Welcome to Tesla Motors Club
Discuss Tesla's Model S, Model 3, Model X, Model Y, Cybertruck, Roadster and More.
Register

How to shop around for an auto loan?

amb1s1

Member
Oct 4, 2020
5
1
New Jersey
I ordered a Model Y on 09/16(still no VIN), and I'm looking to see the best way to get the Tesla finance. I would like to understand more about how to shop for a good auto loan rate.

I have a few questions:
1. Does my credit report go down if I shop around on multiple banks/credit unions, causing my loan rate to go up?
2. When should I start my process? Now or when I get my VIN?
3. How do you find out the best banks/credits union to apply for the auto loan?
 

Clark_Kent

Member
Jun 23, 2020
367
254
Smallville, KS
1. Yes, however, there’s no need to shop around if you know your credit score and DTI.
2. Approvals for auto loans are very quick as they are largely credit scored. You can obtain approval in minutes. I would wait until you receive a VIN and have a general idea of when you will take delivery as most approvals are valid for 30 days.
3. There’s a Google doc maintained in the Model 3 subforum (Ordering, Production & Delivery) showing the best rates in the country.
 

Kimo

Member
Apr 2, 2016
197
99
Denver
"1. Does my credit report go down if I shop around on multiple banks/credit unions, causing my loan rate to go up?"

In my experience no. It is generally common to shop for the best rates within a short period of time. What I have seen, and what I usually am told by lenders, is score impacts occurs is after 30 days if you were to have additional credit inquiries for other purposes.
 

About Us

Formed in 2006, Tesla Motors Club (TMC) was the first independent online Tesla community. Today it remains the largest and most dynamic community of Tesla enthusiasts. Learn more.

Do you value your experience at TMC? Consider becoming a Supporting Member of Tesla Motors Club. As a thank you for your contribution, you'll get nearly no ads in the Community and Groups sections. Additional perks are available depending on the level of contribution. Please visit the Account Upgrades page for more details.


SUPPORT TMC
Top