% for 36 months, but just learned the rate was raised 2 weeks later to 2.89%. I was not notified at the time. Turns out there is a 1-sentence caveat clause in the fine print that was invoked. I understand some lenders guarantee an approved rate for a period such as 2 months. Next time I shop for a loan I will be sure to inquire about the "stability" of the quoted rate.
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Let's talk financing rates
- Thread starter flashflooder
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- Model 3
Do you need a VIN #? You could get the rate and term now for any $ amount you want(provided you can be approved for that amt) and have Lightstream do the rate beat now. Then you won't need to put down 10% or have to worry about rates going up.
hurjio
Member
exactly, dont need a vin. So I am getting my rate/term and then doing the rate beat.
I got my VIN. I called the general support line... per the rep, my car has been made and shipped. I should expect delivery at the end of the month or early September. Obviously, many variables are in play...
Should I apply for my loan now? I do plan on getting Lightstream to rate match. If successful, I have no issues taking the money and start paying the loan, even without the car.
Should I apply for my loan now? I do plan on getting Lightstream to rate match. If successful, I have no issues taking the money and start paying the loan, even without the car.
97Monty
Member
Just a heads up that you might have to jump through one more hurdle with Lightstream. My first alternate rate letter said "pre-approved" and Lightstream wouldn't accept it. So, I had to get the other company to send me an "approved" letter and that finally satisfied Lightstream. It does seem to depend on who is exactly reviewing things at the time at Lightstream.
based on my conversation with their call center, no. I am eligible because I donated 10 bucks to one of their non-profits. I hope to know more tomorrow, if they get to my app tomorrow.
I applied, donated the $10, and said $5 minimum and was included as well. I used my credit card to fund -- just looked at my CC activity and there's a pending charge for $5. I've never seen a member number yet.. only an email from them that said I'm now approved (I'm assuming it was the membership not loan) and to reply to the email to give consent for electronic disclosures. I did that but haven't heard back.
I also applied for an auto loan.. I think I may have left the member number blank, and selected new member or something. I got an application number when I submitted and setup a password, but can't find a page to check loan status.
I did it too early (I still don't have a VIN) but I think you are probably in good shape to do it now. When you get your approval from LightStream you will have 30 days to accept it, and then you can choose a funding date that is within the following 30 days (but as soon as next day). Assuming it is an unsecured loan I would apply at a credit union now, get the best rate you can, then apply to LightStream and get their meh rate approval, do the rate beat program and knock the LightStream rate down, then wait until you have a delivery date to accept the LightStream loan and schedule the funding.
Kermee
It's Not Easy Being Green
Got my financing approved through Tesla also in WA State at the same rate this morning. 3.59% for 72 months. Just to add another "statistic" to the thread.
Just seems like less work to go directly through them. $15/mo less for 7 years by going through someone else does add up a bit though.
Some credit unions have a way to join by donating to a non-profit.
See this post.
Let's talk financing rates
See this post.
Let's talk financing rates
Just to add my recent experience. I'm looking to finance the full 73k of my purchase price, over 72 months. The nys tax rebate and reservation deposits are basically a wash with taxes and fees for me, and not looking to spend our of pocket what I can cheaply finance.
Tesla financing was 3.65 percent for 68K. Checked with several places for the full 73k, most were around the 3.5 range. Was able to get the 2.99 from everence, after some back and forth on a proper "letter" from them, had lightstream beat to 2.89. With the hassle many have had with final payment details, thinking the unsecured route will be simpler anyway.
Did go through allegacy as well, but found out today (after the join the non profit and fund a savings hassle) what was mentioned earlier in this thread as well, that while the site references 100% financing, they only do 90% of MSRP for Tesla, do didn't help me as a real option, or as terms to beat for lightstream.
Tesla financing was 3.65 percent for 68K. Checked with several places for the full 73k, most were around the 3.5 range. Was able to get the 2.99 from everence, after some back and forth on a proper "letter" from them, had lightstream beat to 2.89. With the hassle many have had with final payment details, thinking the unsecured route will be simpler anyway.
Did go through allegacy as well, but found out today (after the join the non profit and fund a savings hassle) what was mentioned earlier in this thread as well, that while the site references 100% financing, they only do 90% of MSRP for Tesla, do didn't help me as a real option, or as terms to beat for lightstream.
Do they ask for the VIN or to see the sticker? If not, then the MSRP is what you tell them?
debuggr
Member
I'd sent them a copy of the initial order agreement, so they had mine from there already. If you were actually going to close with them, youd certainly need the final version of the MVPA.
If you're just trying to get approved for the rate beat, I imagine you could give them whatever number you like for approval, but not sure if you could get far enough to get the kind of approval letter lightstream required me without something like that.
Ok. I wasn't sure what type of documentation was required to get an approval. My intention is to get a Lightstream rate beat and do this well before I get my car or even VIN.
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