What is best financing rate now?

[THX723]

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.

Due to the nature of an unsecured loan, GAP insurance does not apply. LightStream does not offer it nor do they require it.

IMHO it is a good idea to protect yourself financially in the event of a total loss of vehicle due to Tesla's high average cost of repair or high depreciation (if you drive a ton like I plan to).

Even better than GAP insurance (which is only for secured loans and only covers the gap) is some type of new car replacement policy from your primary insurer, where you will be credited full value of your Tesla during the first 2 years of ownership (or 3, depending on insurer). The added cost is comparable to GAP insurance, which comes to ~$400 total for the 2 years. Not all insurers provide such coverage however. AAA, whom I was insured with, apparently does not. While AllState (whom I'm now insured under) does.

Food for thoughts.

 

[Vulcanized]

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!

I actually live quite far away from Pasadena so I wasn't readily eligible to become a member. I applied for the loan without opening an account and got an email notice of approval and I started corresponding with them from there on. I confirmed my eligibility to become a CU member through their donor/member program. I then made the donation and opened the e-checking account to set up the auto-pay for the 1% APR discount (to bring it actual APR to 1.99). Smooth sailing from then.

 

[Vulcanized]

What complaints? Could you link to the thread please?

There's one or two here and some more on the next pages
Let's talk financing rates

 

[hotony13]

Anyone have a couple CU's that have an option to get a pre-approval?(soft-pull on credit) Want to see how likely it is for myself to get individually approved for a loan. Thanks!

 

[rexian]

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.

Thanks, I'd not qualify as a VA resident in that case.

 

[rexian]

Sharing my experience with PFCU - called yesterday and spoke to a lady after about 5 min hold. She was very helpful and explained the below process -
1. Apply for membership as a Pasadena public library donor and request a checking or savings account - usually instantaneous
2. Apply for loan - may take couple of days

She also mentioned the checking account needed $25 as initial fund. I paid it using a credit card but also noticed it had a $5 mandatory donation. She didn't mention it and I don't see it on the credit card auth either - just $25.

I applied in the afternoon and in about 3 hours received an email saying I was approved (assuming pre-approved) for 48 months @2.99%. I'd qualify for 1.99% if I use the recently opened checking account to autopay monthly and that I needed to send my recent paystubs for verification. I sent those last night and haven't heard from them yet but that's possibly because it's a Saturday.

The process so far has been very straight forward and I'd give them an A if I get a formal approval on Monday.

 

[rexian]

Due to the nature of an unsecured loan, GAP insurance does not apply. LightStream does not offer it nor do they require it.

IMHO it is a good idea to protect yourself financially in the event of a total loss of vehicle due to Tesla's high average cost of repair or high depreciation (if you drive a ton like I plan to).

Even better than GAP insurance (which is only for secured loans and only covers the gap) is some type of new car replacement policy from your primary insurer, where you will be credited full value of your Tesla during the first 2 years of ownership (or 3, depending on insurer). The added cost is comparable to GAP insurance, which comes to ~$400 total for the 2 years. Not all insurers provide such coverage however. AAA, whom I was insured with, apparently does not. While AllState (whom I'm now insured under) does.

Food for thoughts.

Thanks for the information! $400 over 2 years (~$16/month) would be close to a point increase in rate. Not sure if PFCU requires GAP - if they do, I'll consider LS but otherwise would prefer to do business with a credit union (PFCU or any other).

 

[Mrtee733]

Financial partners credit union (located in SoCal), 2.49%, 72 months. AWEsome service! If you need a good referral, let me know. They helped me get my loan going the same day I provided the MVPA, since Tesla gave it to me on my scheduled delivery day!

 

[aramesh]

Financial partners credit union (located in SoCal), 2.49%, 72 months. AWEsome service! If you need a good referral, let me know. They helped me get my loan going the same day I provided the MVPA, since Tesla gave it to me on my scheduled delivery day!

Were you able to apply to the credit union and apply for the loan and receive it all in the same day? I'm considering it because 2.49% for 72 months is solid! However, my delivery is scheduled for this Friday so I am wondering if I will have enough time?

 

[jordan34]

Financial partners credit union (located in SoCal), 2.49%, 72 months. AWEsome service! If you need a good referral, let me know. They helped me get my loan going the same day I provided the MVPA, since Tesla gave it to me on my scheduled delivery day!

I just walked into a Financial Partners branch (Irvine) and inquired about getting a loan for my Tesla, based on the good feedback I've seen in this forum. I was informed that they do not give out 72 month loans for EVs (Tesla)?? The max length is 60 months. How did you get 72 months?

 

[notamerican]

I greatly benefitted from reading this thread (and this forum in general) so I want to share my experience with financing my Model 3, which may benefit other people. I got an amazing 1.39% rate on a $50k loan for 48 months with lightstream.

Here are the steps I took:

1. Got approved in one business day from Lightstream: 3.65% for 48 months, $50k.
2. Got approved from Clearpath FCU in a couple of business days: 1.49% for 48 months, $50k, secured.
3. Went back to LightStream for their rate beat: in a few hours they offerred me 1.39% for 48 months, $50k, unsecured.

I think this is a great deal. Someone in here might have gotten better terms, but I am very satisfied with the above and wanted to share it with everybody.

 

[Slumpey326]

what proof will lightstream accept that one got pre-approved for a loan.

 

[asianxtreme]

Yea I'm not sure what proof lightstream needs. I copied the email I got back from the SF FCU saying I was approved at 1.99% APR and sent it to lightstream. If this is not sufficient I'm not sure what they need.

The next step for SF FCU would be to submit all the documents like proof of income, MVPA, proof of auto insurance, etc. I don't want to go down this long path just to get lightstream to match it. (And I don't have MVPA yet)

Can somebody share some experience what they actually sent back to Lightstream as "proof"?

 

[CrazyCoconut]

Can somebody share some experience what they actually sent back to Lightstream as "proof"?

Approval letter from a CU stating the exact amount, length, rate, and conditions of the loan.

 

[asianxtreme]

Approval letter from a CU stating the exact amount, length, rate, and conditions of the loan.

The CU approval was given in the body of an email, which is what I sent over to Lightstream (entire email in PDF). I just emailed the CU back to see if there is any official document with T&Cs that they can provide.

 

[brandonee916]

Can somebody share some experience what they actually sent back to Lightstream as "proof"?

If you really think it's worth saving an extra %.1 on your loan.... otherwise that rate is incredible from SFCU. The lowest I got a couple weeks ago was 2.99%

 

[asianxtreme]

If you really think it's worth saving an extra %.1 on your loan.... otherwise that rate is incredible from SFCU. The lowest I got a couple weeks ago was 2.99%

Well I don't really care about the rate difference. My main concern is the unsecured loan part. I told Tesla I would be paying cash and I'm only 7 days out till delivery, so I don't want to deal with the hassle with loan documents, MVPA, etc. (esp since I've never done it before). From what I've read, the MVPA and loan application is like a chicken-and-egg problem between Tesla and bank.

 

[MultiMediaWill]

Can I get a loan from Clearpath if I don’t live in California? They seems to have great rates.

 

[asianxtreme]

The CU approval was given in the body of an email, which is what I sent over to Lightstream (entire email in PDF). I just emailed the CU back to see if there is any official document with T&Cs that they can provide.

Providing the email approval from SF FCU worked.

Lightstream came back with official offer for 1.89% APR for 36 months on a $30,000 loan. Nice!

 

[Trevor B]

Providing the email approval from SF FCU worked.

Lightstream came back with official offer for 1.89% APR for 35 months on a $30,000 loan. Nice!

Congratulations! You saved $12/year