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Can you buy cash first, then finance after?

deonb

Active Member
Mar 4, 2013
4,060
4,215
Redmond, WA
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?
 

Chrisizzle

Member
Nov 25, 2014
313
232
Toronto, Ontario, canada
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.
 

pdxrunr

Member
Aug 5, 2015
246
245
Lake Oswego, OR
Easy if you have the cash. Pay cash, take the bonus they give you, then open a heloc and pay yourself back. Rate will be slightly higher, but much longer payback term.
 

Rachmaninov

Supporting Member
Supporting Member
Jul 17, 2019
220
146
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.
 
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KenC

Active Member
Sep 4, 2018
3,698
3,360
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

Member
Apr 19, 2019
11
2
Scottsdale
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...."
 

dchobo

Member
Sep 18, 2019
77
18
Tesla Fremont Factory
Not sure if it will work with Tesla, but I remember years ago my first car was bought on a weekend too. I wrote the dealer a check for the full amount but asked them to hold it (don't cash it immediately), then talked to my credit union on Monday who promptly gave me a check to give it to the dealer. Then the original check is returned to me.
 
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