Financing the 2022 Lightning Purchase - Add Your Options

[kab]

Parsons denied my loan application because I had changed employers in the past 12 months (so be aware of that!). I found a local credit union that has 2.99% for any term length and will be going with them.

Just a warning...Parsons' current rates are only effective through the end of the month and they may (probably will...) increase come October 1. Membership takes a few days, as does loan approval, so if you want to lock in the current rate for 30 days, move fast and hope you can get both approved before the calendar rolls over.

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[SmokingtheMeats]

I'

Parsons denied my loan application because I had changed employers in the past 12 months (so be aware of that!). I found a local credit union that has 2.99% for any term length and will be going with them.

Just a warning...Parsons' current rates are only effective through the end of the month and they may (probably will...) increase come October 1. Membership takes a few days, as does loan approval, so if you want to lock in the current rate for 30 days, move fast and hope you can get both approved before the calendar rolls over.

It's been almost a week and I'm waiting for Parson's to get back to me. I've called them twice over it so far and was told it should be another day or so as they are about a week out with the amount of loans they received.

 

[sotek2345]

I just got approved by my local credit union (CAPCOM FCU) for 3.49% for 72 months. Maybe not the absolute best out there, but they are good to work with. Will go with them unless the dealer can beat that (I doubt it).

 

[4Reeley]

Closed today with Parsons at 2.49 for 72. They are a small bank and have a huge backlog right now, with their rates increasing tomorrow. They gave me a little over 30 days on the lock since it was so close, 2.49 was locked in August. Super friendly and accommodating, you just need to be patient and persistent!

 

[SmokingtheMeats]

Closed today with Parsons at 2.49 for 72. They are a small bank and have a huge backlog right now, with their rates increasing tomorrow. They gave me a little over 30 days on the lock since it was so close, 2.49 was locked in August. Super friendly and accommodating, you just need to be patient and persistent!

I’m locked in with Parsons for 27 more days at 2.79% for 72. Hoping to get the truck soon.

 

[JLee]

I’m locked in with Parsons for 27 more days at 2.79% for 72. Hoping to get the truck soon.

Are they requiring a down payment? I had a friend do a 100% refi with them and a week later I applied and they told me they want 20% down.

 

[SmokingtheMeats]

Are they requiring a down payment? I had a friend do a 100% refi with them and a week later I applied and they told me they want 20% down.

I wasn’t asked for one for my pre approval

 

[JLee]

I wasn’t asked for one for my pre approval

Damn, wtf. They told me they had too many loans coming in at 100% LTV so now they’re requiring 20% down, or 15% down if I buy their gap insurance.

They’re still the best rate I’ve found so I’ll probably do it anyway, but I’m a bit disappointed.

 

[RavenYZF-R6]

Damn, wtf. They told me they had too many loans coming in at 100% LTV so now they’re requiring 20% down, or 15% down if I buy their gap insurance.

They’re still the best rate I’ve found so I’ll probably do it anyway, but I’m a bit disappointed.

I was told 8k down on my pro about a month ago.

 

[jpepper07]

Closed today with Parsons at 2.49 for 72. They are a small bank and have a huge backlog right now, with their rates increasing tomorrow. They gave me a little over 30 days on the lock since it was so close, 2.49 was locked in August. Super friendly and accommodating, you just need to be patient and persistent!

Fuck me I'm not sure I am rate locked because they don't communicate at all. Not sure if they sent a check to my dealer or if I still need to finalize something. I bet km screwed.

 

[jpepper07]

Damn, wtf. They told me they had too many loans coming in at 100% LTV so now they’re requiring 20% down, or 15% down if I buy their gap insurance.

They’re still the best rate I’ve found so I’ll probably do it anyway, but I’m a bit disappointed.

Which is silly majority of auto loans 100% ltv, but the value of lightning is really like 120% of msrp.

I also prefer gap via my auto. So I can have car replacement policies.

 

[4Reeley]

Not sure if they sent a check to my dealer or if I still need to finalize something.

Call until your get through, just remember their business hours are Pacific time. Ask about rates and lock period and you’ll get an answer. Literally everything is verbal until you submit your final buyers order. Then you get a DocuSign starting terms, they Fedex a check directly to the dealer and provide tracking. It’s up to the dealer whether they let you drive off before the check arrives.

 

[jpepper07]

Call until your get through, just remember their business hours are Pacific time. Ask about rates and lock period and you’ll get an answer. Literally everything is verbal until you submit your final buyers order. Then you get a DocuSign starting terms, they Fedex a check directly to the dealer and provide tracking. It’s up to the dealer whether they let you drive off before the check arrives.

Well, they haven't sent me docusign yet. I sent a buyers order. I assume they won't be open on Saturday but I will try calling.

 

[CRAIGC540]

I was able to lock 1.99 from myeecu.org
That has since expired but I was finalizing my loan and found out the rate is 2.45 now, you have to open a account and have auto pay.
Be prepared to wait for a loan officer they are slow to answer. Call
559-437-7700 option 3 for the loan dept. They are located in Fresno California and the truck has to be registered in California. Also to qualify for membership you can make a $10 donation the a teachers fund.

 

[EV Outdoors]

Parsons just raised their rate from 2.79 to 3.79 this month!

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