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Best Financing Option

Discussion in 'Model 3: Ordering, Production, Delivery' started by onehawaiian, Jul 25, 2018.

  1. onehawaiian

    onehawaiian Member

    Joined:
    Jul 23, 2018
    Messages:
    18
    Location:
    Kailua, Hawaii
    Aloha everyone!

    This is my first post, waiting on my VIN.
    Figured I'd ask everyone's opinions and experiences with financing.
    I secured a pre-approval through my Credit Union and it's a decent deal but it is also dependent on a trade-in with Tesla.
    I would like to keep my current car if possible and wondered which would be better, going through Tesla or some other institution like Lightstream?
    Who would most likely (in your exp/opinion) finance most if not all of the purchase?
     
  2. Runt8

    Runt8 Active Member

    Joined:
    May 19, 2017
    Messages:
    1,255
    Location:
    Colorado
    Welcome to the forum!

    For most banks and credit unions the type of car you’re buying doesn’t matter. It’s all about purchase price, income, and credit rating. The vast majority will approve a loan for the full price of a new car if they determine the buyer is likely to be able to pay them back, but the only way to know if they will approve you is to ask for quotes.

    Did your credit union not approve you for the full purchase price? And if so, did they give a reason?
     
  3. favo

    favo P3D+ owner

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    Durham, NC
  4. onehawaiian

    onehawaiian Member

    Joined:
    Jul 23, 2018
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    Location:
    Kailua, Hawaii
    Yeah my CU said I needed 20% down so I'd need to do a trade in to get me there.
    Rate is 4.5% for the first year then drops to 3.25 thereafter.
    Like I said pretty good deal but I'd like to shop around and see what I can get and still keep my current car.

    I've read both Lightstream and going thru Tesla have all been pretty good, just wanted to get this forums opinions
     
  5. onehawaiian

    onehawaiian Member

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    Location:
    Kailua, Hawaii
  6. UltralightBeam

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    Chicago, IL
    By chance does anyone know if Tesla has a prepayment penalty?
     
  7. forkee

    forkee Member

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    Southern California
    they had told me there is no penalty for paying off sooner
     
  8. bomquito

    bomquito Member

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    Nov 17, 2017
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    117
    Location:
    Riverside CA
    I got approved for 1.9% through a Credit Union. TESLA had originally approved me for 3.55% through US bank, obviously I turned it down. You can get a much better rate with a local Credit Union here in So-Cal.

    Picking up my car this Saturday. Vin 49xxx
     
  9. Plan B

    Plan B Active Member

    Joined:
    May 8, 2015
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    PDX

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