Graffi
Member
I hope that promotion is still in effect when ours is ready for delivery. Any Idea if this is short term or long term promotion?
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What is best financing rate now?
- Thread starter bartekr
- Start date
So literally right when you filled out your application online, you pressed submit, and then got an instant confirmation screen showing you were approved and showing the final rate (after the 1% discount)?
And you were not a member yet when you applied for the auto loan?
If so, that's awesome. Sorry for all the Qs, this is super helpful.
wbhokie
Member
No idea. I still am showing Aug-Oct as my delivery so I am leaning towards the Lightstream match with an unsecured loan. If I had to guess I'd say it is a summer promotion, but that is a complete shot in the dark guess!
My previous unsecured loan from Lightstream is being paid off today so I'm waiting for that to be cleared off the books before starting a new application.
Found it but I don’t think I used a special link when I applied on Sunday - can’t remeber for sure.
Hey Federal Employees | FedChoice Federal Credit Union
wbhokie
Member
There is no special link, I think it is automatic if you apply in your first 30 days of being a customer. Worst case is you call them post-approval to get it applied.
I wonder if anyone can do this to get a preapproval, despite not meeting the membership requirements, then use that preapproval with lightstream to match.
Does Lighstream offer a regular auto loan and an unsecured loan or are they one in the same product?
voip-ninja
Give me some sugar baby
They are not the same. You need better credit to qualify for an unsecured loan even at the same interest rate.
jrmnet
Member
Man, that .99 was a teaser. Very short loan!
I got approved by Allegacy today, and started the rate match process with LightStream. My loan officer didn't want to write the APR on my pre-approval letter, it took several emails for her to do it.
They will say they do not write it because it varies based on length of the loan. Let them know that you want the longest amount of time, for the lowest interest rate, and they will do it. 66 month for 2.29 is what I got, so I am hoping for 2.19 with LightStream.
I got approved by Allegacy today, and started the rate match process with LightStream. My loan officer didn't want to write the APR on my pre-approval letter, it took several emails for her to do it.
They will say they do not write it because it varies based on length of the loan. Let them know that you want the longest amount of time, for the lowest interest rate, and they will do it. 66 month for 2.29 is what I got, so I am hoping for 2.19 with LightStream.
wbhokie
Member
I'm assuming you didn't tell her you needed it for a rate match - what did you say to get her to include it?
Apparently you don't have to be a member to instantly receive confirmation. I haven't tried it yet but looks like you can apply for the Loan and use the confirmation for lightstream match.
I highly doubt you will get to the point of a pre-approval letter.
The numbers below are based on a 44k loan, I will be paying a bunch of of pocket, I wanted my payment to be around 700 a month.
2.19 will be $2,743.17 in interest paid if I go full length (66 months) with Allegacy / Lightstream match.
1.39 will be $1,728.79 in interest paid if I go full length (66 months) with FedChoice / Lightstream match. I feel a bit shady going that route...
I will admit, I didn't think it would be a 1k difference....
I said this:
"I do not need to submit my loan information yet, but based on what I am reading, Tesla requires your letter to have the APR on the letter if you are not using their financing.
I am wanting the max amount of time for the lowest rate, which in this case I believe is 66 months."
Do you mean shady because you’re not really eligible for FedChoice membership? Or you mean shady to apply somewhere only to use it to get a better match somewhere else?
If the latter, who cares, that’s competiton.
If the former, you may not be able to anyway. When you fill out the application it asks for your address (which is obviously also on your credit report), and it may be that if you’re not in one of the zip codes around here, it won’t accept the application or won’t approve it. (I have no idea, just pointing that out.) It also asks for your employer, and it may be that if you don’t indicate you work for the government it won’t accept/approve you. (Again, no idea, just pointing it out.)
