What is best financing rate now?

[srharris22]

@Runt8 i am using Allegacy and just got verbal confirmation I would qualify for lowest rate for whatever term I wanted to use. I hadn’t even considered leveraging it so didn’t ask for it writing.
Just FYI

 

[Runt8]

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.

Thanks for the info!

@Runt8 i am using Allegacy and just got verbal confirmation I would qualify for lowest rate for whatever term I wanted to use. I hadn’t even considered leveraging it so didn’t ask for it writing.
Just FYI

That's what I was told as well.

 

[CrazyCoconut]

For people who have gone with Lightstream, how long does it take for them to respond to your email? I was instantly approved, so I replied to the approval email asking for a Rate Beat. Not sure if that's the right email address to use ([email protected]). I would call, but I can't find a phone number anywhere on their website.

 

[joshk6656]

For people who have gone with Lightstream, how long does it take for them to respond to your email? I was instantly approved, so I replied to the approval email asking for a Rate Beat. Not sure if that's the right email address to use ([email protected]). I would call, but I can't find a phone number anywhere on their website.

I used the contact us form asking what I needed to use the rate beat program, they responded, I sent the info, they adjusted rate.

 

[CrazyCoconut]

I used the contact us form asking what I needed to use the rate beat program, they responded, I sent the info, they adjusted rate.

How long did it take them to respond? Same business day?

 

[dave999z]

On the day I did it, I received the initial approval email at 10:38am. I responded to that email at 11:31am, requesting a rate beat and attaching the documentation of the other rate I had been quoted. At 2:50pm they sent an email saying they are reviewing the rate beat request and would respond shortly. At 3:29pm I received an email approving the rate beat. Thus it took them 3 hours 58 minutes to approve the rate beat request.

Hope that's helpful.

 

[CrazyCoconut]

On the day I did it, I received the initial approval email at 10:38am. I responded to that email at 11:31am, requesting a rate beat and attaching the documentation of the other rate I had been quoted. At 2:50pm they sent an email saying they are reviewing the rate beat request and would respond shortly. At 3:29pm I received an email approving the rate beat. Thus it took them 3 hours 58 minutes to approve the rate beat request.

Hope that's helpful.

Very helpful, thanks. I was instantly approved last night (after business hours). I responded immediately with a Rate Beat request and supporting documents. I sent an additional inquiry via their website's contact form an hour ago. So far, it's 6.5 hours into their business day with no response whatsoever.

 

[ConcordeSST]

For people who have gone with Lightstream, how long does it take for them to respond to your email? I was instantly approved, so I replied to the approval email asking for a Rate Beat. Not sure if that's the right email address to use ([email protected]). I would call, but I can't find a phone number anywhere on their website.

Here are my stats:

• Applied for LightStream loan at 12:00 pm on a Friday (took 5 minutes to fill out application)
• Approved for an unsecured loan at 12:08 pm (LightStream didn't ask for ANYTHING in the way of stubs, statements, etc., so I was shocked at the speed of approval. I have a credit score over 800, a mortgage, and about 15 credit cards with only 2% utilization of my credit line, good driving history)
• Applied at 12:10 pm for a loan at a lower rate with a local bank (They only wanted a copy of my DL and mortgage statement).
• Approved at 2:50 pm
• Submitted rate match with LightStream at 3:00 pm.
• Denial of rate match from LightStream at 4:30 pm claiming they need an official approval letter, not a pre-approval.
• Submitted an email reply (in a polite, but pleading tone that a pre-approval is the only thing my lender will give me until I have a purchase agreement with them listed as lienholder) at 4:40 pm.
• Received automated approval email of rate match at 5:30 pm with funds available as soon as the following Tuesday.

I still can't believe how fast it was on a Friday afternoon in summer!

 

[CrazyCoconut]

Here are my stats:

• Applied for LightStream loan at 12:00 pm on a Friday (took 5 minutes to fill out application)
• Approved for an unsecured loan at 12:08 pm (LightStream didn't ask for ANYTHING in the way of stubs, statements, etc., so I was shocked at the speed of approval. I have a credit score over 800, a mortgage, and about 15 credit cards with only 2% utilization of my credit line, good driving history)
• Applied at 12:10 pm for a loan at a lower rate with a local bank (They only wanted a copy of my DL and mortgage statement).
• Approved at 2:50 pm
• Submitted rate match with LightStream at 3:00 pm.
• Denial of rate match from LightStream at 4:30 pm claiming they need an official approval letter, not a pre-approval.
• Submitted an email reply (in a polite, but pleading tone that a pre-approval is the only thing my lender will give me until I have a purchase agreement with them listed as lienholder) at 4:40 pm.
• Received automated approval email of rate match at 5:30 pm with funds available as soon as the following Tuesday.

I still can't believe how fast it was on a Friday afternoon in summer!

Thanks for the info! It's a bit worrying that my loan was approved in less than 60 seconds, but then not a peep on my Rate Beat request Hopefully they haven't decided to pull the plug on the program due to unexpected demand from people like us...

 

[crs33]

For what it’s worth, I tried to get Lightstream to beat Fed Choice (1.49%), but I made the mistake of not saving a screenshot of the instant pre-approval page from FedChoice and nothing I gave (approval email, copy of loan agreement, etc.) was sufficient to Lightstream for the match. I decided it wasn’t worth fighting them so I just stuck with FedChoice. As far as response times, Lightstream was very responsive, usually replying to my emails within a few hours.

 

[CrazyCoconut]

For what it’s worth, I tried to get Lightstream to beat Fed Choice (1.49%), but I made the mistake of not saving a screenshot of the instant pre-approval page from FedChoice and nothing I gave (approval email, copy of loan agreement, etc.) was sufficient to Lightstream for the match. I decided it wasn’t worth fighting them so I just stuck with FedChoice. As far as response times, Lightstream was very responsive, usually replying to my emails within a few hours.

Why would it matter if it's a screenshot of the pre-approval page or the approval email? Did LightStream give you a reason?

 

[crs33]

Why would it matter if it's a screenshot of the pre-approval page or the approval email? Did LightStream give you a reason?

The pre-approval page showed the loan term, rate, and amount, all on the same page. The approval email only shows the amount (no tems or rates, probably to prevent rate matching). The response from Lightstream was a standard “...please provide an official approval, via email, displaying the same loan purpose, loan amount, loan terms, and payment method...”.

Anyways, it’s all good. I stuck with FedChoice, who gave me the great rate in fhe first place and happily overnighted me a cashiers check to give to Tesla.

 

[CrazyCoconut]

The pre-approval page showed the loan term, rate, and amount, all on the same page. The approval email only shows the amount (no tems or rates, probably to prevent rate matching). The response from Lightstream was a standard “...please provide an official approval, via email, displaying the same loan purpose, loan amount, loan terms, and payment method...”.

Anyways, it’s all good. I stuck with FedChoice, who gave me the great rate in fhe first place and happily overnighted me a cashiers check to give to Tesla.

Ahh OK, that makes sense. Still, 1.49% is an excellent rate that most people in the country don't have access to Count yourself amont the lucky few!

 

[hotony13]

quick question about getting an unsecured loan from some CU like LightStream... once you're approved and all, they'd deposit the loan amount you need into your account and you give that to Tesla, along with your decided down payment, and that would be "paying in cash"? If all the numbers are correct, you'd be paying the car in full and just dealing with LightStream to pay them monthly until the loan is paid off?

Sorry, I'm super new to this thing and trying to understand everything. I recently wanted to buy a Model 3 in the near future, so any information would greatly help me! Thanks.

 

[dave999z]

Does anyone happen to know a phone number for Lightstream? I don't see one, even on my loan agreement (which I haven't signed yet).

 

[CrazyCoconut]

quick question about getting an unsecured loan from some CU like LightStream... once you're approved and all, they'd deposit the loan amount you need into your account and you give that to Tesla, along with your decided down payment, and that would be "paying in cash"? If all the numbers are correct, you'd be paying the car in full and just dealing with LightStream to pay them monthly until the loan is paid off?

Sorry, I'm super new to this thing and trying to understand everything. I recently wanted to buy a Model 3 in the near future, so any information would greatly help me! Thanks.

Exactly right. To Tesla, you are paying all cash.

 

[dave999z]

@hotony13 That's correct. If you get approved for an unsecured loan, they'll just give you the money. Then you just pay Tesla.

FYI Lightstream is the only place I've seen that gives unsecured loans, and Lightstream is not a credit union. Lightstream will beat other rate quotes though, including quotes from credit unions.

 

[CrazyCoconut]

Thanks for the info! It's a bit worrying that my loan was approved in less than 60 seconds, but then not a peep on my Rate Beat request Hopefully they haven't decided to pull the plug on the program due to unexpected demand from people like us...

Interesting... Just got a reply from LS for my inquiry that I made via their website contact form. They said they never got any Rate Beat request from me. So I emailed them my pre-approval letter again from my local CU. Hopefully it will go through this time. I do wish they had a phone number though - that would make this whole process a lot faster/easier.

 

[hotony13]

Exactly right. To Tesla, you are paying all cash.

In addition, my credit probably is not good enough right now to get approved for a low APR and then having LightStream to match, therefore I'd probably ask one of my parents to get approved. Therefore, should I be cosigning that or should I just let one of my parents deal with everything?

 

[CrazyCoconut]

In addition, my credit probably is not good enough right now to get approved for a low APR and then having LightStream to match, therefore I'd probably ask one of my parents to get approved. Therefore, should I be cosigning that or should I just let one of my parents deal with everything?

If your parents are willing to be responsible for your loan, sure. It does mean that they are entirely responsible for the payments if you fail to do so.