Help! I need to finance for 90k

[VRK]

Hi, I need to know from anyone if they got 90k financing 1.99 72 months from either alliant or penfed. I have good credit history but have never taken out a loan for a large amount. I need to get this done as soon as possible as I got my mvps and need to pay.

 

[bhuwan]

Hi, I need to know from anyone if they got 90k financing 1.99 72 months from either alliant or penfed. I have good credit history but have never taken out a loan for a large amount. I need to get this done as soon as possible as I got my mvps and need to pay.

Everyone I know that accomplished this had high auto loans in the past.

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Everyone I know that accomplished this had high auto loans in the past.

60k+

 

[Denarius]

Highest auto loan I had was 40k and I qualified for 110.

 

[yobigd20]

Hi, I need to know from anyone if they got 90k financing 1.99 72 months from either alliant or penfed. I have good credit history but have never taken out a loan for a large amount. I need to get this done as soon as possible as I got my mvps and need to pay.

Yup 92k alliant no problem. Was offered both 72 month at 1.99 and 84 month at 2.99.

 

[onesixeight]

Alliant will do 90k. Also, Tesla financing can do 90k if your MSRP is a high one. US Bank will do 85% and Wells Fargo will do 90% of MSRP OAC.

I've also gotten approval from Bank of America for 90k but only a 60mo deal. They won't do longer than 60mo on Teslas.

Another one to check is Logix Credit Union but I didn't try personally.

Penfed will not do above 70k, so cross that one off.

 

[VRK]

Yup 92k alliant no problem. Was offered both 72 month at 1.99 and 84 month at 2.99.

Did you previously have a high auto loan?

 

[yobigd20]

Did you previously have a high auto loan?

Nissan $30k, Toyota 26k, Land Rover 56k, Ford 26k. All were paid off years before the loan date. So Land Rover was the most. Was also the biggest piece of crap out of all of them.

 

[bollar]

So Land Rover was the most. Was also the biggest piece of crap out of all of them.

Same here. The maintenance on that thing was outrageous.

 

[VRK]

Nissan $30k, Toyota 26k, Land Rover 56k, Ford 26k. All were paid off years before the loan date. So Land Rover was the most. Was also the biggest piece of crap out of all of them.

I read another thread that stated someone got rejected from alliant due to not having a previously high auto loan. I am scared this might happen to me. Would it help if my dad cosigned, he has lots of previous experience.

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Alliant will do 90k. Also, Tesla financing can do 90k if your MSRP is a high one. US Bank will do 85% and Wells Fargo will do 90% of MSRP OAC.

I've also gotten approval from Bank of America for 90k but only a 60mo deal. They won't do longer than 60mo on Teslas.

Another one to check is Logix Credit Union but I didn't try personally.

Penfed will not do above 70k, so cross that one off.

Did you take financing from alliant

 

[swaltner]

I read another thread that stated someone got rejected from alliant due to not having a previously high auto loan. I am scared this might happen to me. Would it help if my dad cosigned, he has lots of previous experience.

Yes, it would help you qualify for the loan if someone co-signed with you. While I don't necessarily agree with everything Suze Orman says, I do follow her guidance on never co-signing a loan. Yes, this even goes for my immediate family members. I wouldn't even want to ask a family member to cosign on a loan. As we all know, stuff happens, so why risk destroying two people's credit rating in the process? If you can't qualify for a loan by yourself, there's a good chance you shouldn't be taking out the loan.

 

[VRK]

Yes, it would help you qualify for the loan if someone co-signed with you. While I don't necessarily agree with everything Suze Orman says, I do follow her guidance on never co-signing a loan. Yes, this even goes for my immediate family members. I wouldn't even want to ask a family member to cosign on a loan. As we all know, stuff happens, so why risk destroying two people's credit rating in the process? If you can't qualify for a loan by yourself, there's a good chance you shouldn't be taking out the loan.

Well its not that I dont qualify Im scared i wont get the loan for the amount I want 100%

 

[stsanford]

I attempted to get my loan through USAA, who I have used for my past 4-5 loans. They were definitely biased against Tesla (long story short, I was told that the cars were basically vaporware and I'd never really get it...) They denied. No reason, said it would come in the mail. (My credit score is well above 800). As I've had 911s ($75k, $55k) Boxster ($55k) Cayenne ($40K) and Jaguar (~$30K) financed with them and had paid off early on each and every loan, I was shocked. Did the Tesla app and had an approval in under 6 hours. Easy, painless and with the guaranteed buy-back. Guess things happen for a reason. I would run it through Tesla before doing a co-sign...

 

[purplewalt]

Hi, I need to know from anyone if they got 90k financing 1.99 72 months from either alliant or penfed. I have good credit history but have never taken out a loan for a large amount. I need to get this done as soon as possible as I got my mvps and need to pay.

Had an offer from B of A for $58,500 for 60 months @ 2.14%, even though they are my long term bank, they could not compete with Alliant.
I originally requested loan of $70 K with Alliant, talked to them further, they offered and I accepted my loan via Alliant, $90K @ 1.49% with $5K down.

I had previous loan for $40K on other car.
Have been in my house for 20 years.
Credit Score is in mid 800s.

 

[bollar]

I attempted to get my loan through USAA, who I have used for my past 4-5 loans. They were definitely biased against Tesla (long story short, I was told that the cars were basically vaporware and I'd never really get it...) They denied. No reason, said it would come in the mail. (My credit score is well above 800). As I've had 911s ($75k, $55k) Boxster ($55k) Cayenne ($40K) and Jaguar (~$30K) financed with them and had paid off early on each and every loan, I was shocked. Did the Tesla app and had an approval in under 6 hours. Easy, painless and with the guaranteed buy-back. Guess things happen for a reason. I would run it through Tesla before doing a co-sign...

How long ago was this? In an earlier thread, there were several people who used USAA, so I wonder if USAA finally figured it out.

 

[Liz G]

I attempted to get my loan through USAA, who I have used for my past 4-5 loans. They were definitely biased against Tesla (long story short, I was told that the cars were basically vaporware and I'd never really get it...) They denied. No reason, said it would come in the mail. (My credit score is well above 800). As I've had 911s ($75k, $55k) Boxster ($55k) Cayenne ($40K) and Jaguar (~$30K) financed with them and had paid off early on each and every loan, I was shocked. Did the Tesla app and had an approval in under 6 hours. Easy, painless and with the guaranteed buy-back. Guess things happen for a reason. I would run it through Tesla before doing a co-sign...

Very surprising since my loan for the full amount of my Tesla is thru USAA. Was actually pretty easy and no real problems just a few Tesla growing pains.

 

[cybrown]

Alliant only approved me for $70k with a great rate, but USAlliance and Bank of America both approved for $90k. Wells Fargo wanted a $30k-$50k downpayment ("because the Tess-uh-luh is an unknown vehicle", said the loan rep). Yikes! Haven't called back Alliant yet to see if they'll match, but it appears that lenders vary widely on what they'll approve.

 

[TrikinCurt]

Hang on, is there an actual tesla credit app? I basically got an email with the phone numbers for Wells Fargo and us bank?

 

[VRK]

Alliant only approved me for $70k with a great rate, but USAlliance and Bank of America both approved for $90k. Wells Fargo wanted a $30k-$50k downpayment ("because the Tess-uh-luh is an unknown vehicle", said the loan rep). Yikes! Haven't called back Alliant yet to see if they'll match, but it appears that lenders vary widely on what they'll approve.

Did you hear back from alliant?

 

[JonK@USAlliance]

Reach out to me...I may be able to assist.

 

[JGard]

Are people really financing these cars with no, or close to no, money down? That seems crazy to me. I mean, I've done it plenty on cars that cost $25k or so, but on an $80k car, I'd try to put down at least 10%. But I guess if the bigger monthly payment is no big deal, then so be it. I just figured it'd be like with a house, when you have a higher value loan/item, the banks would want more money down.