to finalize, one needs two paychecks or in my case two years of 1099 tax returns. They do have some document requirements, but I don't think greater than another secured lender. In the end, the 1.65% for 36 months was all I needed.
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Let's talk financing rates
- Thread starter flashflooder
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- Model 3
Is it advised to try to get financing approved first before placing the order for the 3 at this point (since some are getting a VIN in 2 days apparently it might mean financing would have to move fast) or should we first order the 3 and then get financing after getting the VIN?
I would feel better knowing I was pre-approved at an affordable rate before placing the order, rather than possibly finding out that despite my good credit that I couldn't get an affordable rate for some reason...
I would feel better knowing I was pre-approved at an affordable rate before placing the order, rather than possibly finding out that despite my good credit that I couldn't get an affordable rate for some reason...
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I've had this same thought and I've gone back and forth on it. For me, I'm thinking that since I should be in the next batch of orders, I may try and get my financing in place July 1 or so, and be ready to go when I'm able to configure.
wbhokie
Member
How soon in advance can you apply for the loan? If you have an order 2-4 months out? can we apply now and get the discount or do we need to wait closer to delivery? I've never done 3rd party financing on a car that has a delivery date so far out.
EDIT : I spoke with them, and it is 2 months lifespan of the loan. So I will probably wait to apply until August.
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marymcc
Member
9erDog
Member
Financial Partners Credit Union (not local to you) is doing 2.49% I believe. I got 2.24% for 60 months as I am a member with good credit rating and have auto withdrawal for the loan from my accounts.
I recently put in an order for my Model 3. But I won't see it until 2-4 months later. Now I'm disappointed that Fed Choice raised their rates. Sigh. I was hoping to get 1.49% APR for 72 months. Looks like I'll have to stick with 2.49% APR for 72 months at PTOFCU. Originally I thought I could go with 1.99% APR for 60 months, but I'd rather stretch it to 72 months to lower the burden on monthly payments. If anybody knows of anywhere that has a lower than 2.49% APR for 72 months, please post. I'm pretty sure others would appreciate the help as well.
If you're talking about my 1.99% APR for PTOFCU post, you'll need to either work for USPTO (federal government), which sounds like you don't work there, or have a family member who works there to join and get their rates.
If you're talking about my 1.99% APR for PTOFCU post, you'll need to either work for USPTO (federal government), which sounds like you don't work there, or have a family member who works there to join and get their rates.
Zaphod
Galaxy President (former)
I personally think 2.49 for 72 months is still pretty good. Difference between 1.99 and 2.49 is splitting hairs in my opinion.
*edit* sorry you said 1.49 for 72, not 1.99. Guess that is bit more of a difference, but not that significant imo.
*edit* sorry you said 1.49 for 72, not 1.99. Guess that is bit more of a difference, but not that significant imo.
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how does partners limit eligibility based on worship? i'm in riverside county, they have a branch in riverside but according to their qualifications i'm not eligible as far as work or residence...
9erDog
Member
I don't believe they are restricting based on worship - they are making it more flexible using worship as a means for you to qualify. Their statement is as follows:
"Live, work, worship, or go to school in Orange County, San Diego County, much of Los Angeles County, the City of South San Francisco, or the City of Alameda"
This way, if your place of worship happens to be in one of these areas, you are eligible to join. You can also join if you live, work, or got to school in any of these areas.
Sorry that you could not qualify.
that's what i meant though, how would they know if i "worship" in any of those areas? i had my house blessed by a priest from a church in san diego county four years ago (true story, not just making that up) but i don't go to church regularly...does that count? seems there would be no way to really enforce it...that's what i was getting at. what would they ask for as proof?
9erDog
Member
Funny - good question. Not sure as I was an employee of Rockwell when I joined and it was then called Rockwell Federal Credit Union. My badge was enough for me to qualify but that was 30 years ago! Not sure what they ask for now. Might be worth giving them a call to ask.
NathanielHrnblwr
Member
this too seems odd, though. maybe i go to church once in a while but don't really know anyone at the church that would be able to write me such a letter...
i'm just saying that in particular seems like an odd requirement / ability to join.
Mod Y Guy
Supporting Member
I used California Credit Union and got a $51,000 loan at 2.39% for 72 months. Very easy to work with!
Breakdown for those interested:
- Total purchase price of my Model 3, including tax and license = $63,589 (Configuration price = $57,500)
- Order payment = $3,500 (Initial deposit of $1,000 on 3/31/16 and $2,500 at time of placing order on 4/13/18)
- Amount paid at signing to Tesla = $9,089
- Monthly payments for 72 months = $763
- Guaranteed rebates, both federal and state, of $10,000
- Monthly gas savings = about $160 (roughly $2,000 yearly)
Cheers!
Breakdown for those interested:
- Total purchase price of my Model 3, including tax and license = $63,589 (Configuration price = $57,500)
- Order payment = $3,500 (Initial deposit of $1,000 on 3/31/16 and $2,500 at time of placing order on 4/13/18)
- Amount paid at signing to Tesla = $9,089
- Monthly payments for 72 months = $763
- Guaranteed rebates, both federal and state, of $10,000
- Monthly gas savings = about $160 (roughly $2,000 yearly)
Cheers!
It's significant enough for me to drop my calculated monthly payment under $1000/month. But 2.49% APR is still good, I agree.
Yes, I'm looking into hording more savings to lower the monthly payment. But I'd like to save that savings and put it into stocks to earn more... But I'll just have to balance it out in the end.
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