TMC is an independent, primarily volunteer organization that relies on ad revenue to cover its operating costs. Please consider whitelisting TMC on your ad blocker or making a Paypal contribution here: paypal.me/SupportTMC

Help! I need to finance for 90k

Discussion in 'Model S: Ordering, Production, Delivery' started by VRK, Jun 21, 2013.

  1. VRK

    VRK Member

    Joined:
    Jun 12, 2013
    Messages:
    32
    Location:
    California
    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.
     
  2. bhuwan

    bhuwan Active Member

    Joined:
    Mar 30, 2013
    Messages:
    1,256
    Location:
    Boston, MA
    Everyone I know that accomplished this had high auto loans in the past.

    - - - Updated - - -

    60k+
     
  3. Denarius

    Denarius Active Member

    Joined:
    Apr 27, 2013
    Messages:
    1,349
    Location:
    Utah
    Highest auto loan I had was 40k and I qualified for 110.
     
  4. yobigd20

    yobigd20 Well-Known Member

    Joined:
    Oct 28, 2012
    Messages:
    5,793
    Location:
    Skaneateles, NY
    Yup 92k alliant no problem. Was offered both 72 month at 1.99 and 84 month at 2.99.
     
  5. onesixeight

    onesixeight Member

    Joined:
    May 11, 2013
    Messages:
    155
    Location:
    Seattle, Washington, United States
    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.
     
  6. VRK

    VRK Member

    Joined:
    Jun 12, 2013
    Messages:
    32
    Location:
    California
    Did you previously have a high auto loan?
     
  7. yobigd20

    yobigd20 Well-Known Member

    Joined:
    Oct 28, 2012
    Messages:
    5,793
    Location:
    Skaneateles, NY
    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.
     
  8. bollar

    bollar Disgruntled Member

    Joined:
    May 1, 2013
    Messages:
    2,242
    Location:
    Southlake, TX
    Same here. The maintenance on that thing was outrageous.
     
  9. VRK

    VRK Member

    Joined:
    Jun 12, 2013
    Messages:
    32
    Location:
    California
    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.

    - - - Updated - - -

    Did you take financing from alliant
     
  10. swaltner

    swaltner Member

    Joined:
    Oct 13, 2012
    Messages:
    495
    Location:
    Kansas, USA
    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.
     
  11. VRK

    VRK Member

    Joined:
    Jun 12, 2013
    Messages:
    32
    Location:
    California
    Well its not that I dont qualify Im scared i wont get the loan for the amount I want 100%
     
  12. stsanford

    stsanford Member

    Joined:
    May 21, 2013
    Messages:
    83
    Location:
    Long Island, NY
    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...
     
  13. purplewalt

    purplewalt Active Member

    Joined:
    Jun 9, 2013
    Messages:
    1,413
    Location:
    Dallas, Texas
    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.
     
  14. bollar

    bollar Disgruntled Member

    Joined:
    May 1, 2013
    Messages:
    2,242
    Location:
    Southlake, TX
    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.
     
  15. Liz G

    Liz G P03056

    Joined:
    Apr 16, 2012
    Messages:
    799
    Location:
    Wentzville, MO
    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.
     
  16. cybrown

    cybrown Member

    Joined:
    Jun 21, 2013
    Messages:
    49
    Location:
    Maryland
    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.
     
  17. TrikinCurt

    TrikinCurt New Member

    Joined:
    Jun 19, 2013
    Messages:
    2
    Location:
    Hudson, Wisconsin, United States
    Hang on, is there an actual tesla credit app? I basically got an email with the phone numbers for Wells Fargo and us bank?
     
  18. VRK

    VRK Member

    Joined:
    Jun 12, 2013
    Messages:
    32
    Location:
    California
    Did you hear back from alliant?
     
  19. JGard

    JGard Member

    Joined:
    Aug 21, 2013
    Messages:
    33
    Location:
    Austin
    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.
     

Share This Page