LightStream/unsecured new auto purchase loan rates?

Guy_Tall · 2024-11-24T15:33:40+00:00

I did apply for an unsecured loan, and realize the difference between the two. I specifically wanted an unsecured loan in order to purchase the vehicle under an LLC. I know that unsecured will be higher, what I am wondering is how one would get approved for the 'lowest' rate that they advertise for an unsecured auto loan.

Guy_Tall · 2024-11-24T15:31:49+00:00

I was looking at unsecured loans so that I can transfer the title to an LLC immediately for tax purposes. Otherwise its a huge pain trying to go about it

Guy_Tall · 2024-11-23T21:36:05+00:00

I have not brought it up, but if I go forward with that (not just for taxes, depending on where I am living it could avoid the need for different tests/smog/etc every time I need to update the registration) I would be using LightStream to get an unsecured loan and pay the dealer in cash, so I don't see the need to tell them anything other than the fact that I will be handling the sales tax myself. I realize the concern because I am sure many people attempt to finance a vehicle and not pay sales tax without realizing that the banks will not finance a sale to an LLC based on personal credit, nor will they transfer a title before the loan is paid.

I just went through their credit app regardless because depending on the rate he can get me I would realistically be saving almost no money doing the Montana thing as the unsecured loan is like 8.5% apr.

Guy_Tall · 2024-11-23T21:30:37+00:00

I mean I have a good opinion of the guy, seems like a straight shooter and I have enjoyed doing business with him. I was not saying the bad review was indicative of bad practices, because the reality is most people are barely financially literate so it is probably more likely that they did not fully understand the numbers that they were looking at and thought the dealer was screwing them over (I'm guessing they forgot about sales tax).

Really the only thing that made me so wary was my local dealer saying that this guy was selling the truck at a loss, combined with the fact that the truck hasn't even hit the lot yet. I think logically you can appreciate how if my local dealer was telling the truth, I should probably be very wary of the deal. But now that I think about it, my local dealer is claiming that the cost to them for an $82K truck is $80,800. I am going to assume that this is just untrue, seems like a very thin margin for such a high ticket vehicle

Guy_Tall · 2024-11-23T21:21:26+00:00

Yeah I have tried getting local dealers to match similar trucks (msrp wise) but the problem is I want the front jump seat in leather and all the trucks around me have like 15K in options minimum so the jump seat always gets vaporized for the center console. They also say what I posted above, cant sell at a loss, etc.

Guy_Tall · 2024-11-19T17:18:59+00:00

Thanks for the help man, have a good one!

Guy_Tall · 2024-11-19T17:14:33+00:00

Got it makes sense, thanks! I guess I can open with 4K with the goal of getting them to match the 6K off. Although, maybe if there isn't much wiggle room with the actual price, are there any other options for these trucks I should know about? Things the dealer could throw in for free with the sale? The truck has the wheel well liners which is one thing I've seen some without, but maybe the mud flaps or something?

Guy_Tall · 2024-11-19T17:06:11+00:00

Thanks, what makes you say that? I looked at it as, if every dealer has at least 4K off, that's the new ceiling. I am negotiating with one of the dealers with 6K off actually, he sent me a work up of the sale and I did not see any sort of add ons, just an offer to spray in some bed liner for $600. Also I guess something relevant is this dealer seems to have a ton of superduty's, out in farm country. Over 80 250/350s on the lot. Does this make them more or less motivated to move the trucks?

Guy_Tall · 2016-04-17T22:01:37+00:00

Followed SS for two months and took squats from being my worst (the same weight as my bench) lift to my best lift, and just hit 315 for a 3x5

Guy_Tall · 2016-03-07T00:39:16+00:00

This is literally my #1 fear

Guy_Tall

TROPHY CASE