Reapply for financing with rate cut?

[alphapenguin]

I just got my financing approved through Tesla /Wamu 2 weeks ago for like 3.24% or something. Now the fed cut the interests rates, how long do you think it will take for the auto rates to deck, and I wonder is it worth it to reapply again (I’d take another credit score hit).

 

[KenYoung1]

Same here. I "accepted" the Tesla loan at 3.5%. I wonder if that can be adjusted since I still don't have a Vin assigned yet.

 

[Nosken]

I talked to a mortgage broker, and he made the comment that because of the Dodd Frank legislation, banks are not actively lending at these lower rates, because they may have issues of liquidity. Not as in they’re going to fail, but the amount of assets that they must have in relation to the loans.
He said it may be a couple weeks for things to shake out.

 

[alphapenguin]

Same here. I "accepted" the Tesla loan at 3.5%. I wonder if that can be adjusted since I still don't have a Vin assigned yet.

They told me I could see but Would take another hit on credit as they would have to pull it again.

 

[alphapenguin]

I just got my financing approved through Tesla /Wamu 2 weeks ago for like 3.24% or something. Now the fed cut the interests rates, how long do you think it will take for the auto rates to deck, and I wonder is it worth it to reapply again (I’d take another credit score hit).

The title of this thread was supposed to be reapply

 

[KenYoung1]

They told me I could see but Would take another hit on credit as they would have to pull it again.

Who are the they you reached out to? Should I contact Tesla or the bank directly?

 

[Nosken]

They told me I could see but Would take another hit on credit as they would have to pull it again.

Usually when applying for car loans or mortgages, multiple hits within a short period, count as one hit, and resolve quickly.

 

[FlagB]

My credit union (Delta in Georgia) told me that I should see the new rates be reflected in their auto loans at the beginning of the month.

 

[LowlyOilBurner]

I posted this somewhere else on here, but:

I applied for and got approval for a Tesla loan @2.69%. I didn’t click “accept”, I figured I would shop it. Ended up with a 1.9% rate from a local credit union my wife does some business with. I was able to change the method of payment to “provide your own financing”, entered in all the info, now I’m waiting on a contact from Tesla. Wonder how long that takes?

 

[KenYoung1]

What options do I have if I already accepted the Tesla loan but have not received the Vin number yet?

 

[alphapenguin]

Correction, it is wells fargo, but I just found out my application was denied.
This is odd, the letter I got from Wells Fargo was stated "Credit application incomplete"
...

Ok I figured it out. This was autogenerated when I initially submitted my application. I had misplaced a zero or two under salary, so I had to resub. All is good.

 

[alphapenguin]

I posted this somewhere else on here, but:

I applied for and got approval for a Tesla loan @2.69%. I didn’t click “accept”, I figured I would shop it. Ended up with a 1.9% rate from a local credit union my wife does some business with. I was able to change the method of payment to “provide your own financing”, entered in all the info, now I’m waiting on a contact from Tesla. Wonder how long that takes?

just curious when did you apply through Tesla?

 

[LowlyOilBurner]

just curious when did you apply through Tesla?

Last Tuesday.

 

[Travelandlive]

Are you guys not aware of this thread ?

Tesla loan comparison spreadsheet - auto updates hourly

 

[S3XY]

I posted this somewhere else on here, but:

I applied for and got approval for a Tesla loan @2.69%. I didn’t click “accept”, I figured I would shop it. Ended up with a 1.9% rate from a local credit union my wife does some business with. I was able to change the method of payment to “provide your own financing”, entered in all the info, now I’m waiting on a contact from Tesla. Wonder how long that takes?

Hi LOB. Mind divulging the name of the Credit Union?

 

[LowlyOilBurner]

Hi LOB. Mind divulging the name of the Credit Union?

Financial Trust.

 

[alphapenguin]

Are you guys not aware of this thread ?

Tesla loan comparison spreadsheet - auto updates hourly

nope, but i am now. thanks

 

[TSLA Pilot]

I posted this somewhere else on here, but:

I applied for and got approval for a Tesla loan @2.69%. I didn’t click “accept”, I figured I would shop it. Ended up with a 1.9% rate from a local credit union my wife does some business with. I was able to change the method of payment to “provide your own financing”, entered in all the info, now I’m waiting on a contact from Tesla. Wonder how long that takes?

^^^^^^^^^THIS^^^^^^^^^^

Many Credit Unions offer lower loan rates than what we're seeing posted here.

At a Credit Union YOU are a member-owner, vs. "just a customer" at a bank.

FYI and buy your money where it's cheapest . . . .

 

[TxTortoise]

Even if you close the deal through Tesla due to timing, you can still get new car financing from your credit union if you do it in a timely manner, depending on the credit union.

 

[alphapenguin]

nope, but i am now. thanks

The spreadsheet is a little confusing

mom so i watched the YouTube video on how it works and makes more sense. I was looking at the spreadsheet when it was updating. I thought it was broken.