Question about financing with 50% down payment

[Jscogin]

So originally I ordered the Model 3 thinking it would take ages before it was my turn to configure, but long story short my cousin got tired of waiting for the 3 and bought a X instead. ( gave me his reservation )

I configured the car last Friday, ( 3/16 ) and now here is my dilemma.

Since the car will be ready a lot sooner than expected ( originality thinking end of 2018 ) I do not have quiet enough saved up. I have 50% of the total due saved up in cash, and was thinking to finance the rest, however, my credit score is not the best, ( low 600 ) I was wondering how likely is it for me to get financed the for rest of the balance, and where I should go to get funding. Bank? Credit Union ? Tesla directly?

 

[Jrosser]

I hear Tesla is giving good rates. If you configured you should have selected Tesla finance.

 

[Jscogin]

I hear Tesla is giving good rates. If you configured you should have selected Tesla finance.

Thanks for the tip ! hopefully is not too late to make changes, since I think I picked finance with bank

 

[Leopold Stotch]

Definitely through Tesla.

 

[dsvick]

Having 50% to put down will certainly help. Definitely look at Tesla financing but also start shopping around at a few other places, I'd also start with any place you already have a relationship with. With a low credit score you may end up with a higher rate but can always pay it off sooner if you can.

 

[jelloslug]

A big downpayment is a big plus. I would shop around with credit unions and explain you situation also.

 

[devilmountain]

My father ran car dealerships for years and I used to sit in his office all the time. Most people can get financed but you pay for it with a high rate. You have a substantial down payment I don't think you have to worry. You will have quite a bit of cash invested in the car and a lot to lose if you don't make your payment.

 

[Jscogin]

Thanks for all the input guys! this makes me feel a little better about the finance aspect of things, and of course going forward Id want to rebuild my credit score by paying off on time / early to save on the higher interest rates.

 

[emlombardo]

I financed through TechCU at 48 months @ 1.99% with $35k down.

Tesla offers for Model 3 financing seem to be higher than that.

Tesla Auto Financing - Tech CU

Tell them Tesla referred you and spend the $8 to join this thing to make you eligible for membership (unless you work a tech company):

- Financial Fitness Association

 

[Shygar]

Plus financing it (and making payments on time) will help with your credit score in the future.

 

[Shygar]

I financed through TechCU at 48 months @ 1.99% with $35k down.

Tesla offers for Model 3 financing seem to be higher than that.

Tesla Auto Financing - Tech CU

Tell them Tesla referred you and spend the $8 to join this thing to make you eligible for membership (unless you work a tech company):

- Financial Fitness Association

Fine print says max term of 60 months, for anyone considering that.

 

[emlombardo]

Fine print says max term of 60 months, for anyone considering that.

I think I saw someone say they got 2.25ish on 72 months but I'm not sure.

 

[cpoole]

I think I saw someone say they got 2.25ish on 72 months but I'm not sure.

I got 3.26% on 60 Months, with TechCU, but arranged through Tesla, I did not try TechCU directly since I think it's a good deal taking into account my situation. I moved to CA from the UK 6 months ago so I do not have any credit history yet, I don't even get FICO score yet. That plus the fact that the Fed raised the interest rates yesterday makes me believe I didn't get an bad deal. I was really concerned nobody would approve it, or get crazy rates (10%+), in fact the Tesla Financial advisor told me WF and Chase didn't make an offer to Tesla due to my lack of credit history.

Is is still worth trying TechCU directly? or based on the above it doesn't make much sense...

 

[emlombardo]

I moved to CA from the UK 6 months ago so I do not have any credit history yet, I don't even get FICO score yet.

I'm going to say that you did pretty well considering your circumstances!

 

[Jscogin]

I'll look into TechCU for sure

 

[Sandollars]

Thanks for the tip ! hopefully is not too late to make changes, since I think I picked finance with bank

It's never too late for financing.