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.
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Business Loan
- Thread starter akm21
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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%.
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
Hello, did you ever get the loan for your MX? If so where? Was it with your business name? TIA
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?
Surely Tesla has corporate customers that finance in an entity's name, not an individual?
In the same boat as you were a year ago, could you please share who you went with in the end?
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.
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