Thanks. Hoping to get that 1.7#% that folks have recently confirmed as of early March. My FICO hovers around 800 +/- 20 points.
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Financing - non-Alliant options?
- Thread starter thegangler
- Start date
Thanks. Hoping to get that 1.7#% that folks have recently confirmed as of early March. My FICO hovers around 800 +/- 20 points.
avesraggiana
Member
You're welcome. Do it soon. Very soon. The Federal Reserve Board is meeting tomorrow and Wednesday, and a rise in interest rates is in the offing.
The first link is for Tesla loans.
Tech CU - Online Loan Application Center
I've applied using this link directly, without going through Tesla financing, and was approved for 1.74% for 72 months for the full amount. It took them 3 days to approve me thought. While I was waiting for TechCU decision, I did not want to go past Feds meeting without a loan approval/lock, so I applied via Tesla and was approved the same day for 1.99% for 72 months with 10% down payment via TD Bank
Thanks Master T. I applied last night using the second link and was approved 2 hours into the business day today for the same terms (1.74%, 72 months) on a $63k loan. They were lightening fast. Two caveats to what I've been reading above is as follows:
- those living in Southern California (Los Angeles in my case) must also be a member of the Financial Fitness Association
- once you donate the $8 to be a member of the FFA, you MUST login into your account to allow TechCU locate you in their system - otherwise, if you've only registered but never logged in, then you won't show up
Thank you all on this thread for your invaluable advice and support. I'm new to the Tesla community (since Feb) and there's no doubt it rocks.
Fairwinds Credit Union, where I financed my Model S in July 2016, still has 36 month new or used (2014+) auto financing for 0.75% (0.89% APR). Although their field of membership is mostly limited to Central Florida residents, it's still possible to become a member by joining Orlando City Soccer "Lion Nation" for $9. I'm pretty sure this is currently the lowest auto loan rate in the country. Stop paying too much in interest.
We financed through TDBank/Tesla and interesting thing we discovered rereading our agreement is that TD requires that the car only be driven (forgot exact language) in Canada and the U.S. Wasn't a concern for us but don't know if anyone has mentioned that before. TDBank is a Canadian company with many bank offices here in the U.S.
jimmyz80
Member
I just submitted my loan application through the My Tesla site today, and received an approval from Chase for 60 months at 1.49% with 10% down. I'm emailing back to see if they can do that deal with 100% financing, but even as it is it seems like a pretty good deal. Anyone have any suggestions for better avenues I should pursue before accepting this offer?
You finance what you want to finance. If you're doing this through Tesla, they should appraise your trade-in and finance the remaining balance. You could finance 100%, trade-in your car and deposit proceeds from trade-in to your bank account.
I dont know what estimate you got, but each buyer will do their own appraisal which could be vastly different from KBB estimate (Tesla's appraisal most definitely will be much much less than KBB). I think your best bet is to sell privately or to CarMax. I would get CarMax's appraisal even if you not planning to sell to them, just as a reference. Then take it to Tesla and get it appraised there.
jimmyz80
Member
Adding another data point... I asked about increasing to 100% financing with Chase, and Tesla said they won't allow it. They did however get me a matching rate from US Bank but with ~98% financed instead of 90%. So 1.49% for 60 months and about $2,200 down. Seems like a pretty good deal, so I'll take it.
We got a trade-in quote from Tesla initially and they suggested we also get one from Carmax and if higher would match. The Tesla quote was at the lower end of the KBB range I think. When we took it to Carmax, they did their inspection and we ended up at the higher end, 2200 more than the Tesla figure. Tesla asked us to bring the paperwork from Carmax in at closing and did match it. Worth the trip over to Carmax. Interesting business Carmax has. They are no pressure and pretty much provide everything from start to finish. If you do end up selling it to Carmax, they take care of all the transfer paperwork with the State right there on site. You walk out with a check if I'm not mistaken.
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I also heard back from TechCU today. Tesla refers you to TechCU's website for loan application if you request a loan from TechCU (I asked for it since they offer gap coverage).
They offered 1.99% for 72 mos with the same downpayment as US Bank. I asked if they could match US Bank on the rate and they said no. The lowest rate they could give was 1.74% for 60 mos. You can go up to 84 mos. but the rate is 3.99% for anything longer than 72 mos.
Their loan approval is valid for 60 days (from when credit file was pulled) and they will work with your DS and Tesla directly.
They cost more than US Bank but only they offer Gap coverage.
They offered 1.99% for 72 mos with the same downpayment as US Bank. I asked if they could match US Bank on the rate and they said no. The lowest rate they could give was 1.74% for 60 mos. You can go up to 84 mos. but the rate is 3.99% for anything longer than 72 mos.
Their loan approval is valid for 60 days (from when credit file was pulled) and they will work with your DS and Tesla directly.
They cost more than US Bank but only they offer Gap coverage.
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