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Business Loan

akm21

New Member
Sep 29, 2018
1
0
Houston
For anyone who knows more than me about this, if I do the sec 179 loophole for the Model X, do I need to get a business loan? If so, does anyone know of a credit union that can give a business loan because I cannot find a union that offers manageable rates or even offers a business auto loan. I am located in Texas so that also might complicate things.
 

frebay

Member
Sep 27, 2015
114
107
Los Angeles, Ca
I had this problem. I was approved with a credit union at 1.99. Turns that they don't want the LLC on the reg, so I had to go with Tesla/Chase bank at 2.76%.
 

Bablue86

New Member
Nov 10, 2018
3
2
Dallas, TX
For anyone who knows more than me about this, if I do the sec 179 loophole for the Model X, do I need to get a business loan? If so, does anyone know of a credit union that can give a business loan because I cannot find a union that offers manageable rates or even offers a business auto loan. I am located in Texas so that also might complicate things.
Hey akm21, I'm in the same boat and in Texas too where Tesla does not provide finance. Got approved by Alliant at 2.99%/72 months but as we know they dont allow business name on the registration/title like other credit unions. I'm trying to check major banks but there rates seems to be very high in their websites as we have to apply there as a private party instead of Tesla negotiated rates. Chase: 4.59%/72Months, US Bank 4.59%/72Months, Wells Fargo: 3.90%.

Any suggestion for me? Looking for decent rate and financing institution allows business name on the title/registration.
Thanks
 
  • Informative
Reactions: jet44

jbldragon

New Member
May 16, 2019
2
0
Orange
Hey akm21, I'm in the same boat and in Texas too where Tesla does not provide finance. Got approved by Alliant at 2.99%/72 months but as we know they dont allow business name on the registration/title like other credit unions. I'm trying to check major banks but there rates seems to be very high in their websites as we have to apply there as a private party instead of Tesla negotiated rates. Chase: 4.59%/72Months, US Bank 4.59%/72Months, Wells Fargo: 3.90%.

Any suggestion for me? Looking for decent rate and financing institution allows business name on the title/registration.
Thanks

Hello, did you ever get the loan for your MX? If so where? Was it with your business name? TIA
 

jbldragon

New Member
May 16, 2019
2
0
Orange
For anyone who knows more than me about this, if I do the sec 179 loophole for the Model X, do I need to get a business loan? If so, does anyone know of a credit union that can give a business loan because I cannot find a union that offers manageable rates or even offers a business auto loan. I am located in Texas so that also might complicate things.

Hello, did you ever get the loan for your MX? If so where? Was it with your business name? TIA
 

jewilson2

Member
Jul 10, 2018
88
44
NC
FWIW, I buy mine as company vehicles and finance them intentionally. I found out very late in the process that tesla's "in house" financing will not allow a business name on the loan (which is very odd). I had to scramble to get financing through my personal banker, but in my company name.

Surely Tesla has corporate customers that finance in an entity's name, not an individual?
 

rraghu78

Member
Nov 19, 2018
216
38
Frisco
In the same boat as you were a year ago, could you please share who you went with in the end?

Hey akm21, I'm in the same boat and in Texas too where Tesla does not provide finance. Got approved by Alliant at 2.99%/72 months but as we know they dont allow business name on the registration/title like other credit unions. I'm trying to check major banks but there rates seems to be very high in their websites as we have to apply there as a private party instead of Tesla negotiated rates. Chase: 4.59%/72Months, US Bank 4.59%/72Months, Wells Fargo: 3.90%.

Any suggestion for me? Looking for decent rate and financing institution allows business name on the title/registration.
Thanks
 

racerx43

Member
Jan 23, 2016
46
10
85262
Suggestion from anyone else from even non-TX state ?
Credit Unions (Some) may allow you to put in a business name, and the ones I checked had lower rates. With minor membership criteria- Some are state based or others are like clubs that you have to join. There is a spreadsheet someplace that had that info updated pretty regularly.
 

Deekanemz

New Member
Mar 21, 2020
1
0
Texas
FWIW, I buy mine as company vehicles and finance them intentionally. I found out very late in the process that tesla's "in house" financing will not allow a business name on the loan (which is very odd). I had to scramble to get financing through my personal banker, but in my company name.

Surely Tesla has corporate customers that finance in an entity's name, not an individual?

Did it affect your personal credit?
 

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