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What is best financing rate now?
- Thread starter bartekr
- Start date
They honored a promotional rate that was advertised 2 weeks ago. If you can show evidence of the promotion, some lenders will honor it.
Mo City
Active Member
No. I'm done and will reward Allegacy for being so easy and giving me exactly what I wanted. They were my first choice and hit a home run. I strongly recommend them to anyone here. Don't look back.
EDIT: They only beat your existing offer by 0.1% (which would be $2.21 per month in my case).
Last edited:
preilly44
Member
The main reason I'm using Lightstream is to have an unsecured loan.
You have to have a high credit score to qualify for an unsecured loan. So not a huge amount of risk...
CrazyCoconut
Member
Exactly. They are very stringent. You need 800+ credit score, low revolving debt, good income, and investments.
Actually, the mortgage lenders made a conscious decision to give out subprime loans. They did not think they were low risk. They just didn’t care, because by the time the loans defaulted, they had been packaged, securitized, and resold ten times over, so the original lender was long gone.
50 k plus unsecured is never safe without a rate to cover losses. Ebmcs03 is correct, a few loans going bad plus overhead will quickly wipe out any profit with them charging under prime rates. They’ll figure it out in the next recession
I don’t know why I was being so dense on this. Was thinking it’s still July right now!
So, yes, I got approved on 8/15, so have until 9/14 to sign the loan. Then from what others have said can schedule the funds transfer anytime within the next 30 days. Thus, if you want, you could delay funding the loan for up to 60 days following approval.
If I get a call from Tesla anytime soon, I’ll just get the funds on the spot. If by 9/14 I still haven’t heard from Tesla, I’ll just sign the loan and get the funds right then, in case Tesla calls me at some point and says your car is ready now (one can dream).
That's my plan too. I set a reminder on my phone for last day to accept loan, just in case. I am hoping of course that my car is ready before then, but who knows :/
Been going back and forth with Allegacy for about a week now. They are refusing to give me any sort of documentation that includes a rate (won't even tell me what the rate is) unless I can give them a buyers order with a VIN. Assuming you had that when you were approved by Allegacy?
No, I sent them a buyers order from the website. After you login, use this URL.
https://www.tesla.com/teslaaccount/document-hub/show-document/order-agreement
Our conversation went as follows:
This email had the buyers order attached from above.
She responded
I responded
She wrote this, and attached a new one with my rate.
I think they know what is happening, and don't want to help you be able to rate match.
Also, make sure you specify it is for a Tesla, they have different rules in place for them. My loan officer's name was Dana Shoemaker.
https://www.tesla.com/teslaaccount/document-hub/show-document/order-agreement
Our conversation went as follows:
This email had the buyers order attached from above.
She responded
I responded
She wrote this, and attached a new one with my rate.
I think they know what is happening, and don't want to help you be able to rate match.
Also, make sure you specify it is for a Tesla, they have different rules in place for them. My loan officer's name was Dana Shoemaker.
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