Model S Financing

[Bpressley93]

Do you own a house? I am sure Bank will try to approve you with their favor of course. If your application is not Tier 1+ or Tier 1 then, maybe with little higher interest rate, etc.

I think it will come down to this. "Can you afford a vehicle that costs $1100~$1300 a month?"

We do not own a home. We are actually buying a home this summer as well. We could easily make that payment. We have little to no debt and keep our monthly expenses relatively low.

 

[Bpressley93]

Tesla recently changed their finance program with Alliant Credit Union that offers 1.74% financing for Tier 1+ applicants.
I have FICO score of 824 with income of $125k + but no outstanding dept other than mortgage. I expect to have their best rate based on 10% "ish" down payment.

Unfortunately, I can't even use Tesla financing because I live in the state of Tennessee. So, I have to find an independent auto loan.

 

[Bpressley93]

Highly, highly recommend going with Alliant. Not only are they familiar with the intricacies of financing a Tesla but they have very good rates. Additionally, they offer reimbursement up to $500 of your deductible for any accident you get into and their gap insurance seems pretty legit. I don't qualify for your question (800s credit, top 1-5% salary) but for a point of reference I was able to secure 1.99% rate at 100% financing in less than 10-15 minutes. I do hear they are now offering 1.49%, which is outstanding!

Good luck and congrats on your future Tesla!!

No, we are certainly not in the same category One of the biggest things impacting my credit score is age of accounts. Being only 23, I can only have so long of a credit history.

 

[Big-Al]

This is not Alliant FCU I'm taking about.

You have to live in DC/MD/VA for the credit union I belong to. Great rates for new and used and I have financed my last 10+ cars through them.

I also live in Ashburn. What Credit Union did you use??

 

[Bonlaw]

There were reports last week that Alliant is offering rates as low as 1.49% for 60 or 72 months with 100% financing available.

Alliant Credit Union 1.49% for 72 months

That is exactly what we were approved for. Took all of a couple of minutes to get approval at that same rate.

 

[K_style]

I just got off the phone with Jason at Alliant CU and was approved for 1.49% / 72mo.
It was most painless process ever.. easier than ordering a BigMac for sure.

 

[BigAirHarper]

I just got off the phone with Jason at Alliant CU and was approved for 1.49% / 72mo.
It was most painless process ever.. easier than ordering a BigMac for sure.

Has anyone been able to get this rate with one of their CPO cars?

 

[JPUConn]

Has anyone been able to get this rate with one of their CPO cars?

The 1.49 deal is only new cars.

CPO is 2.24 for 60 months and 2.49 for 72. My approval was also very painless. I did miss the promotion that ended in April that held the 60 month rate for the 72 month term.

 

[BEEZR]

Has anyone been able to get this rate with one of their CPO cars?

I just got approved by Alliant for 2.74% for 60 months on a CPO. They will finance up to 90% of the car's value... I didn't know that initially so I asked for basically 100% of the pre-tax, pre-shpped price, and was approved for that. Applied via the link on Tesla's site, got an email with approval. My credit rating is good, not exceptional. Own my home (well, the part the bank doesn't) and have no bad credit marks.

Per Alliant before I applied. Need 740+ to qualify for the lowest rates:

On used Teslas our rates are 60 months at 2.24% or 72 months at 2.49%. we are running a rate special on new Teslas at 1.49% for 72 months for qualified borrowers.​