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Current Best Tesla Loan Rate?
- Thread starter Love2Run
- Start date
OCJeff
Active Member
If Tesla is like most dealerships, there will be a maximum amount - like $2,500. I took two bank checks on delivery day - one down payment, the other my small loan. I didn't have any issues going that route.
I believe i read in one of the tesla faqs that they only take the 250$ deposits in credit card. The rest has to be ach, wire transfer or certified check.
preilly44
Member
Correct, you can only pay the $250 deposit via CC. The remainder has to be ACH (or maybe cashiers check?).
(moderator note)
Please note that TMC does not allow referrals, and because of all the issues around referrals we have seen here with DCU are particularly sensitive to that one. Because this still goes on even after warnings, we have started temporarily banning people who we see do this, to reinforce this.
Please do not ask for, or offer DCU referrals. I say this, because almost every time "DCU" is mentioned, people start talking about referrals.
Please note that TMC does not allow referrals, and because of all the issues around referrals we have seen here with DCU are particularly sensitive to that one. Because this still goes on even after warnings, we have started temporarily banning people who we see do this, to reinforce this.
Please do not ask for, or offer DCU referrals. I say this, because almost every time "DCU" is mentioned, people start talking about referrals.
Only take DCU 3 days from VIN to cut the check t0 Tesla? How did you do it ?
What ever you would like to put down. You can finance the whole car if you’d like.
You can also have them include registration fees.
I put $0 down and DCU even will cover sales tax. My car will be picked up in Ohio and I have to register and pay sales tax in KY. My MVPA shows $0 for sales tax. They cut a check to Tesla and then put the additional funds into my DCU checking account. So far it’s been a very easy process.
How far in advance did you open a DCU account?
I assume they do a Know Your Customer background & credit check.
Am asking because I have to unlock my credit from the Credit Bureaus.
Also - do you have to autodeposit your entire paycheck to a DCU deposit account?
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I don't think it requires any? Could depend on your credit score but I'd say if you had good credit score you can finance the entire car?
I opened an account back in December and only have a portion of my paycheck sent to DCU. I started the auto deposit in January.
I got my VIN this morning and called around 3:30pm to get the loan process started. At 5:30 had the loan docs sent to me for ESign.
Surprisingly no hard credit check as I did not get an alert from Credit Karma which monitors Transunion and Equifax. But they might not have ran my credit yet (probably tomorrow) when they mail the check to Tesla.
Most likely depends on income and credit score. However they do finance up to 130% of the car value and I believe require GAP coverage if it’s over 125%.
I THINK as long as you have a referral you can do it all at once and they'll "honor" it if you don't have it FULLY set up but I could be wrong. It's 2 steps - you create a CHECKING account that does NOT require unlocking credit, you only need to unlock credit for loan app itself. You can set up checking ahead of time so they have in your system your'e a member.
For DD... I've heard stories of people's rates going up for not depositing "entire paycheck". No one knows for certain but I think those people deposit an amount less than their car payment, or perhaps a little more. I personally deposit $1k per paycheck and have yet to get flagged..> YMMV
I was going to go through USAA or Tesla - what's so special about DCU? I'd never even heard of them - just good rates?
Saw the mod post above.... hope this is okay to ask, not asking for a referral, just some clarification!
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