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What is best financing rate now?
- Thread starter bartekr
- Start date
You can refinance your purchase. A lot of banks do it; go to bankofamerica.com they offer this option. You could also Google auto loan refinancing and you will see all the lenders available. Once you pick one call them to negotiate rate. You should try to get a r as te as close to the one offered to new car purchase.
Slumpey326
Member
I live in FL and can’t find anything for 84 months with that low Rate. Is their membership guidelines strict, any advice
Yes, only Howard County in MD can apply for it unless if you are family member of one of the existing customer at APLCU. Th
Slumpey326
Member
Graffi
Member
Hello Cousin, thanks for letting me know about this loan. How close of a family member do we have to be? If cousin is not close enough I am happy to let you adopt me. Both my parents have passed so I do not think they will mind.
I am planning to try with PFCU Tomorrow. What is the eligibility criteria for SF FCU? If PFCU doesn't work, will try this route. If LightStream requires GAP insurance then I don't see a point with them though.
Got the great 1.99% rate from PFCU. I did not try to use their offer for Lightstream's Rate Beat program out of courtesy to the credit union who were very honest from the start (Lightstream initially offered me a ridiculous rate that was more than double of what I got from this CU) and have great customer service.
Furthermore, both CUs and Lightstream have gotten stricter on how they provide official documentation on loan offers and in approving requests for beating rates, so it's not worth the hassle just for that .10% savings. I also felt that it was always kinda unfair for these CUs who offer these great rates hoping to bring in business only to be used as leverage for other bigger bank's loan programs.
I just did a rate beat with Lightstream and all I had to do was forward them the pre approval email from SF FCU, they approved the new rate within an hour, and the cash was in my checking account the next morning. Very impressive service.
Looking at the recent complaints on the other thread about financing rates, you're lucky you still got it easy.
Exactly my thought. If PFCU works, I'll stay with them. I see you are located in CA, did you still have to become a member of the public library? If you did, how long did everything take? Any tips on who to contact at PFCU? Thanks!
CrazyCoconut
Member
Once you have the initial approval email from LightStream, just reply to it and ask for a rate beat.
Any idea how long it takes for someone to reply? I shot an email about an hour and a half ago but haven't heard anything back. Honestly thats not unreasonable, I'm just getting very antsy since this is all last minute stuff
CrazyCoconut
Member
Took about a day for me. Other people have gotten replies within a couple of hours.
asianxtreme
Member
SF FCU eligibility is just resident of SF + open checking account with $5 deposit. I was approved for 35 months @ 1.99%.
Lightstream initially approved for 36 months @ 3.69%. I just replied to [email protected] mentioning RateBeat. Wonder how long that will take.
lairdb
Member
Just closed on 1.39% for 48 months unsecured from Lightstream, via a Rate Beat from 1.49/48 offered by Clearpath. (I also received 1.99 on 36 from Tower, and 1.89 on 36 from Andrews.)
In terms of total experience, I'd give Lightstream an A, Andrews and Clearpath a B+, and Tower a C+. Other than some pre-research, I started the whole thing about noon on the 11th, for 72 hours start-to-signed; funding expected in my account on Monday.
In terms of total experience, I'd give Lightstream an A, Andrews and Clearpath a B+, and Tower a C+. Other than some pre-research, I started the whole thing about noon on the 11th, for 72 hours start-to-signed; funding expected in my account on Monday.
Replying with my experience with Lightstream. From the time I initiated contact about how to initiate the rate beat until my account was updated, about 2 hours and 20 minutes.
1.55 / 36 using numbers from Andrews.
I'd consider my experience with Lightstream so far to be an A. Would have been A+ but figuring out how to contact them wasn't obvious. On the website, I only see a form to fill out and I honestly don't expect to ever hear back when filling those out, but sure enough they did. It would have been better if they sent you some sort of immediate acknowledgement though.
My experience with Andrews I would consider a B. My loan officer was a little hard to get a hold of, and if you had to call the main line it was maddeningly frustrating. The phone tree takes literal minutes to navigate and my shortest hold time was > 30 minutes.
My original internation was to go with Andrews despite the possibility of a lower rate with Lightstream as a courtesy to them; it was already a good rate. What changed for me though was when I got the final loan paperwork. It stated a maximum of $1000 deductible, which is a big deal for me. After shopping for insurance, I found that with the majority of companies, going to a $2500 collision deductible saves me about $300/ yr (everyone seems to say it has to do with the scarcity of spares for Teslas). That additional cost suddenly made the effective cost of the loan about 1% higher. For me personally, only loans less than 2% made sense because it allows me to have a positive spread vs a CD. Otherwise I'd just pay cash
This could very well be standard with other secured loans , but at the same time had they given me the loan documents up front right after I was qualified, I could have immediately ruled then out, but they wouldn't do that.
1.55 / 36 using numbers from Andrews.
I'd consider my experience with Lightstream so far to be an A. Would have been A+ but figuring out how to contact them wasn't obvious. On the website, I only see a form to fill out and I honestly don't expect to ever hear back when filling those out, but sure enough they did. It would have been better if they sent you some sort of immediate acknowledgement though.
My experience with Andrews I would consider a B. My loan officer was a little hard to get a hold of, and if you had to call the main line it was maddeningly frustrating. The phone tree takes literal minutes to navigate and my shortest hold time was > 30 minutes.
My original internation was to go with Andrews despite the possibility of a lower rate with Lightstream as a courtesy to them; it was already a good rate. What changed for me though was when I got the final loan paperwork. It stated a maximum of $1000 deductible, which is a big deal for me. After shopping for insurance, I found that with the majority of companies, going to a $2500 collision deductible saves me about $300/ yr (everyone seems to say it has to do with the scarcity of spares for Teslas). That additional cost suddenly made the effective cost of the loan about 1% higher. For me personally, only loans less than 2% made sense because it allows me to have a positive spread vs a CD. Otherwise I'd just pay cash
This could very well be standard with other secured loans , but at the same time had they given me the loan documents up front right after I was qualified, I could have immediately ruled then out, but they wouldn't do that.
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