Reached out to Digital Credit Union this week for a loan on the P85D. I was originally going to go with Energy Credit Union, but since they now will only loan up to $70k, I didn't want to tie up ~$50k in the car. Credit score is almost 800, and income is a non-issue. They came back and offered $75k because they said my last car loan (8 years ago) was only for $35k, so they can't give me what I asked for. That's just dumb. Others have said EFCU did the same thing to them. Going back to my normal credit union (2%) to see what they'll do.
Thanks - do you know if they have any discounts for EVs or direct deposit, etc.? They're at the same rate as my credit union.
Had similar issues with most of Tesla's financing options. Our credit union was more than willing even offered to finance up to 120%. If you can I'd talk to your current bank since they have your entire deposit history.
DCU would only finance around 70% of my S85D, even though I've had loans with them in the past, and I've been a member for over 10 years. I went with Alliant and they will do 100% if I want.
DCU is only giving me 50% of the loan I asked for since I never borrowed this... Q: If I'm not anticipating getting the loan for a while (waiting on the X). Is there any benefit to start opening a small checking account with any of these guys? Would it help? Specifically: Alliant DCU EFCU Local credit union I have my mortgage with Wells Fargo and a PMA member but my feeling is the smaller banks would have better deals. Thanks!
I'll chime in with another recommendation for Alliant. They were super smooth to work with, and since they are used to working with Tesla, it was a total cinch.
+1 Alliant. Don't know the current rates, but they gave me 100% and even offered to cover the tax. This was my first time with an auto loan
Alliant sucked for me. They limited the financing for exactly the same reason as OP - that I have never had such a high auto loan before. I went with USAlliance who had no such restriction and the interest rate was the same at the time (1.9%).
I had a good experience applying with Alliant, they approved me for 100% financing in a matter of hours. I ended up going with one of my current banks, though; USAA was a pain to get approved by - they asked for a lot more documentation than any other banks or credit unions I looked at - but once I had approval funding the loan was a piece of cake. I've never had a car loan at all, so who knows what their criteria are for this kind of restriction.
does anyone know if a hi priced auto loan is equal to a hi price auto lease? i've leased $70k cars before, but havent bought. but its showed as $70k outstanding debt on my credit report. i wonder if i will have the same issues as some here?
DCU is only giving me 50% of the loan I asked for since I never borrowed this... Do you have a contact at US alliance? I applied at alliant yesterday and was disappointed with the rate and terms.
I just closed my loan with DCU, did not have such issue. Have you had a mortgage as well or no? They were pretty painless for me, and I got the 1.24% interest rate.
Same here. Closed my loan within 1 business day last May 2014. No issues at all - able to finance 100%. .99% , but you do need to direct deposit $500 a month. Which is non-issue since the payment is bigger anyway.
Yes! Although I don't know if they are still offering lower rates on EVs. Here you go: Jon Krumdick USAlliance Federal Credit Union Senior Manager - Sales and Service Phone: 800.431.2754 ext. 2319 Mobile: 978.833.1962 eFax: 914.881.3475 [email protected] http://www.usalliance.org
Called Scott Paulson at Alliant. He took the application over phone and less than a hour approved for 100% @ 1.99% for 60 months although I haven't asked for 100%. He offered GAP coverage for $319. Also applied on DCU but haven't got any response yet. How long DCU usually take to get back?