I contacted my credit union about 3 days after I configured my Model 3 to get the ball rolling with the loan. Once your bank or credit union receives the final signed paperwork from Tesla then they can finalize the loan and send the money to Tesla or send you a check to bring with you when you take delivery. Since you live in California you probably won't be waiting as long as those of us on the East coast. I only received the check from my credit union yesterday and I will be taking delivery on Thursday. Better to get the process started now so you have time to deal with any unexpected issues.
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Let's talk financing rates
- Thread starter flashflooder
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I contacted my credit union about 3 days after I configured my Model 3 to get the ball rolling with the loan. Once your bank or credit union receives the final signed paperwork from Tesla then they can finalize the loan and send the money to Tesla or send you a check to bring with you when you take delivery. Since you live in California you probably won't be waiting as long as those of us on the East coast. I only received the check from my credit union yesterday and I will be taking delivery on Thursday. Better to get the process started now so you have time to deal with any unexpected issues.
I just contacted FPCU and the rep. stated 1.99% is still valid for 5 years for EV. For non-EVs, it can be extended for 72 months. I just applied. Hopefully, I'll get get approved at this rate.
jgd108
Member
OK great let me know how it goes.
Somebody on the M3Owners forum said they got approved for 1.74% up to 5 years by being a FPCU member.
eddieX
Member
insaneoctane
Well-Known Member
M3? Is that a typo? If not, more specifics! I'd be ALL over that!
eddieX
Member
definitely will try with Tesla when they contact me. Likely they won’t offer to M3.
jgd108
Member
Excellent. Yes I talked to their agent on the phone and was told 6 years could be doable at 1.99% and 80LTV on a case by case
He knew it was for a Tesla, said they are getting swamped by Tesla applications
I read some reviews about some auto loans with them and some had issues down the road with fees and extra payments because of so called inadequate insurance coverage etc. Fingers crossed..
Excellent. Yes I talked to their agent on the phone and was told 6 years could be doable at 1.99% and 80LTV on a case by case
He knew it was for a Tesla, said they are getting swamped by Tesla applications
I read some reviews about some auto loans with them and some had issues down the road with fees and extra payments because of so called inadequate insurance coverage etc. Fingers crossed..
Also applied to TechCU. Per the agent, 66 months for 2.4% and 5 years for 1.99%. I probably will go w/ FPCU since they have a branch close by. Please do share if you have more info on the "fees and extra payments". Got to hate those hidden fees!
jgd108
Member
Also applied to TechCU. Per the agent, 66 months for 2.4% and 5 years for 1.99%. I probably will go w/ FPCU since they have a branch close by. Please do share if you have more info on the "fees and extra payments". Got to hate those hidden fees!
I called TechCU this morning after seeing their 1.99% and it has already increased to 2.5%
FPCU seems the way to go. My agent is not responding to SMSs so might have to get another.
Reviews were on Yelp, looking at their different branches.
Pkmmte
Le meow
Applying for FPCU and LA Federal Credit Union was a lengthy process for me. Due to my relatively young age, they needed all sorts of documents as proof of my identity and income because I apparently didn't "match the average person for that age". This wouldn't have been a problem if they had branches open during the weekend, which they don't so I had to schedule a day off from work so I didn't have to provide them via snail mail.
My delivery date came up much earlier than expected so I ended up going with Logix Federal Credit Union as I had already paid off a $40k car loan with them in the past.
60 months: 2.49%
72 months: 2.99%
You can extend the loan by 6 months while keeping the same rate if you get GAP insurance, which I opted out of. Unfortunately, my credit score came out at 728 which was 2 points shy of their 730 requirement for those rates, so I ended up getting 3.24% for 60 months and 3.99% for 72 months.
On the bright side, they said they'd lower my interest rate if I gained those 2 points within the next 60 days after delivery at the expense of another hard pull.
My delivery date came up much earlier than expected so I ended up going with Logix Federal Credit Union as I had already paid off a $40k car loan with them in the past.
60 months: 2.49%
72 months: 2.99%
You can extend the loan by 6 months while keeping the same rate if you get GAP insurance, which I opted out of. Unfortunately, my credit score came out at 728 which was 2 points shy of their 730 requirement for those rates, so I ended up getting 3.24% for 60 months and 3.99% for 72 months.
On the bright side, they said they'd lower my interest rate if I gained those 2 points within the next 60 days after delivery at the expense of another hard pull.
You guys should consider joining PVFCU. I got 1.99% for 84 months.
They required you to join a food co-op if you dont live in VA. Food co-op is $200, but they only took $25 from me and wouldnt collect the rest till im in their store. I’m over 3 hrs away
$25 but save me thousands. At 1.99 I’ll get better return investing.
They required you to join a food co-op if you dont live in VA. Food co-op is $200, but they only took $25 from me and wouldnt collect the rest till im in their store. I’m over 3 hrs away
$25 but save me thousands. At 1.99 I’ll get better return investing.
If I'm in FL, will they accept my m3 loan?You guys should consider joining PVFCU. I got 1.99% for 84 months.
They required you to join a food co-op if you dont live in VA. Food co-op is $200, but they only took $25 from me and wouldnt collect the rest till im in their store. I’m over 3 hrs away
$25 but save me thousands. At 1.99 I’ll get better return investing.
erthquake
Active Member
Thanks so much for this recommendation! I also got the same terms. Saving me a bunch of money!
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