How to finance

[Jallenjax]

MY will be first car i've had to finance. My question is about the process. My Credit Union has good rates, so i'll probably use them. Do they give me a check for the balance of the car and I take the check to Tesla at the delivery pickup? Or do they give me a letter saying i'm financing with them, and I just give that to Tesla? Thanks.

 

[Lasttoy]

Navy Federal gave me a check to give to dealer. Dealer went to their bank, called Navy, got code , deposited it.
We r doing same deal for my cybertruck. It was too simple, I was pre approved long before I bought my S.

 

[Jallenjax]

I'm about to order MY but it might take 8 weeks to get it delivered. When should I apply for the loan? And how did you schedule the printing of the check? I'm going through NFCU too.

 

[Ladymyste]

We did pre-approval through Navy Federal and they sent the check in the mail the next day, which worked really well (came yesterday) as my pickup went from 4-8 weeks to less than a week barring no issues when we go to accept it today.

 

[dsb411]

I applied thru NFCU, got approved, took that rate to Tesla, they matched it.(went from 4.60 to 2.29%) Cancelled the NFCU loan 30 minutes after i digitally signed. They still sent me a check. I walked it into a branch and handed the check back to them.
Was tempted to buy a second Y.. lol

 

[Matsayz]

Since you guys all went through Navy Fed, if you happen to military and an E-7 or above you can get a whole percentage point off. My wife went from 2.29% to 1.29% for her loan.

 

[Ladymyste]

We are retired E9 and our rate is 1.52, that’s the lowest rate according to them as of Sunday but it’s still better than anyone else for us and we have excellent credit. I think husband will need to call them and verify the rate. We just picked up my SophY yesterday.

 

[Dennisis]

Since you guys all went through Navy Fed, if you happen to military and an E-7 or above you can get a whole percentage point off. My wife went from 2.29% to 1.29% for her loan.

I think there's more to it than that. I'm a retired E-8 and I believe there's some sort of a number-of-years with NFCU requirement to get the 1% off. I got the 2.29% but will check back with them to be certain.

Edit: You have to originate the loan while on active duty to get the 1% discount.

 

[Matsayz]

I think there's more to it than that. I'm a retired E-8 and I believe there's some sort of a number-of-years with NFCU requirement to get the 1% off. I got the 2.29% but will check back with them to be certain.

Edit: You have to originate the loan while on active duty to get the 1% discount.

We’re new customers but Active. They didn’t specify just that she qualified. Good find

 

[AmbienWalrus]

Navy Federal gave me a check to give to dealer. Dealer went to their bank, called Navy, got code , deposited it.
We r doing same deal for my cybertruck. It was too simple, I was pre approved long before I bought my S.

Reviving this old post because I’m doing the same. I just wanted to confirm the pre-approval blank check from navy fed was sufficient for Tesla and they didn’t give you a hard time when picking up the car. I’m approved at 2.29% and I‘m choosing to put a down payment of around $10k-$15k with a personal check. I’ve done this with other dealerships no problem but wanted to see if Tesla was the same. Thanks for any info!