I would suggest that you call TechCU on 855.845.7060. It's their direct number to auto loan department. You can ask them whether you are eligible to be a member.
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Let's talk financing rates
- Thread starter flashflooder
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- Model 3
I would suggest that you call TechCU on 855.845.7060. It's their direct number to auto loan department. You can ask them whether you are eligible to be a member.
My credit union (Pacific NW Federal CU) said that they'd have no problem giving me a loan on a Model 3 at 1.99%. Even if you don't live in the Portland area, PNWFCU is willing to pay for a one year membership to Leach Botanical Garden to qualify you to be a member. Worth checking into, IMHO.
FYI: I just locked in 1.95% for 66 months at RBFCU (Randolf-Brooks Federal Credit Union). (Anything longer than 66 months was 2.3%.)
Their membership requirements are through organizations located primarily in the Austin/San Antonio, TX area but the very last screen of their online membership signup process offers that you can automatically join, for free, a consumer advocacy group that will instantly make you eligible to join RBFCU.
Their membership requirements are through organizations located primarily in the Austin/San Antonio, TX area but the very last screen of their online membership signup process offers that you can automatically join, for free, a consumer advocacy group that will instantly make you eligible to join RBFCU.
Wonder if they'll go the full 84 months at 1.99%? Doubtful, but if so that'd be an insanely good deal! Thanks for sharing.
question, I have not financed in forever other then leasing, when I lease, I never need to provide any
financial documents, if I finance at any of these credit unions do they just go based off credit score and report and whats on the application or do they require proof of tax returns and such?
financial documents, if I finance at any of these credit unions do they just go based off credit score and report and whats on the application or do they require proof of tax returns and such?
Did they tell you how long the lock was good for? I’ve got the “early 2018” delivery window which, realistically, could easily mean another 6 months
zkmusa
Member
I also signed up for a loan with RBFCU online. Requested 60 months at 1.95%. Approved within about 4 hours. Now let's see if I get my Tesla in 90 days.
I also signed up for a loan with RBFCU online. Requested 60 months at 1.95%. Approved within about 4 hours. Now let's see if I get my Tesla in 90 days.
How much did you have to send them in terms of paychecks, income, etc?
Also in Dallas and utilized Alliant for my S and had a great experience. Hoping to do the same but good to have options.
zkmusa
Member
Actually, they requested no additional information other than income I listed on the application. Just a hard pull on our credit reports. It was much easier than I had anticipated.
Do you happen to know which credit agency RBFCU used to acquire your credit report?
I'm curious, as I froze my Equifax account after their recent data breach, and am wondering if I will need to unfreeze it here soon for the purpose financing my Model 3. If they instead used one of the other two credit agencies, then I won't bother.
From everything I read, after the Equifax breach you really need to freeze your credit at all three of the big credit reporting agencies to keep yourself safe. That’s what I did. Planning on temporarily thawing my reports on all three when I finally get my config invite.
Jason Bourne
Member
Yes, I unfroze my credit reports in preparation for applying for a loan for my 3. They are temporary thaws, but sucks you have to pay another $10 to do it (at least in my state).
jtpassat
Member
Q4 and 2017 earnings report tonight. Should provide more info regarding their production rates.
I have an Alliant loan for my current S and I went there first. When I queried them on 1/31, the loan agent replied "Our best rate that will expire today is 2.74% for 60 months. Tomorrow, it will go up to 2.99%." Hence my bailing on Alliant and going to RBFCU. After I close on my Model 3 loan I'm probably going to ask if RBFCU will refinance my current Model S loan, just to keep things all in one place. I love Alliant but they couldn't come close to the rate.
As for what RBFCU asked, it was a quick and easy online app. Annual salary, employer name, address, rent or own, mortgage amount, years there. etc. The usual stuff. No paystubs, tax returns, or supporting paperwork required. Once I was approved for the loan I had to then join the credit union (obviously, I could have done things in the reverse order but there was no reason to join if I wasn't going to get the loan I wanted), but that was a simple five minute process, also online.
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Jason Bourne
Member
I don't blame you, but just as a point of reference:
$75,000 loan over 60 months
2.99% = $80,839
2.74% = $80,340
monthly payment difference of less than $10
A difference of $500 over 5 years. I'm not saying I wouldn't take $500 if someone offered it to me, but that difference in interest rates does not make a huge difference in the long run.
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