For anyone that had their loan arranged through Tesla. How close to delivery do you have to enter your info for the application. Reason I’m asking is that I just had my edit link removed and now have the link to fill out the credit application. I have not been contacted by tesla yet...neither phone or email yet. I just payed off a large chunk of my CC balance to try and get the best rate I can get. However my CC period doesnt close until the 7th...and would ideally want to wait, until after the new balance and lower credit utilization ratio is reported, to send in my application. Do you think I have enough time to wait? Given the my account website was just changed and i haven’t even heard from tesla yet?
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Model 3 Financing
- Thread starter robertdesarbo
- Start date
voip-ninja
Give me some sugar baby
I have no idea what you’re even talking about.
You think that within a few days of your credit card payment posting your debt to income ratio will change enough to get you a better loan rate?
If you are going to be tight with financing why even go with Tesla in the first place? Their rates are okay but not super competitive.
My financing isn’t tight. My CC the past month posted a balance that was higher than usual...due to unforeseen family medical expenses. I just paid off pretty much all that balance and will be signifantly lower. If I were to run my report now....which i did...it shows a higher credit utilization. Once this next billing period is closed....it will have a significantly lower balance and would show a lower credit utilization. Again I ran my credit report last week and showed 790...with the comment that my credit utilization is the only thing holding my score back. So yes in this case I believe waiting until the end of the billing period should show a lower credit utilization. if I were to run my report again it might get me back above 800...and maybe give me the best finance rate I could get...whether arrange through Tesla or third party.
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voip-ninja
Give me some sugar baby
If you want the best financing rate you should start shopping local credit unions immediately. In most cases you can get a better rate than Tesla will give you. Tesla does not do financing they just kick your loan request and shop it to one of several partner banks they work with.
Now to ultimately try to answer your original question, from the time you have a VIN assigned your delivery could be offered in as little as a week or in most cases 2-3 weeks depending on where you are located.
Only reason I prefered to have Tesla arrange the loan is to avoid the headaches I’ve read other’s have had with CU’s and Tesla’s MVPA’s etc.. I’ve browsed local CU’s and the difference in posted rates vs what others are reporting getting through Tesla arranged loans wasn’t significant enough for me. I’d rather pay an extra $1500 over the course of the loan and not deal with any potential headaches. That being said I haven’t ruled out local CU’s.
I could have paid the medical expenses in cash.....but I wanted to get the points for a Home Depot gift card lol. Just didn’t think my car would come this quick.
Back to my original question. I haven’t even heard from Tesla yet. Maybe the holiday weekend will buy me a couple days.
Credit reports don’t instantly update. It really depends on the creditors schedule for sending batch files to the bureaus. Not all of them report monthly. Hopefully your cc will and it will work out for your timing.
From past credit checks, the dates my balances have been reported appear to be the same as the closing date. Whether it’s monthly...that I don’t know....as I don’t run my report monthly lol. I guess I’ll find out soon enough.
voip-ninja
Give me some sugar baby
Confused. You are being very thoughtful in terms of your credit card payment management to ensure utilization is super low (which is a great idea), yet you are prepared to pay $1500 more over the course of the loan? Your credit card utilization decrease *might* result in a percent decrease of .30 on your loan, which roughly equates to $10 per month. If you are so concerned with saving $10 per month, you should likely be more concerned with saving the $1500 over the course of the year. As others have said, go with a credit union. If you are deadset against a credit union, get preapproved at one and ratebeat using Lightstream. If you put in the effort to reduce your credit card utilization, you might as well take advantage of the result of that effort...
The headache, time and stress of going back and forth between the credit union and tesla is what I would like to avoid and paying 1500 over a couple years might be worth it for me. I wouldn’t call paying off a CC from my computer and waiting a couple extra days to enter the loan application...effort. In the end you’re right I don’t think 790 of low 800’s will make a difference. I was just asking a timeline that people were asked to complete the application...to offset the extra I’m going to pay for convenience. All that being said....I’m still applying at the local CU and will see what I get compared to Tesla arrange loan.
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Ah, thanks! now that is a catch. Was planning to do 48 months... have to think again
My experience with financing for my Model 3:
I was planning to go with Tesla financing initially but wanted to do some research before. I checked our interest rates at local credit unions and they were almost half of what Tesla was offering. It didn't make any sense to go with Tesla Financing. I then applied with the CU and was approved for 1.95% for $50,000 and 60 months (but I had to move my direct deposit from current bank to the CU to get this rate). I was reading through forums and found about LightStream, I decided to apply and get the rate beat guarantee plus get the benefits of unsecured loan. LightStream rejected me! But I was still content with what my CU was offering.
20 days later, I call my CU regarding some details and the loan officer asks me for my US Visa details. I tell her I'm on an H1 and all the relevant details and she says I'm sorry we can only offer you a 24 month loan based on your Visa term. I tried explaining her how I'm eligible to stay longer with renewals but she couldn't do anything even after looking at some paperwork. I didn't know what to do! My credit score already went down because I shopped for auto loans and now I will have to apply for auto loans again
I decided to simply go with Tesla Finance and I'm glad I did that. The Credit team, and my delivery adviser were super helpful and quick. I got my loan approved with US Bank for 3.69%/$50,500/72 Months in just about 30 minutes!
Thanks Tesla Team
I was planning to go with Tesla financing initially but wanted to do some research before. I checked our interest rates at local credit unions and they were almost half of what Tesla was offering. It didn't make any sense to go with Tesla Financing. I then applied with the CU and was approved for 1.95% for $50,000 and 60 months (but I had to move my direct deposit from current bank to the CU to get this rate). I was reading through forums and found about LightStream, I decided to apply and get the rate beat guarantee plus get the benefits of unsecured loan. LightStream rejected me! But I was still content with what my CU was offering.
20 days later, I call my CU regarding some details and the loan officer asks me for my US Visa details. I tell her I'm on an H1 and all the relevant details and she says I'm sorry we can only offer you a 24 month loan based on your Visa term. I tried explaining her how I'm eligible to stay longer with renewals but she couldn't do anything even after looking at some paperwork. I didn't know what to do! My credit score already went down because I shopped for auto loans and now I will have to apply for auto loans again
I decided to simply go with Tesla Finance and I'm glad I did that. The Credit team, and my delivery adviser were super helpful and quick. I got my loan approved with US Bank for 3.69%/$50,500/72 Months in just about 30 minutes!
Thanks Tesla Team
It might be a policy thing for the credit union. For an unsecure loan (LS) it makes sense that they would not go beyond the visa term since there is no collateral. A bank would just take possession of the car if someone defaults on payment (job, visa whatever) so they could ask for GAP insurance or lower finance amount (say 80%) to ensure they don't lose on auction later.My experience with financing for my Model 3:
I was planning to go with Tesla financing initially but wanted to do some research before. I checked our interest rates at local credit unions and they were almost half of what Tesla was offering. It didn't make any sense to go with Tesla Financing. I then applied with the CU and was approved for 1.95% for $50,000 and 60 months (but I had to move my direct deposit from current bank to the CU to get this rate). I was reading through forums and found about LightStream, I decided to apply and get the rate beat guarantee plus get the benefits of unsecured loan. LightStream rejected me! But I was still content with what my CU was offering.
20 days later, I call my CU regarding some details and the loan officer asks me for my US Visa details. I tell her I'm on an H1 and all the relevant details and she says I'm sorry we can only offer you a 24 month loan based on your Visa term. I tried explaining her how I'm eligible to stay longer with renewals but she couldn't do anything even after looking at some paperwork. I didn't know what to do! My credit score already went down because I shopped for auto loans and now I will have to apply for auto loans again
I decided to simply go with Tesla Finance and I'm glad I did that. The Credit team, and my delivery adviser were super helpful and quick. I got my loan approved with US Bank for 3.69%/$50,500/72 Months in just about 30 minutes!
Thanks Tesla Team
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