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Financing Model X options?

ArmRM7

New Member
Jul 16, 2021
4
0
Texas
So im planning to finance a model X with 10K down payment and get a loan for the rest. My credit score is 740 and salary is 130K.
1-Can I finance the rest?
2-If so what is my best option?
I can put down up to 50K down in payment but I rather put only 10K down and use the other 40K for property investment.

I appreciate your response in advance.
 

Operator64

Member
Mar 27, 2021
22
127
Texas
Generally credit unions offer the best rates just have to shop around and compare wether that $40k is best used to eliminate interest charges on your auto loan or for the property investment.
 
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ArmRM7

New Member
Jul 16, 2021
4
0
Texas
Generally credit unions offer the best rates just have to shop around and compare wether that $40k is best used to eliminate interest charges on your auto loan or for the property investment.
Thank you. Are there any credit unions that are famous for their good rates for auto loan? I’ve looked around a bit and looks like Alliant credit union is among the best
 
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studioloft

Gavin
Nov 4, 2019
107
118
Norwalk, CT
I can advocate for the American Airlines Federal Credit Union. I was approved for a loan on my model X with a minimal down payment (I forgot what it was). I later upped the down payment to roughly 50% finance and 50% down. They called me after I modified it and said considering how much I am putting down they knocked another .5% off of the rate! I was quite happy.

A year into the loan they called me and said they are offering a free refinance to extend the current loan to 7 years. No catch, just lower monthly payments and longer payment terms. You see, they think they are going to make more money in the long run... I accepted but I took the money I saved monthly and put that towards a principal only payment. My interest payments are even less now and I am paying the loan off faster!
 
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studioloft

Gavin
Nov 4, 2019
107
118
Norwalk, CT
Another tip, if they don't offer better rates with a higher down payment.. take that 50k you have and put down the minimum. (10k down 40k saved).

As we know the way interest works your first loan payment has the highest interest lowest principal, and your last loan payment is the inverse.

If you start the loan with $10k down, take that extra 40k cash and put it towards principal-only on your first month's payment. Now on month 2 your interest payment is way lower! If you do the math you save money in interest long term by paying this method vs 50k up front.
 
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ArmRM7

New Member
Jul 16, 2021
4
0
Texas
I can advocate for the American Airlines Federal Credit Union. I was approved for a loan on my model X with a minimal down payment (I forgot what it was). I later upped the down payment to roughly 50% finance and 50% down. They called me after I modified it and said considering how much I am putting down they knocked another .5% off of the rate! I was quite happy.

A year into the loan they called me and said they are offering a free refinance to extend the current loan to 7 years. No catch, just lower monthly payments and longer payment terms. You see, they think they are going to make more money in the long run... I accepted but I took the money I saved monthly and put that towards a principal only payment. My interest payments are even less now and I am paying the loan off faster!
Thank you so much. I’m gonna reach out to them and see what they’ll offer me
 
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