DJ Frustration
Former Model X Sig, Model S, Model 3, Model Y
Yesterday, I was approved for a PenFed loan for 60 months at 1.49%. You can get 0.95% interest with an Ally Savings Account so my spread is only 0.54%. FYI.
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Yesterday, I was approved for a PenFed loan for 60 months at 1.49%. You can get 0.95% interest with an Ally Savings Account so my spread is only 0.54%. FYI.
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.
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.
Thanks for chiming in. It's reassuring to know that I wasn't the only one that got dinged on that.I ran into the same wall at PenFed for the same reason.
All, navy federal is much easier to work with than penfed, and has the same rates.
does Navy Federal allow you to apply without being military?
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....
All, navy federal is much easier to work with than penfed, and has the same rates.
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.Thanks for chiming in. It's reassuring to know that I wasn't the only one that got dinged on that.
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.
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.
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.
Discoducky or anyone else who went with PenFed, what exactly is the "Member Protection Plan" with a cost of $0.00 and a line for signature below on the promissory note? The blurb says that it's not necessary to get the "Plan" for obtaining the loan itself. What is it?
For sure, it's not the GAP insurance that has a separate addendum...
All, navy federal is much easier to work with than penfed, and has the same rates.