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Financing before Order

Discussion in 'Model S: Ordering, Production, Delivery' started by Zack.A, Jul 17, 2013.

  1. Zack.A

    Zack.A Member

    Joined:
    Jul 17, 2013
    Messages:
    18
    Location:
    Atlanta, GA
    I am thinking of ordering a Model S (85kWh), after I can get myself to Florida for a test drive, and getting it mostly financed.

    As I understand it, I should apply for financing close to delivery due to the 30-day period loan applications usually stay open. However, I am uncomfortable not knowing before ordering how much and at what rate loan I can get. I just don't want to be surprised.

    If I apply for a loan pre-approval now, it will expire before payment time. But would there be any negative consequences of that on my credit score or re-application?
     
  2. metafor

    metafor Member

    Joined:
    Aug 13, 2012
    Messages:
    169
    Location:
    Portland, OR
    A lot of places will be more than happy to extend the loan approval period if they are familiar with Teslas. Bank of America was able to extend their date to 45 days (officially) and the loan officer told me that extending it more wouldn't be a problem. Many credit unions (Alliant, I believe and Star One) can make their loan approval last 90 days. I was lucky in that my delivery occurred within 30 days of finalizing anyway.

    The worst case scenario is that your loan expires but if you've been approved once, getting approved a second time should be no problem with the same bank.
     
  3. Jonathan Hewitt

    Joined:
    Feb 19, 2013
    Messages:
    999
    Location:
    South Carolina
    I applied to PenFed and they automatically gave me a 90 day window to use the check they mailed me. I had similar concerns. I have great credit but had never applied for a car loan so large so wanted to know in advance.
     
  4. phat78boy

    phat78boy Member

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    Apr 12, 2013
    Messages:
    192
    Location:
    Phoenix, AZ
    US Alliance gave me a 60 day window.
     
  5. towman26

    towman26 Member

    Joined:
    Jul 5, 2013
    Messages:
    177
    Location:
    Palm City FL
    I know our financing went horrible. I too wanted to know before our car build what was up with it, but that didnt happen. We had our order in and when I got the email to get the financing done the car was done and in transit to Fla. we had issues with BOA with our mortgage that BOA admitted and we had a letter from them but they gave us the hardest time and we went from the 10% down to 35% down and our credit is fine.
     
  6. Zack.A

    Zack.A Member

    Joined:
    Jul 17, 2013
    Messages:
    18
    Location:
    Atlanta, GA
    Thanks, guys!

    So Alliant, PenFed, US Alliance and Bank of America are the banks with good rates?
     

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