Patelco Credit Union

[msteinbeck]

So I have placed my order for an 85D and will be heading down to my local Credit Union, Patelco to apply for the loan. I have heard great things about Alliant but would like to see if going to my bank would be a better option. I must admit I am extremely nervous. The total price of the car before taxes is $103,540 and will be hoping to finance the full amount but I'm willing to put at least 20% down. I'm Self-Employed and make well over $100k a year and last I checked my credit score was 698 with all my cards paid off along with my Nissan Murano. Not sure what to expect from Patelco on Tuesday.

Has anyone tried to get their Model S loan from them? If so what should I expect and are they fairly easy to work with or should I just go straight to Alliant?

 

[saladman]

Nearly identical situation here. Please keep us posted what responses you get.

 

[professionalr]

I got my loan from Patelco in Fairfield. Everything went smoothly. I placed just about 20% down on my MS60 this time last year. My credit score was just around 720. You should be fine as long as 20% down is placed and your DTI is not high.

 

[msteinbeck]

Thank you for the reply. I'll keep you guys posted on how it goes on Tuesday.

 

[msteinbeck]

So I just got back from Patelco. I'm waiting for the under writers to call me back in an hour or 2. But they said their rates are 1.99% for a Credit Score of 750 or higher and anything around 700, like mine would qualify for 2.99%. They do knock off .50% if you signup for automatic payments and after 1 year they'll knock off another .50% if don't miss a payment.

Im also calling Alliant and USAliance to rate shop a bit too. I'll let you all know what they come back at for the loan and rate.

 

[ny888]

So I just got back from Patelco. I'm waiting for the under writers to call me back in an hour or 2. But they said their rates are 1.99% for a Credit Score of 750 or higher and anything around 700, like mine would qualify for 2.99%. They do knock off .50% if you signup for automatic payments and after 1 year they'll knock off another .50% if don't miss a payment.

Im also calling Alliant and USAliance to rate shop a bit too. I'll let you all know what they come back at for the loan and rate.

Thank you !

 

[saladman]

Thanks!

im waiting for Digital First to render their opinion, but if it's not great I'll be shopping around.

 

[Sigma4Life]

Check out Digital Federal Credit Union (DCU | Personal Business Banking | Massachusetts | New Hampshire ) as well. I financed my fully loaded P85D at 100% with a 1.24% interest rate. The actual rate is 1.99% with discounts of 0.50% for direct deposit and 0.24% for purchasing an energy efficient vehicle.

 

[msteinbeck]

Okay, so here are the rates I received.

Patelco - $60,000 at 6.99% for 72 months

Alliant - $82,000 at 3.99% for 72 months.
Alliant said my Credit Score was 698 and if in 90 days my score goes over 700 they'll give me a rate of 2.99%. Needless to say I picked Alliant. All these forums are right, Alliant is the CU to go with for a Tesla.