Scrambling for plaid loan last minute (advice)

[dropgems]

So just got the call that car is arriving Wednesday. So I started scrambling for a loan, my bank of 20 years is BofA so I did the pre-approval online (full amount, zero down 72) and it got kicked to underwriting (which could take days according to them). I’m trying not to lose the car and wondering what my options are incase the bank takes too long. Ideally I want to put nothing down and finance it all. I do have the cash to just buy it though last resort. If I buy it cash, can I finance it after the fact somehow?
Credit score is 850. No debt. Have mad loot but don’t want to pony up a dime with rates super low. Any insights? Am I just panicking? Thx.

 

[Sigma4Life]

You can apply for credit via Tesla. That might get you a response sooner.

 

[fldude]

You could always do your loan via tesla. I got instant approval via chase. You can then switch over to BoA later if you desire if it is approved by delivery or just do a post delivery rate match if BoA is better than what tesla's bank gives you. I ended up rate matching myself.

 

[SoCalDude]

You can apply for credit via Tesla. That might get you a response sooner.

Why he said

 

[dropgems]

Okay gentleman… Tesla financing it is!
Thx!

 

[UpNorth067]

Okay gentleman… Tesla financing it is!
Thx!

Don't forget [email protected] if BoA comes thru before Wednesday and gives you a better interest rate than Tesla. You'll need to provide them with the approved BoA loan documents (PDF with VIN on it) and ask them to match the rate.

 

[ICUdoc30]

Okay gentleman… Tesla financing it is!
Thx!

Yeah, Tesla finance is legit. I got an immediate response for my plaid. 2.4% rate. Ive seen others post sub 2% rates but seemed like a headache to jump through those hoops.

 

[dropgems]

Thx. Okay, I need them to unlock the credit app on my account because I had choosen self arranged. I assume the only way is for an SA to do it? Not sure any apps even process on Sunday anyways but just want to get a jumpstart if possible.

 

[ICUdoc30]

Thx. Okay, I need them to unlock the credit app on my account because I had choosen self arranged. I assume the only way is for an SA to do it? Not sure any apps even process on Sunday anyways but just want to get a jumpstart if possible.

Yeah, SA can unlock no problem. I had mine as cash until my VIN was assigned and then had SA switch to finance. Painless. Congrats on the plaid. It is a true marvel of engineering. Loving mine.

 

[fldude]

You can always use the chat feature to get them to change your financing

 

[dropgems]

Should I not try and finance the full amount? Does it like trip some algorithm and slow things down with lenders or something? Should I do like 90%? It doesn’t matter to me, I just don’t want to lose the car because underwriters are too slow and I started the process late. Ideally I’d like to finance the entire amount though. Any thoughts?

 

[ICUdoc30]

I financed whole amount and didn’t seem to be an issue. Your credit Score is better than mine if that helps.

 

[dropgems]

So I got approved via Tesla/Chase 72 months 2.49% but only 130k not 145k (weird).
Still waiting on BofA if I can ever get a human on the phone over in that hellhole.

 

[Melteye]

I did 100% financing through Tesla as well. Ended up being through Chase Bank, 72/2.49%. I would try calling Tesla/Chase and speaking w a loan officer to see if they can cover the full amt.

 

[dropgems]

I did 100% financing through Tesla as well. Ended up being through Chase Bank, 72/2.49%. I would try calling Tesla/Chase and speaking w a loan officer to see if they can cover the full amt.

Yea, thx I’m gonna do that. I don’t mind the 15k down but seems unnecessary.

 

[dropgems]

Question, I haven’t accepted the Chase offer yet cause I’m still waiting on BofA underwriters and there’s probably not enough time for BofA cause they’re apparently backed up. I’m supposed to pick the car up on Friday at 2. Does the tesla offer process take days or is it like instant and will it be ready by Friday? Thx

 

[ICUdoc30]

Question, I haven’t accepted the Chase offer yet cause I’m still waiting on BofA underwriters and there’s probably not enough time for BofA cause they’re apparently backed up. I’m supposed to pick the car up on Friday at 2. Does the tesla offer process take days or is it like instant and will it be ready by Friday? Thx

instant

 

[UpNorth067]

Question, I haven’t accepted the Chase offer yet cause I’m still waiting on BofA underwriters and there’s probably not enough time for BofA cause they’re apparently backed up. I’m supposed to pick the car up on Friday at 2. Does the tesla offer process take days or is it like instant and will it be ready by Friday? Thx

It was instant for me once I setup my bank credentials with them and accepted their loan offer.

 

[dropgems]

Ok great to know because BofA is slow af!

 

[theslimshadyist]

Yeah, Tesla finance is legit. I got an immediate response for my plaid. 2.4% rate. Ive seen others post sub 2% rates but seemed like a headache to jump through those hoops.

I had an 840 score at the time of credit pull and the lowest I was able to get was 2.49%.