-
Want to remove ads? Register an account and login to see fewer ads, and become a Supporting Member to remove almost all ads.
Financing options
- Thread starter chmod a+wrx
- Start date
bjwModelS
Member
Wow! Great rate, hope I can jump on that. Wish I had a confirmed delivery date....
Sure enough, I got the 1.24%. Not exactly sure why.... I recommend that if at first you don't get satisfaction, try calling back later and talk to someone else.
Not sure if this was brought up earlier in the thread, but as an FYI the initial person I talked to said that one of their general guidelines is to loan to a maximum of 75% of annual income.
Cyclone
Cyclonic Member ((.oO))
My DCU loan is 120%. However, I bought CPO and that loan amount would still put me within the 75% of annual general limit.
Western credit union has 0.74% but only for 3 years. This might be good for those who make enough each month to pay the auto loan.
Vehicle Loans Auto - Western Federal Credit Union
- - - Updated - - -
I just checked at penfed and they told me they would shoot for 30-50% of gross monthly income. Obviously the usual need to be checked like credit score and such.
I am not 100% sure but i say just as long as your monthly payment is not greater than 35% (yes conservative) of your gross monthly, i think you will be good. The representative said they do not know of any loan amount cap based on income besides the one they stated $100K.
Membership would be $20 to join member of military family and $5 minimum in saving account you need to setup before they can oupush the application through.
The promo rate is valid until Monday.
Vehicle Loans Auto - Western Federal Credit Union
- - - Updated - - -
I just checked at penfed and they told me they would shoot for 30-50% of gross monthly income. Obviously the usual need to be checked like credit score and such.
I am not 100% sure but i say just as long as your monthly payment is not greater than 35% (yes conservative) of your gross monthly, i think you will be good. The representative said they do not know of any loan amount cap based on income besides the one they stated $100K.
Membership would be $20 to join member of military family and $5 minimum in saving account you need to setup before they can oupush the application through.
The promo rate is valid until Monday.
Thanks .. Checked with PenFed .. if you have VIN allocated you can lock the rate. I am waiting to hear back from the loan officer on my application.
FYI, PenFed said the bank draft to purchase the car must be used within 90 days of loan application. If it's not, then the loan is cancelled/erased. So, you can apply without indicating what car and they'll send you a check that you fill in the details (VIN, etc.) on whatever car you purchase. Perfect for many people's Model S purchase.
bjwModelS
Member
Thanks for the info -- In case you have your credit frozen, they only check Equifax. Just became a member online, running into some problems with the online app. Tesla is not listed as a car manufacturer in the dropdown 
Time to call in!
Time to call in!
bjwModelS
Member
Just called in and got auto-approved for $20K loan over the phone. They have to manually add in Tesla Motors as car manufacturer because it's not listed on the website application. I signed up for the credit union in advance online, and filled out the auto loan application as far as I could then saved to my account. When I called in they had all of the info except VIN and Dealer info (My DES said to use Cincinnati, OH address even though we are taking delivery in Indiana). and the phone call took less than 20 minutes. Ask a few 'features' questions, SAS, Nav, Pano Roof, Leather Seats, 3rd Row, mileage, etc.
It sounds like if you're looking at a 2014 CPO you might be able to get .99% 48 mo today.
It sounds like if you're looking at a 2014 CPO you might be able to get .99% 48 mo today.
Cyclone
Cyclonic Member ((.oO))
Just as a heads up that DCU's rate is competitive as well if you want to go beyond 48 months. Mine is 65 months for 1.49%. I believe USAlliance is 1.24% (though this rate is unadvertised) for up to 72 months. That said, both DCU's and USAlliance's rate requires direct deposit & auto-pay while PenFeds requires neither.
bjwModelS
Member
As a follow-up note on PenFed -- I applied Friday afternoon and received the check in the mail on Tuesday! One fine print to be aware of -- you must carry $500 deductible on insurance. I had considered bumping up to $1000 since any insurance claim would easily surpass that, but it looks like I'll be at $500 until I pay this off in a couple of years.
Cyclone
Cyclonic Member ((.oO))
PenFed has long since officially stated $500 deductible, but they have no issue with a $1k deductible. Similarly, PenFed Mortgage says no more than 1% of principal as deductible and they haven't said a peep about mine at 3.5% for years.
bjwModelS
Member
Good to know -- thanks for the info!
First payment is July 4, will have car somewhere between last week of June and July 10. Even if I weren't taking delivery until August I would have still jumped on it and made the first payment before delivery. When you see .99%, you don't pass it up
I'm only financing $20K and paying $415 total in interest over the life of the loan, which amounts to $16.50 in interest on payment #1. I'll probably round my payment up to $600/mo to pay it off in ~3 years, and $300 in total interest. We hate having monthly payments.I weighed the other side of the coin -- put 20K less down up front, take a longer loan, invest the money, etc, etc... but the reality of just owning the car outright, owing nothing on it and not worrying about a monthly payment is more desirable to us.
The fine print also said the car needs to be registered in 30 days of the check date with PenFed as lien holder.
bjwModelS
Member
Yeah, but you're probably not going to cash the check until you take delivery, so that's pretty standard.
Similar threads
