Should I be waiting for my Final Cost Sheet before applying through Alliant?

[SamuraiPumpkin]

I checked What to Expect | Tesla and it lists that I should be receiving this before I go through the Financing phase. I know that Alliant lists the VIN as being optional, but it would be nice to know exactly how much the car is going to run. The figure I'm using is Base Cost X 1.0625 % at the moment.

At the same time the "My Tesla" page has 7/8 listed as I haven't completed Financing yet.

Does this sound about right?

 

[stormos]

I would say apply after 2 weeks of your order confirmation. The 30 day rate lock should be enough for you to take delivery which is really all that matters. If the delivery date comes after the 30 day lock expires then Alliant is lenient enough to finalize the loan as long as you can provide them with an MVPA which your DS should be able to provide after ~44 days.

Personally, I applied as soon as I ordered which was on 7/2/16. The rate was good until 8/2 and my delivery date was 8/9 but my LO was fine with finalizing the loan on 8/1. I'm not sure if my LO would have finalized if the delivery was more than two weeks out though.

 

[NewJerseyMS]

I applied and got approved and then ordered. Probably not how most do it. I will likely have to refresh during the ordering period.

There was no issue with lack of final cost sheet. They will get it when they get it and give me 105% of that.

 

[Buddy]

I ordered July3rd and haven't begun production so I wouldn't rush to apply for financing. From what I read, it only takes 12-24 hours to get approved.

 

[Cnasty]

I ordered July3rd and haven't begun production so I wouldn't rush to apply for financing. From what I read, it only takes 12-24 hours to get approved.

For me it was making 110% sure I would be approved, for how much, and what percentage of the total for my configuration.

It's almost like a balancing act of doing it too early but also not wasting $2500 on a deposit if you don't qualify.

 

[andyaycw]

I didn't apply through Alliant, but I did apply for financing through Schools First Federal CU about a month before the scheduled delivery date. I wanted to make sure I would be approved, so that on the day of delivery, the only thing I had to give my lender was the final cost sheet/purchase contract. Reason I applied so early was so that it would give me ample time to resolve any potential issues Schools First might have had with my application.

 

[Btrflyl8e]

It really depends on your personal situation. If you think there could be any possibility of not being approved, then I'd do it early. Otherwise, just wait. I waited a few weeks after ordering (although I did not go through Alliant), then applied online for an amount about $5,000 over what I estimated I actually needed after tax, tag and title were added. The lender them used the pro-forma MVPA I received via email a week out from delivery to finalize everything and overnight a check to Tesla. I'm sure Alliant operates similarly, but you can always call them and ask, they've financed many a Tesla so they are experts in this!

 

[fallen888]

I applied with Alliant as soon as I placed the order, because I wanted to make sure I would get approved for the low rate before the order was confirmed.

1. Ordered on a Saturday.
2. Applied for financing on that Sunday.
3. Got approved on Monday morning.

Obviously my MS wouldn't be ready within 30 days of approval, but my DS provided me with the finalized MVPA before I even went into production. So the loan officer and I scheduled the loan finalization/start before I take delivery, but within 30 days of approval.

Does that mean I start my loan payments a few weeks before I even have the car? Yeah, but who cares.

I'm very happy with the whole process. It's easy. The delivery wait is the hardest part.