titoj19

I've seen a few discussions about financing in other threads, but figured it's a topic deserving of its own thread. I searched this forum, but apologize if this is duplicative.

I was approved yesterday for 60 months at 1.45% for essentially the entire purchase price ($70k). I used Nassau Educators Federal Credit Union (https://www.mynefcu.org/) - eligibility is limited to those who live, work or regularly conduct business in Nassau and Suffolk County, NY (Long Island). I recognize that's likely a small percentage of you, but it's the best rate I've seen by far so wanted to share.

I thought about going to Lightstream to have them beat the rate by 10bps with an unsecured loan, but they tried to offer me $50k secured with some BS about how I've never paid off a $70k car loan before. I have excellent credit and no mortgage, so it makes me wonder if their unsecured product is vaporware. I'm curious if anyone has any experience with Lightstream, though I'm not hung up on it - the credit union rate is great and I'm happy to give them the business.

ephone1

I just heard of Lightstream this week. My question is if you manage to get a large unsecured loan, would it show up as a huge negative on your credit record vs a tradtional car loan?

adamvincent617

We financed using a Lightstream loan. The loan was $55k at 1.89% (we did put down around $10k on the purchase), which was the lowest available at the time. Our credit scores were around 820-830 at the time and actually have increased since taking out the loan. Only issue we had was related to the fact that with an unsecured loan, you can't take GAP coverage on the loan, so had to go with an auto insurer that would offer new or better car replacement in case of an accident.

Money was deposited directly into our bank account. We didn't have to provide any proof regarding the purchase. And we were able to write a personal check for the purchase.

titoj19

I thought about that yesterday as well. Between that and the $3/mo savings on the 10bps, decided 1.45% secured was more than good enough. My dealer tried to match it this morning and couldn't.