Financing - non-Alliant options?

[avesraggiana]

I started the initial process online, but TechCU follows up with a call to complete your application within 24 hours.

Excellent. Thanks for your response. I’ll follow suit.

 

[avesraggiana]

I requested a date in April - no SC nearby and they were going to deliver, but I'd rather pick it up in case there are issues. We have a family trip that just happens to be near a service center, so thus I scheduled it for then.

You’re made of sterner stuff than I am. It’s only been a fortnight since order confirmation for me and already it pains me to have to wait!

Thanks for your reply.

 

[chibi_kurochan]

I just applied with TechCU and got a 1.75% rate for a 72-month term. Alliant was at 2.49% for 72 months. The Tesla financing option was through Chase and was 2.74% for 72 months.

Guys,

i'm about to apply for Tesla financing and TechCU to lock in the rates for mid-March delivery. One last question I have, does it matter "applying by myself" vs "applying with a co-applicant" (my wife) when both of use has credit score >750?

Thanks!

 

[JasJ]

Guys,

i'm about to apply for Tesla financing and TechCU to lock in the rates for mid-March delivery. One last question I have, does it matter "applying by myself" vs "applying with a co-applicant" (my wife) when both of use has credit score >750?

Thanks!

If you can 'afford' the loan on one stated income, should make no difference.

 

[chibi_kurochan]

If you can 'afford' the loan on one stated income, should make no difference.

Thanks! I can 'afford' the loan on my own income. Called and ask the financing people, the only difference would be debt to income ratio would be lower, especially taking into account current mortgage and another auto loan payment. Decided to just co-apply, and have both our names on the registration. Should hear back from Tesla financing sometime today.

 

[avesraggiana]

Thanks! I can 'afford' the loan on my own income. Called and ask the financing people, the only difference would be debt to income ratio would be lower, especially taking into account current mortgage and another auto loan payment. Decided to just co-apply, and have both our names on the registration. Should hear back from Tesla financing sometime today.

Please let us know the outcome. I’ll be stretching to afford my S 75D to be perfectly frank, and I’m anxious to start applying through Tesla Lending too. I’m giving it another week before I do so since anticipated delivery is still March-Early April.

 

[chibi_kurochan]

Please let us know the outcome. I’ll be stretching to afford my S 75D to be perfectly frank, and I’m anxious to start applying through Tesla Lending too. I’m giving it another week before I do so since anticipated delivery is still March-Early April.

Applied yesterday on the phone with one of tesla's financing person after my online application went un-responsive. They got back today with the approval for 100% financing, 72mo, 1.74% from TechCU. Like others have mentioned, it's almost way too "easy" to get the loan, it's just mind boggling. TechCU requested for POI and POR (proof of income and residence) to finalize the application.

The car better be ready within the next 30 days..

tick-tock..

 

[avesraggiana]

Applied yesterday on the phone with one of tesla's financing person after my online application went un-responsive. They got back today with the approval for 100% financing, 72mo, 1.74% from TechCU. Like others have mentioned, it's almost way too "easy" to get the loan, it's just mind boggling. TechCU requested for POI and POR (proof of income and residence) to finalize the application.

The car better be ready within the next 30 days..

tick-tock..

Awesome! Thanks so much. I hope to have it as easy as you did.

 

[avesraggiana]

Applied yesterday on the phone with one of tesla's financing person after my online application went un-responsive. They got back today with the approval for 100% financing, 72mo, 1.74% from TechCU. Like others have mentioned, it's almost way too "easy" to get the loan, it's just mind boggling. TechCU requested for POI and POR (proof of income and residence) to finalize the application.

The car better be ready within the next 30 days..

tick-tock..

Oh, by the way, one more question if you don’t mind - when you were offered 100% financing, did they mean 100% of the TOTAL purchase price including tax and license, or 100% of the pre-sales tax price of the car? Thanks again.

 

[JasJ]

Depends on the state.. I'm in Texas, so I'm purchasing in California and taking delivery in Texas. The Texas automobile dealers are using the legislature to block Texas direct sales. So Taxes are not in the loan. If you live and buy in California, I'd suspect you could roll in the taxes.

 

[smuzumdar]

I got a 1.99% from Tesla (TD Bank) for 72 months. I have a relative small amount that I am financing (30%).

 

[boonedocks]

My local credit union offered me 1.99% with 20% down and locked it in for 2 months. Tesla had a 30 day lock on the rate and approval so I would have had a 2nd credit file pull already and a possible rate increase if or when a fed rate hike happens end of March.

 

[chibi_kurochan]

Oh, by the way, one more question if you don’t mind - when you were offered 100% financing, did they mean 100% of the TOTAL purchase price including tax and license, or 100% of the pre-sales tax price of the car? Thanks again.

It's 100% of the pre-sales tax price. It's never a good idea to finance more than the price of the car to begin with. So I'd suggest still putting money down even if you're approved for 100% financing.

 

[avesraggiana]

It's 100% of the pre-sales tax price. It's never a good idea to finance more than the price of the car to begin with. So I'd suggest still putting money down even if you're approved for 100% financing.

Very good. 100% pre-sales tax price is what I’m planning on. Second preference would be 10% down of pre-tax purchase price PLUS tax and license. Beyond that, I’d be facing difficulty coming up with the money.

Thanks again.

 

[chibi_kurochan]

Very good. 100% pre-sales tax price is what I’m planning on. Second preference would be 10% down of pre-tax purchase price PLUS tax and license. Beyond that, I’d be facing difficulty coming up with the money.

Thanks again.

As additional info, I checked with Tesla for shorter finance term. For 60 months and below, the rate from TechCU is 1.49%.

 

[BruceR61]

Applied yesterday on the phone with one of tesla's financing person after my online application went un-responsive. They got back today with the approval for 100% financing, 72mo, 1.74% from TechCU. Like others have mentioned, it's almost way too "easy" to get the loan, it's just mind boggling. TechCU requested for POI and POR (proof of income and residence) to finalize the application.

The car better be ready within the next 30 days..

tick-tock..

So I just went to apply through Tesla and it did not have a 100% financing option. I assume TechU is not through Tesla?

 

[chibi_kurochan]

So I just went to apply through Tesla and it did not have a 100% financing option. I assume TechU is not through Tesla?

Its through Tesla. I started with 10% down for the application and requested specifically for techCU. After the initial pre-approval, I asked Tesla's finance people to check if they can approve me for 100% and got a respond within hours.

I've attached the list of banks from Tesla's credit application terms and condition.

 

[avesraggiana]

Its through Tesla. I started with 10% down for the application and requested specifically for techCU. After the initial pre-approval, I asked Tesla's finance people to check if they can approve me for 100% and got a respond within hours.

I've attached the list of banks from Tesla's credit application terms and condition.

My default mode would have been to do the opposite of what you did, apply for $0 down first and then 5% or 10% down if I was not approved. I prefer your method.

 

[BruceR61]

Thanks

 

[CSFTN]

If you can 'afford' the loan on one stated income, should make no difference.

Usually when you apply with a co-applicant, most financing firms do the opposite of what you would expect: they run the numbers; if you both meet their criteria INDIVIDUALLY than they give you a joint account with the terms dictated but the applicant with the LESS OPTIMAL credit score.

Lesson: don't apply joint unless you have to.