Welcome to Tesla Motors Club
Discuss Tesla's Model S, Model 3, Model X, Model Y, Cybertruck, Roadster and More.
Register

Can you buy cash first, then finance after?

If you buy the car for cash, that transaction is complete and won’t be reopened by any car dealer.

To ‘finance’ a car you paid cash for, you can get a loan or line of credit from the bank. It won’t be favourable though. The best interest rates and incentives are always through the dealers themselves.

Keep in mind that incentives from car dealers are usually like an a la carte menu. You can choose a special cash incentive, a special finance rate, or a special lease rate.

I assume you are trying to get the cash bonuses (which are indeed usually the best) and then also get the special finance offer. You’ll have to choose.
 

Rachmaninov

Member
Supporting Member
Jul 17, 2019
225
153
NJ
Actually it is possible to pay cash for a new car and then finance it with most local banks/credit unions not Tesla.

Check with your bank to see what restrictions they have on mileage or time. This is not through Tesla obviously but my credit union’s offered fees that were actually less than Tesla.
 
  • Like
Reactions: deonb

KenC

Active Member
Sep 4, 2018
4,515
4,235
Maine
I'm looking to pick up an inventory Model 3 over the weekend while they have some of their incentives going.

Can I pay for it cash initially, then start a financing process a week later? Is this something a bank, CU and/or Tesla can do?
Try your bank or CU. Let them know ahead of time, as they may be flexible in offering you the new car rate financing as opposed to a used car rate refinancing. Could be a slightly better rate. Exactly a year ago, Tesla sent out those end-of-quarter text messages about having cars matching orders. Of course, it was just a fishing expedition to find out who could take a car on short notice. I immediately went to my CU to start the financing process, but they said they could finance me a week later, when I got the car, with VIN, etc., and I could still have the prior month's new car finance rate, etc.
 

TMBURNSY

3/22 MX LR 6 Seats - ED Dec-Mar 2023
Apr 19, 2019
12
2
Naples, FL
I'm looking to pick up an inventory Model 3 over the weekend while they have some of their incentives going.

Can I pay for it cash initially, then start a financing process a week later? Is this something a bank, CU and/or Tesla can do?

Yes, many banks or CUs consider the model year to define if you get the new or used interest rate. Example...

Auto Loan Refinancing from PenFed - Find, Compare, and Apply Today

"Vehicle's model year is 2020, 2019 or 2018...."
 

Products we're discussing on TMC...

About Us

Formed in 2006, Tesla Motors Club (TMC) was the first independent online Tesla community. Today it remains the largest and most dynamic community of Tesla enthusiasts. Learn more.

Do you value your experience at TMC? Consider becoming a Supporting Member of Tesla Motors Club. As a thank you for your contribution, you'll get nearly no ads in the Community and Groups sections. Additional perks are available depending on the level of contribution. Please visit the Account Upgrades page for more details.


SUPPORT TMC
Top