I tried applying for a loan with my bank (Chase), but it redirected me to Tesla. When I applied at Tesla, I got an inquiry with US Bank and I saw their rates are horrendous. I have an 800+ Fico with no debt and income above $200k, and I’m sure I can get a better rate at my own bank but how can I apply with Chase?
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Can’t apply for loan with Chase
- Thread starter SteveFromNY
- Start date
Have you thought about going into a branch and inquiring? Thats still a thing, even with online application, etc.
I am completely guessing here but maybe Chase has decided not to make loans on Tesla vehicles hence the redirection to Tesla. Definitely inquire with them but if you want the best rate you should check with a credit union.
StoXto3toY
Member
Car loans are something that people can shop for, and that all credit pulls within a pre determined period of time (I believe its 2 weeks) are all considered as one hard pull for the credit algorithms. Its expected for people to shop around for both car and home loans so this is the case with both of them.
Perhaps Chase is choosing not to do tesla car loans or only does them through referrals from tesla or something? Tesla uses multiple lenders. You will get your answer if you go in person to a chase branch and ask.
You should plan on the people in the branch re directing you too, and also plan on shopping around, but you will find out for sure by going to a Chase branch.
You’re right! I’m not sure why I assumed (maybe I heard) that only Chase and Wells Fargo do loans for Tesla. I was just surprised to see US Bank pull a hard inquiry (I’ve never heard of this bank prior), and they’re advertising loans at 6%, which is bad. I’ll go to Chase later, thanks. Also good to know that all inquires don’t each stack up against my score in this timeframe!
StoXto3toY
Member
Yeah, I wouldn't count on getting any answers by going into a branch. The branches are mostly useless these days. But OP, sure, give it a shot. Auto lending from Chase and most big banks isn't done at local branches, its centralized.
You can still apply for a loan in person at just about any financial institution that has branches. Perhaps I am spoiled because I bank with Navy Federal Credit union, which has both a extremely competent phone support setup, and very helpful people in the branches.
StoXto3toY
Member
NFCU is great, just recently used them for a mortgage; but that's a credit union. If you go to Chase there is a not zero chance they will actually direct you online or give you a terminal to fill out an online app. Most Chase locations in my area don't even have tellers only ATMS and "customer service" associates.
I just looked at NFCU (my financial institution) and they are advertising 4.74% for <60 months, and 5.04% 60-72 months. Most banks have worse interest rates than credit unions (I would be surprised if chase was much different than your Wells fargo quote).
My car loan with NFCU is below 2% but I got that in march of last year, which, from a financial perspective, might as well have been 5 years ago.
colea
Member
Yes, I had the same experience last November even though I have a substantial retirement fund invested at Chase. I ended up going with Tenet Energy based on a presentation they made to the Tesla Owners of New York:
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