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Loan approved - can I take out another loan before delivery?
- Thread starter SquidMayne
- Start date
You can change anything up to delivery, or at least the day before for loans. It looks like you would change your Tesla loan to cash if you got the money from a home improvement/equity loan, and just pay from your bank account. This should be fine, but to avoid any delay, I would notify Tesla as soon as you can when you have finalized your payment sources. My bank approved my loan and sent Tesla the money before my car was even built with no VIN. I had to recall the loan, and just ended up paying cash because my bank messed up everything. Tesla just wants the money paid on delivery day. Don't pay anything before you approve the car at delivery.
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SageBrush
REJECT Fascism
The details matter, and each lender writes their own rules so the best advice is to speak with your lenders.
IN GENERAL, a loan approval (as opposed to a pre-approval) has a time window it can be used with the terms agreed upon. Your risk would be a delay in car delivery past the window. I think that would trigger a new credit check.
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In my state, it doesn't matter where you take delivery, when you register the car in KY you will pay the taxes. If you have already paid them in another nearby state, you get a credit up to the amount you owe for what you paid. If the state of delivery is not a reciprocating state, you pay the full amount. There is no free lunch.
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cmarshack
Member
When is your delivery date? If you just ordered the car and applied for financing at the same time, it is very likely that loan approval will expire long before your car is ready for delivery. Meaning, you will have to apply all over again. It could be months out, and will impact your credit again (and rates will be higher).
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Link below is just for informational purpose only. Consult your local CPA or lawyer to learn more.
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I would recommend checking out some threads like this to help find the best current rate.
Credit Unions with good rates that accept applicants anywhere within the US?
Currently looking at financing options and wanted to compare rates from different credit unions around the country. Would you be able to recommend any CU's that don't have a restriction on location?
teslamotorsclub.com
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Montana, where anything is possible.Link below is just for informational purpose only. Consult your local CPA or lawyer to learn more.
Montana Registered Agent | $49 Montana Registered Agent
Montana Registered Agent service for just $49 a year. Full service registered agents ready to handle your LLC, corporation and vehicle registration needs.
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