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How soon before I apply for financing?
- Thread starter LongRangeFlyer
- Start date
I wouldn't do it too ASAP. Some approvals are only good for 30 days before they have to run your credit again.
So if he gets the call tomorrow that the car is ready, and it takes more than a week to arrange financing, then he loses the car.
Sure, they run the credit again.
WarEagleX
Member
I don't know if Tesla Financing works the same as Tesla Leasing, but I ordered my car on 1/6 applied for leasing that same day, got approved and accepted the conditions and monthly payment amount within 24 hours. My car has not been delivered and I don't even have a VIN, but my Tesla account shows that my next stop is to pay whenever it shows up so I have peace of mind that that's done. If you're going 3rd party, then I would get assurances that once you are approved that you have 60 - 90 days to close the deal since its a Tesla and God only knows when it's gonna show up.
If it takes your bank more than a week to arrange financing, it's time to find a new bank.
Who said that it was a bank? Who said that the poster wasn't going to go shopping for rates?
The big thing is that a LOT of folks have been blindsided with their cars being delivered much earlier than expected.
And, if financing through a bank, know who to talk to when to get the process started. Remember that you'll need a check to deliver to Tesla, some banks haven't gotten used to this yet.
Be ready NOW, don't wait to get ready later.
Well, your previous scenario was one in which he got a call that the car was ready to be picked up and could be lost if he delayed. Now you're talking about him shopping for rates. So...I'm kinda confused as to your point.
My point was merely that to avoid multiple, unnecessary credit inquiries, I would recommend going by the delivery estimate you're given at time of order. They are accurate more often than not. In the rare event that a car suddenly comes available, you can get financing done same day if necessary.
skiwhe
Member
Several banks offer longer than a 30 day approval period. I ordered my M3 SR+ on 8 Jan and got a loan approval the next day that is good for 90 days (I'm in Texas and it was RBFCU). Hopefully, i don't run past that approval period before I get my car (my waiting period is listed as 4-7 weeks).
Just ask how long the approvals are good for before applying. I'd have a loan lined up and ready to go before you get the call from Tesla that you have 3 days to pick up your car.
Just ask how long the approvals are good for before applying. I'd have a loan lined up and ready to go before you get the call from Tesla that you have 3 days to pick up your car.
Read the post I first replied to. The poster was asking about "start getting the finances in order". The thread title suggests that it is financing, but the post suggest that it may be more, such as a down payment.
I still stand by exactly what I said. Start getting things ready ASAP. If you wait, you may get in trouble. And maybe that it only asking a specific bank for a loan, but I don't know that.
Also once you do get a VIN double check it when you get the car. My CU contacted my Ins. co stating that the VINS dont match once they recieved proof of Ins. Im like they should. Well they didnt cause Tesla changed VINS the day before I picked up the car and uploaded a new MVPA to my account and I didnt know. Now I have to deal with this issue with my CU and Ins co.
Texas OP, I got my loan from RBFCU (a Texas credit union). I called them and got pre-approved for the loan while the car was about 30 days out so that I locked in a decent rate and then when I had the VIN from Tesla I called them again and was able to take care of the entire loan process over the phone in a matter an hour or so without ever leaving my office. They even overnighted the check to Tesla for me (since we Texans have to pay in advance before Tesla will even put the car on the truck to ship it here).
A colleague of mine was able to lock in his RBFCU loan rate for more than 30 days. He applied in February and took delivery of the Model 3 in May and they still honored his February rate.
A colleague of mine was able to lock in his RBFCU loan rate for more than 30 days. He applied in February and took delivery of the Model 3 in May and they still honored his February rate.
M3BlueGeorgia
Active Member
Reality is you'll get the car sometime in March, so no hurry on the financing.
However, good to start getting your ducks in a row. Shop around and find out where the best rate is.
So find out the best rate, and then be ready to act quickly once Tesla is able to give you a VIN, which usually means you'll take delivery a few days later (though Texas rules might be different).
This is really crazy, how can anyone arrange for a loan at a moments notice? I got a text last night saying the delivery is 2-6 weeks out so get ready, but I have no VIN number yet, I also have a trade-in which I would like to negotiate the price on (the initial offer from Tesla is pretty low based on KBB), and I have to apply for the insurance. To start on any of these I need a VIN, and they should give us at least 2 weeks to shop around for good rate on the loan. After my house, this is the next biggest liability I am going to take on. This is not a car company that started making cars yesterday they had 8yrs to perfect the delivery experience, and also their market cap currently is more than Ford and GM combined. On top of all that.. if you can't get everything done to take delivery we will give you car to someone else and make you wait a few more weeks. #RANT
The demand is high and storing cars when customers are ready to buy is expensive. When I bought a car close to their Fremont factory the sales person told me how their dealership was a little late to pay rent for a storage lot and Tesla jumped on it and outbid them. A lot of logistics challenges to it.
Tesla doesn't negotiate trade in appraisals, but they will match CarMax. They currently offered me on the high end of trade in for my car (granted that's subject to change but it's nice to start high instead of low..
Cool thing about the insurance part is that can be done really quick online so the right time frame isn't all that bad for that. You can also get get quotes that are rough estimates based on year, model, and trim level (my insurance didn't ask); these can change once a VIN is submitted how ever that's never been the case for me.
I will agree with you on the financing part since that is difficult with a vin(besides pre-approvals). But they will rate match by giving you a check for the difference, assuming you finance through them. This is according to everything I've read in here. My biggest issue is their financing approvals don't last as long as some of our wait times (this is my biggest headache since I'm not trying to take multiple hits on my credit for the same thing since the first one expired)..
My A-Z Guide to Model 3
The above link might help you. To be honest, Tesla has switched to overseas deliveries and so, you will probably not see your delivery till March. Appy now and you will end up with another credit inquiry once the offer expires and a potentially higher APR approval rate.
Please make sure to at least read the above linked thread for more information regarding your waiting period and what to expect in the next coming weeks.
The above link might help you. To be honest, Tesla has switched to overseas deliveries and so, you will probably not see your delivery till March. Appy now and you will end up with another credit inquiry once the offer expires and a potentially higher APR approval rate.
Please make sure to at least read the above linked thread for more information regarding your waiting period and what to expect in the next coming weeks.
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