If you have good credit you could do a rate beat with LightStream, get an unsecured loan, and just have the money in your bank account ready for whenever you take delivery. Worst case scenario you just have to start paying before you get the car.
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Let's talk financing rates
- Thread starter flashflooder
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- Model 3
I'm not sure their official stance, or if it might vary by the lender they match you with. But when I filled out the online loan application, it asks for the percent you want to put down, and I wrote in "0". But when the approved financing page showed up the next day, it showed a loan amount of 5K less than the MSRP, so my out of pocket at delivery would have been the taxes and fees (which for me, are about a wash with deposit payments and state incentives), plus another 5K. The rates were better, as well as being able to more accurately choose the requested loan amount, going third party, but I wanted to at least compare.
For Lightstream unsecured loans, am I correct that this is the process people are following?
1. Apply for and get approved for an unsecured loan with Lightstream.
2. Shop around at credit unions and get the lowest auto loan rate possible.
3. With Lightstream’s Rate Beat program, you send Lightstream proof of your approved auto loan from a credit union.
4. Lightstream offers you an unsecured loan at .1% APR less than your credit union auto loan.
Am I correct that Lightstream will allow you to use an auto loan’s interest rate for their Rate Beat with an unsecured loan? Or would it be a typical auto loan with Lightstream in this scenario?
1. Apply for and get approved for an unsecured loan with Lightstream.
2. Shop around at credit unions and get the lowest auto loan rate possible.
3. With Lightstream’s Rate Beat program, you send Lightstream proof of your approved auto loan from a credit union.
4. Lightstream offers you an unsecured loan at .1% APR less than your credit union auto loan.
Am I correct that Lightstream will allow you to use an auto loan’s interest rate for their Rate Beat with an unsecured loan? Or would it be a typical auto loan with Lightstream in this scenario?
Knightshade
Well-Known Member
Because it's not only .1% lower, it's unsecured. So you get an unencumbered title in hand immediately instead of having a lien on it.
Yes, that is correct. Unsecured vs. secured seems to be dependent on your credit score, from what I've read, and not on whether or not you use the rate beat program.
Chak
Member
Just spoke with DCU about interest rate. I applied last week when the rate was 2.49 (with 0.25 additional discount for EV vehicles). They put me on hold for a few minutes and honored 2.49%. However, they asked me to submit vehicle purchase agreement with VIN on it by this Friday. Currently I am scheduled for Sept 6th. I have emailed my regional sales advisor for VIN. Let's see.
voip-ninja
Give me some sugar baby
Also means you show up to pick up your Tesla with a cashier's check in hand and go home, vs. all the horror stories we hear about non Tesla financing having problems at the last minute and delaying vehicle turnover.
voip-ninja
Give me some sugar baby
Applied this morning to Lightstream.
Almost instantly got an approval back without needing to provide any documentation, which surprised me as I just changed jobs. Was approved for my requested loan amount for an unsecured vehicle loan at 3.75%.
Now I need to see if Everence can come through with a 2.49% offer that I can take to Lightstream for a rate beat or if I will need to move on to the next best option.
Everence seems to be dragging their feet and has asked for a lot of documentation.
Almost instantly got an approval back without needing to provide any documentation, which surprised me as I just changed jobs. Was approved for my requested loan amount for an unsecured vehicle loan at 3.75%.
Now I need to see if Everence can come through with a 2.49% offer that I can take to Lightstream for a rate beat or if I will need to move on to the next best option.
Everence seems to be dragging their feet and has asked for a lot of documentation.
lairdb
Member
eyespii
Member
Looks like the rate went up...it was 1.74% just a few weeks ago.
wbhokie
Member
Finally. Lightstream beat my FedChoice loan today! Unsecured 72 Month Loan at 1.39% For those that pointed me in the right direction, thank you!
wbhokie
Member
Yeah their rates are nice, especially at the term lengths offered. The new member discount is just the icing on the cake. I'm surprised Lightstream matches it considering how high their rates are in comparison.
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