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Let's talk financing rates
- Thread starter flashflooder
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- Model 3
Got it. So I know you have to go through the mechanics to actually join to get an official approval - unlike some that will let you join after approval. But I'd bet you could get request the loan terms you want lightstream to match, and even claim it's just like 80% of a more expensive S/X that you just need to validate financing on, and probably get far enough with approval for the rate beat. I don't know for sure, though, as I stopped short with them.
stayfocus18
Member
I got approved for an 84 month loan at LA Financial Credit Union. Approved for 2.49% and Lightstream matched to 2.39%
GAP is generally much more affordable through your insurer than through a dealer.
That said, thinking you need GAP is a sign that you might be buying too much car. If the negative equity in your car would be a significant burden on your finances, maybe the car is too expensive. Not trying to get preachy (and kinda failing) but it is an indicator.
They said 24-48 hours. I spoke to my loan office yesterday 20 hours after submitting my application and she told me what I would need to send her. In my case, I had to send my last 2 pay stubs, and copies of the leases for my rental properties, so be prepared for that. She told me once she has those I would be reviewed and find out within a day.
If you call the main number, they will give you the name and number of loan officer assigned. You probably feel like you shouldn't have to call, but I am ambitious and like to get processes moving faster.
iamec
Member
Good to know. I'm almost thinking of going through Tesla just for convenience, but I'm expecting delivery between Oct - Dec. So I guess I have some time to look around.
Kermee
It's Not Easy Being Green
That's a good plan. I'm actually with two different local CU's, but their posted rates started in the 4's so I didn't bother. For reference, the underwriter for the 3.59% for 72 months through Tesla was from Wells Fargo NA (North America).
Your delivery may be way sooner than that. I have the same delivery estimate window and am scheduled for delivery in 10 days.
iamec
Member
That would be amazing! Although I did just order on 8/10 and did AWD. Here's to hoping that being a day one reservation holder counts for something. Heh.
I applied in the evening on a Thursday, and it was late afternoon (after 4) on Monday when they reached out. Definitely slower initial contact than others, but once I did hear from someone, they were very responsive (during east coast business hours).
LA Financial approved me instantly, which I sent over to lightstream. I didn't need to sign up for membership. You just need to create a loan application account.
MatildaModelY
Active Member
Any Chicago based people have any intel on new loan rates? Moving there next week and then will take delivery of my model 3 in a month or so.
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