CrazyCoconut
Member
That's certainly possible!Yeah, but net interest income might pass financing rate by next year (remember it was not too long ago when you could get 3-5% in online savings...ok it's been like 8-10 years)
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That's certainly possible!Yeah, but net interest income might pass financing rate by next year (remember it was not too long ago when you could get 3-5% in online savings...ok it's been like 8-10 years)
I think there might be some wiggle room. My approval letter from my CU said "Our member, CrazyCoconut, is pre-approved for an auto loan for the amount up to [$amount]. This approval is good until [date]. The interest rate is [%rate] for [length] months." LS didn't give me any trouble (other than not receiving my email the first time I sent it).Lightstream isn't going to match without a formal document from the lender that is labeled as an approval.
This is right where I am, Everence won't give me an approval letter without a VIN and lightstream won't match Everence formal pre-approval offer because it is labeled "pre approval" and has conditions in it related to VIN/order details.
I don't think calling them up is going to do anything to shake it loose.
I think there might be some wiggle room. My approval letter from my CU said "Our member, CrazyCoconut, is pre-approved for an auto loan for the amount up to [$amount]. This approval is good until [date]. The interest rate is [%rate] for [length] months." LS didn't give me any trouble (other than not receiving my email the first time I sent it).
It's possible that they are tightening the rules because too many people are requesting rate beat (and thus hurting their profit margins).Lightstream specifically told me if it's labeled pre-approval they won't beat it. Having said that, I went ahead and sent them the letter from Everence anyway to see what they come back with.
If they do match it with just the Everence pre-approval I will post here for reference for others.
Personally, most (not everyone) are over reaching with their loans TBH.When did 72 months become the new 60 months? Seems like everyone is going for the 6 year loan now.
Lightstream isn't going to match without a formal document from the lender that is labeled as an approval.
This is right where I am, Everence won't give me an approval letter without a VIN and lightstream won't match Everence formal pre-approval offer because it is labeled "pre approval" and has conditions in it related to VIN/order details.
I don't think calling them up is going to do anything to shake it loose.
Congrats! What rate and term did they end up giving you?Well I called and explained that I can't get anything further besides the pre-approval I sent them without moving forward with the other loan which would require getting an MVPA and VIN and at that point I would just go with the credit union. The CSR called the underwriter and explained the situation and said they would be back to me within 20 minutes. 2 mins after hanging up I got an email from LS with the adjusted terms. No I just need a car!
At 2%, it makes more sense to borrow then invest your own money for higher yields.Personally, most (not everyone) are over reaching with their loans TBH.
On a personal note, we went 72 months on our X because the rate was 1.99% and actually higher if we went shorter. Sure they might get some more interest out of my but plan to pay it off at end of year 5 anyway.
Also, with an EV, I can excuse away a longer loan since I won’t be paying for gas for the life of the car. It’s a significant savings for me when planning to own it for 10 years and also have a decent down payment so I won’t ever be upside down on the loan.
My personal thoughts
Well I called and explained that I can't get anything further besides the pre-approval I sent them without moving forward with the other loan which would require getting an MVPA and VIN and at that point I would just go with the credit union. The CSR called the underwriter and explained the situation and said they would be back to me within 20 minutes. 2 mins after hanging up I got an email from LS with the adjusted terms. No I just need a car!
U.S. central bankers are ready to raise interest rates again so long as the economy stays healthy, according to a record of the Federal Reserve’s most recent policy meeting.
“Many participants suggested that if incoming data continued to support their current economic outlook, it would likely soon be appropriate to take another step in removing policy accommodation,” minutes of the July 31-Aug. 1 Federal Open Market Committee meeting released Wednesday in Washington said.
When did 72 months become the new 60 months? Seems like everyone is going for the 6 year loan now.
I’m getting a 72 just because the interest rate difference is small over the course of that many years. I still plan on making payments at a rate of a 60, but it’s nice to have the flexibility.
While yes this is true, and I have no evidence to support, I’d bet you dollars to donuts that 80% of people aren’t investing the difference and just end up spending so technically pay more in interest.At 2%, it makes more sense to borrow then invest your own money for higher yields.
Like others who have posted above, it's to balance budget and also to put the money elsewhere to earn more to cover the interest rate and plus some more. I'm doing both at the same time. TSLA is already paying a chunk of the car, but I'd rather let it keep growing. TSLA definitely earns more than 1.39% APR for 72 months that I financed the car...
@rlb4 @stayfocus18 ...so LA Financial approved me, but at a crappy rate, 2.99. I don't understand stand why. My credit scores are all about 770. I was in the middle of something when they called so I didn't ask any questions. Just said thanks, but no thanks.
Apparently, being out of state doesn't automatically disqualify you. It my impact your rate, maybe, maybe not. Best of luck to you guys. Going to try Allegacy next.
Allegacy came through... sort of. I received my pre-approval email. It basically said I was approved for up to 100% of the vehicle amount, but it didn't state a rate. In a separate email the rep says I have qualified for their best rate, 2.29% for 66 months but I won't get anything officially stating that until I have a signed purchase agreement with Tesla. This is all well and good, but it seems to stop me from getting a better offer from Lightstream.
I see a few other people in this forum are having similar issues. I'm really considering saying screw it and just get the loan through Allegacy, but then my competitive nature kicks in and I tell myself that's just giving in to what Allegacy is trying to force me to do.
Congrats! What rate and term did they end up giving you?
Cool, did you apply this week?I gave in at 2.99 with dcu. I already have an account with them and I liked their services the past 5 years. Anyways 2.3 or 3% shouldn't make a big difference if you intend to pay more than the monthly minimum and pay it off earlier than the loan term.
I used Allegacy to get the rate beat and got 2.19 for 66 mos.