-
Want to remove ads? Register an account and login to see fewer ads, and become a Supporting Member to remove almost all ads.
What is best financing rate now?
- Thread starter bartekr
- Start date
Gotcha. As I said, my guess is it wouldn’t work anyway because they verify some things in the application process. But who knows.
From start to finish, the process ended up taking 4 days.
Applied at Allegacy Monday.
Called Loan Officer Tuesday
Sent documents Tuesday Night that she requested.
Approved Wednesday for Allegacy @ 2.29
Applied to Lightstream Wednesday, they requested documents, sent them over and I was approved at their normal rates.
Thursday, Sent pre-approval letter from Allegacy to Lightstream at 8:45AM, loan terms adjusted by 10:30AM
Applied at Allegacy Monday.
Called Loan Officer Tuesday
Sent documents Tuesday Night that she requested.
Approved Wednesday for Allegacy @ 2.29
Applied to Lightstream Wednesday, they requested documents, sent them over and I was approved at their normal rates.
Thursday, Sent pre-approval letter from Allegacy to Lightstream at 8:45AM, loan terms adjusted by 10:30AM
Most recent 2 paystubs, and copies of my rental property leases.
Lightstream required 1 paystub, bank statements showing I have 50k+ in stocks/bonds/savings (excluding 401k), this was likely because I said I had a large savings on my application, and a copy of my social security card.
Did they require you to have a VIN? I'm trying to lock in a decent rate and get the money from Lightstream before rates go up.
How long did it take for Lightstream to reach out to you/run your credit after you applied? On their website they say "a couple of hours" but I wonder if it's really that quick!
@joshk6656... So you have until 9/14 to sign the loan with Lightstream now, and that interest rate is locked in regardless of whether interest rates go up?
Wow that was very quick! Did you have anything unusual in your loan app (eg high savings, alternative/multiple income streams)? I applied about the same time and am still waiting to hear back. Haven't even gotten a credit alert yet so unlikely they've run my credit
Wow that was very quick! Did you have anything unusual in your loan app (eg high savings, alternative/multiple income streams)? I applied about the same time and am still waiting to hear back. Haven't even gotten a credit alert yet so unlikely they've run my credit
No mortgage / rent I guess is unusual, but to my favor.
Decent income, some bonus income, and decent savings. I have an 830+ FICO...
Same credit score as well... did you get an alert that they ran your credit? Seems weird to me that they haven't run the credit check in the4 hours they've had my info...
I actually didn’t get an alert. I got alerts the other day from a different loan app with a local credit union.
You have 30 days to accept the loan, then 30 days from then to schedule the payment. Mine was approved as unsecured, so I will just deposit the money into my account and start making payments if I run out of time. My delivery timeframe is Aug-October, so I am hoping that is not an issue.
They did not require a VIN. You likely won't be able to get the money unless you are approved for unsecured.
It really is that quick. I do not have an inquiry on my credit from LightStream yet, but I do from Allegacy (according to credit karma)
I've been approved for unsecured from Lightstream at 3.44%. Now just trying to get a lower rate. Thanks for the info!
It took about 4 hours to get approved, and that was with a slight snafu with my locked credit reports.
My window is Sep-Nov... I am also hoping to go through lighstream if I can get an unsecured loan and deposit it before the rate lock expires even if my car isn't ready. I wonder if they ever verify.
I believe someone posted that there was a 15 day limit in the "fine print" but I have a hard time imagining they would bother enforcing that if you make your payments on time.
Similar threads
- Question
