DCU is only giving me 50% of the loan I asked for since I never borrowed this much

[PatD]

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.

 

[Rockster]

Alliant
Scott Paulson
773-462-2086

 

[PatD]

Alliant
Scott Paulson
773-462-2086

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.

 

[golfgypsy]

I checked with BofA today - for current good customers they are at 1.89%

 

[vvanders]

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.

 

[Tourman]

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.

 

[GreenPenguin]

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!

 

[SilverL]

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.

 

[GreenPenguin]

What's the current rate at Alliant and up to how much?

 

[DieAbetic]

+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

 

[AmpedRealtor]

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%).

 

[Eseell]

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.

 

[broncophil]

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?

 

[JMG]

I was quoted 1.99% yesterday.

 

[NuclearPowered]

DCU is only giving me 50% of the loan I asked for since I never borrowed this...

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%).

Do you have a contact at US alliance? I applied at alliant yesterday and was disappointed with the rate and terms.

 

[REBroker]

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.

 

[PatD]

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.

Yes, several mortgages and refi's (Though not with DCU.) They only cared about previous auto loans.

 

[tiblot]

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.

 

[AmpedRealtor]

Do you have a contact at US alliance? I applied at alliant yesterday and was disappointed with the rate and terms.

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

 

[Syed]

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?