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Financing options
- Thread starter chmod a+wrx
- Start date
Looked at this board Tuesday morning after getting an offer of only 70% financing from San Diego County Credit Union. Went on Alliant Credit Union's site Tuesday night, signed up for an account, and applied for a loan. CSR had a few questions yesterday afternoon, which I answered. This morning got an offer of $70k (on a $75k purchase) at 1.99% for 72 months. Asking about 84 months now because it is on their site. Bottom line is it was really easy and quick.
Don't forget income tax! That will take a big chunk of your savings account interest, so the spread is actually bigger than 0.54%. If your marginal rate is 33%, that means your saving account earnings are actually about 0.64%, so the spread is 0.85%.
Edited - Error this is for their car buying service only, feel free to use for that but not Tesla. 1.49% remains the 60 month rate for Tesla. I used them and while it was not seamless transaction, it worked. thanks for catch Sidney as if the link name was not enough for me...doh
Penfed sent email today with lower rates
PenFed - PenFed Car Buying Service
How this works
Online only 0.49% APR* for 48 months
Online only 0.99% APR* for 60 months
Available for purchase of new and used vehicles
12 to 60 months financing for up to $70,000.
Penfed sent email today with lower rates
PenFed - PenFed Car Buying Service
How this works
Online only 0.49% APR* for 48 months
Online only 0.99% APR* for 60 months
Available for purchase of new and used vehicles
12 to 60 months financing for up to $70,000.
Last edited:
Checking the link, it appears that the rate is *only* good if you use their car buying service. Since Tesla is not a traditional car company, I am not sure if this will apply to Tesla purchases. Pls let us know what you found out.
jvonbokel
John VonBokel
Thanks for the recommendation! I was actually declined by PenFed (insufficient installment loan history*), then GCS CU was willing to go to 80%, but they needed something from Tesla projecting resale value, which I couldn't get. First Community CU was hesitant about the S, but eventually agreed to finance 70%. Finally, I saw your post and went to Alliant and they've been great. I highly recommend them to anybody that has any trouble with PenFed.For those going with PenFed, are they ok with close to 100% financing? The only downpayment I planned on using was the original $5k reservation, I was going to finance all the rest. I saw mention elsewhere that some institutions may not be comfortable with high LTVs on new concept car.
Another one for the mix is Alliant Credit Union, a bit more expensive at 1.99%. I happened to find them looking for somewhere that did fee-free HSA's
*Apparently not having a previous car loan is a bad thing. I would've thought 8 years of mortgage payments and 12 years of student loan payments would be "sufficient", but go figure.
ModelS8794
Member
I ran into the same wall at PenFed for the same reason. Follow up with some detailed support for credit worthiness produced no change, simply lazy on PenFed's part but it's clear they're just running through an algorithm and spitting out a yes or no.
Ended up just paying cash, though USAA told me they'd attach a lien at new auto loan rates anytime for the current model year.
jvonbokel
John VonBokel
Thanks for chiming in. It's reassuring to know that I wasn't the only one that got dinged on that.
No they don't. That is why I am using Pen Fed. Wasn't very hard for me, but this is probably since I already applied for a HELOC with them....
kevincwelch
Active Member
That's not true.
You do not have to be active duty or retired military to apply for an automobile loan with NFCU. They have a list of criteria.
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+1
Great customer service. Great communication as well.
Puyallup Bill
Member
Ditto. I was certain that I would be a preferred borrower, but I haven't had a home mortgage for 20 years and can't remember the last time I financed an auto. With PenFed, no installment loan history, no loan. But, they sure have attractive certificate rates - 1.85% for three years.
Kevin is correct. I have no military affiliation and have had 3 loans with them. great customer service. they had a local office for me and i was in and out of the office in 35 minutes with a blank check in hand to take to Tesla. they called me once before i signed the check over to Tesla to make sure things were going OK, and twice since I signed it over to make sure I was still happy with their process.
ModelS8794
Member
Did you use the 'family member of a NFCU customer" angle, or just straight off the street with no affiliation at all and they gave you a loan?
Cheers
gg_got_a_tesla
Model S: VIN 65513, Model 3: VIN 1913
Where do you get that they have the same rates? I see 1.79% for Navy Federal and 1.49% for PenFed. (Those are both very low, of course.)
I think my dad is a member, from the time he served in the Navy, so I might have an in.
I've been conditionally approved for a PenFed loan after 48 hours. Previously, I went on the Navy Fed site and found I was ineligible. They have a "Membership Wizard" with a series of questions about any (even tenuous) Navy, Coast Guard or DOD affiliation. I had none so the message read I was not eligible. Maybe there's an angle here that Capt601 used?
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