Yes I'm really hoping it will come through tomorrow which will get me fully paid by the 7 days to go point - but it might be Monday. I'll be on the phone to them tomorrow pm I think!
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Energy saving trust loans [Scotland]
- Thread starter Bobster1967
- Start date
Thanks for the update @longmalx and @Sinx - hope the timing works out ok for you both. Are you financing yourselves for the time being or having to juggle delivery dates?
I've been going through the EST application form, although a few things I wasn't 100% on - namely:
I've been going through the EST application form, although a few things I wasn't 100% on - namely:
- What to put in the Dealership Name & Contact details boxes; I've not placed the order yet, but seems these are more set-up for other car dealerships (with Tesla, don't you just order via the website!?).
- Whether to just put "Total Cost of Vehicle" price excluding extras, as need to ensure it's under the £50k mark, but with paint, Enhanced Autopilot etc my total is going to be £52,990!
- What to upload as the Quotation doc? Can it be a screen-grab, or do I actually need to place the order and pay the £100 before I complete the application??
Tesla Motors Ltd. I just used my local SC address
Keep it under £50k
Once you've placed your order with Tesla you'll get your Order Agreement on your account page - which is what you send to EST. A screen grab isn't sufficient.
Dealership: Put whatever address it prints on the top of the Order Confirmation (or just put "Tesla")
If you need to be below a certain amount, order the car without full self driving, and just add it after delivery - it's the same cost at the moment.
Quotation Doc: Upload the PDF / print out of your Order Confirmation.
I have recently received my EST loan in to my account ahead of collecting my M3 later this month. If it helps anyone going through the process my timeline was:
03/08 applied for loan
16/08 email to say loan approved
17/08 I returned all paperwork apart from the final invoice that was outstanding
27/08 final invoice received and sent to EST
04/09 EST emailed me saying everything is approved and asked me to call them. Turns out they want to confirm you are who you say you are etc. Then confirm you want the cash.
08/09 EST email stating funds have been sent.
10/09 cash in my account
in between all that I also applied for my home charger grant which took 8 days from applying to approval.
All in all an easy process.
03/08 applied for loan
16/08 email to say loan approved
17/08 I returned all paperwork apart from the final invoice that was outstanding
27/08 final invoice received and sent to EST
04/09 EST emailed me saying everything is approved and asked me to call them. Turns out they want to confirm you are who you say you are etc. Then confirm you want the cash.
08/09 EST email stating funds have been sent.
10/09 cash in my account
in between all that I also applied for my home charger grant which took 8 days from applying to approval.
All in all an easy process.
Thank you @Bobster1967 / @Sinx / @Alistairuk for your advice. I've paused the application for now, and will restart once I'm ready to place order with Tesla and get that Order Confirmation/Agreement. And ensure I keep the Autopilot off at stage 1!
And thanks @Bodger for your summary - seems like it all went smoothly, so let's hope the same for others on here.
And thanks @Bodger for your summary - seems like it all went smoothly, so let's hope the same for others on here.
As long as it’s paid before collection they don’t really care. Some people (me included) didn’t even get an invoice until a few days before - in my case invoice appeared on the Friday morning, with collection on the Monday morning!
If your concerned give Tesla a call day or two before - but when you make the payment it should go through instantly and update on your Tesla account within an hour or so.
If it helps, I’m due to collect on 28th and my account now says I need to email confirmation of payment within 48hrs of collection. No mention of the 7 days anymore.
Well EST have failed - despite being told it funds would be with me by today I'm now told its going to be another 2-3 weeks.
Had Tesla on the phone on Friday offering a Tesla loan to get around it although I'm aware there may be early repayment penalties when the EST funds eventually come through - looks like I no have no choice if I'm to get the car within the next week.
Had Tesla on the phone on Friday offering a Tesla loan to get around it although I'm aware there may be early repayment penalties when the EST funds eventually come through - looks like I no have no choice if I'm to get the car within the next week.
Sooo let me get this right, the Scottish Government will give you £28k interest free loan over say 6 years.... the long range car lets just say costs £48k, assuming you put down say a £6k deposit then you could basically fund the car via two loans (the first the interest free loan to Nicola) then say in theory take a tesla loan (or equivalent bank loan) for the remaining £14k? thereby saving a shed load on interest payments etc. I was going to go full PCP with a 6k deposit, but this could make the car a bit more affordable.
You'd need to double-check the terms and if you're allowed to fund with a separate loan for the other half - I think you are but I do remember reading something about it in the terms (of course it will also mean you're making 2x the monthly loan repayments - one to EST and one to your other source).
But yes, it would save you a bunch on interest on the loan repayments - I was fortunate and got the EST loan when it was 35k - it was a no-brainer, the cash is better in my bank account than in Tesla's even if it is earning measly interest
Is there no way that you can obtain a very short-term loan / essentially bridging loan (if that's the right term) for a few months rather than get hit with early repayment issues?Well EST have failed - despite being told it funds would be with me by today I'm now told its going to be another 2-3 weeks.
Had Tesla on the phone on Friday offering a Tesla loan to get around it although I'm aware there may be early repayment penalties when the EST funds eventually come through - looks like I no have no choice if I'm to get the car within the next week.
I guess it depends on your circumstances but what's happened to you is roughly what almost happened to me; firstly when EST took 6+ weeks to even look at the application, meaning I missed the Q2 delivery where I was offered a car, which then meant I was pushed to end of Q3, which if I had not had the cash in savings anyway to pay for the car, I would have had to lose and go to Q4 because EST took soo long to pay the loan out after getting the invoice! As a semi-last resort is it worth you delaying your car to Q4 - since you'll have received the loan payment by then, and you do have 3 months (if I remember right) to submit proof of having actually paid for the car to EST?
You'd need to double-check the terms and if you're allowed to fund with a separate loan for the other half - I think you are but I do remember reading something about it in the terms (of course it will also mean you're making 2x the monthly loan repayments - one to EST and one to your other source).
But yes, it would save you a bunch on interest on the loan repayments - I was fortunate and got the EST loan when it was 35k - it was a no-brainer, the cash is better in my bank account than in Tesla's even if it is earning measly interest
Is there no way that you can obtain a very short-term loan / essentially bridging loan (if that's the right term) for a few months rather than get hit with early repayment issues?
I guess it depends on your circumstances but what's happened to you is roughly what almost happened to me; firstly when EST took 6+ weeks to even look at the application, meaning I missed the Q2 delivery where I was offered a car, which then meant I was pushed to end of Q3, which if I had not had the cash in savings anyway to pay for the car, I would have had to lose and go to Q4 because EST took soo long to pay the loan out after getting the invoice! As a semi-last resort is it worth you delaying your car to Q4 - since you'll have received the loan payment by then, and you do have 3 months (if I remember right) to submit proof of having actually paid for the car to EST?Not sure how fast I could arrnage a short term loan
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