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Business Loan

Discussion in 'Model X: Ordering, Production, Delivery' started by akm21, Sep 29, 2018.

  1. akm21

    akm21 New Member

    Joined:
    Sep 29, 2018
    Messages:
    1
    Location:
    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.
     
  2. P85_DA

    P85_DA Supporting Member

    Joined:
    Apr 25, 2015
    Messages:
    3,834
    Location:
    CA
    No u don’t need business loan
     
  3. DCGOO

    DCGOO Active Member

    Joined:
    Nov 24, 2015
    Messages:
    1,332
    Location:
    Indianapolis, IN
    You actually don’t need a loan at all. How you pay for it is not a factor.
     
    • Like x 1
  4. frebay

    frebay Member

    Joined:
    Sep 27, 2015
    Messages:
    104
    Location:
    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%.
     
  5. Bablue86

    Bablue86 New Member

    Joined:
    Nov 10, 2018
    Messages:
    3
    Location:
    Dallas, TX
    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 x 1
  6. jbldragon

    jbldragon New Member

    Joined:
    May 16, 2019
    Messages:
    2
    Location:
    Orange
    Hello, did you ever get the loan for your MX? If so where? Was it with your business name? TIA
     
  7. jbldragon

    jbldragon New Member

    Joined:
    May 16, 2019
    Messages:
    2
    Location:
    Orange
    Hello, did you ever get the loan for your MX? If so where? Was it with your business name? TIA
     
  8. jewilson2

    jewilson2 Member

    Joined:
    Jul 10, 2018
    Messages:
    83
    Location:
    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?
     
  9. rraghu78

    rraghu78 Member

    Joined:
    Nov 19, 2018
    Messages:
    213
    Location:
    Frisco
    In the same boat as you were a year ago, could you please share who you went with in the end?

     
  10. rraghu78

    rraghu78 Member

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    Nov 19, 2018
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    213
    Location:
    Frisco
    Suggestion from anyone else from even non-TX state ?
     
  11. racerx43

    racerx43 Member

    Joined:
    Jan 23, 2016
    Messages:
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    Location:
    85262
    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.
     
  12. blissann

    blissann Member

    Joined:
    Jul 30, 2019
    Messages:
    24
    Location:
    Italy
    It's not a good idea to get a loan when you do not even know if you can repay it... and it's even less smart to give a loan to someone who does not have any way to repay it.

    Small business loans are generally given to those who have at the least a plan and generally who have orders to fulfill and just need a little working capital to expand or meet demand. You can find more information on business loan on palmaviolets.co.uk
     
  13. Deekanemz

    Deekanemz New Member

    Joined:
    Mar 21, 2020
    Messages:
    1
    Location:
    Texas
    Did it affect your personal credit?
     

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