Tesla Financed approval time

[Writeavon]

At what point did you all actually apply for financing?

If the car is going to take 4-8 weeks, most financing offers are only good for 30 days. Did you apply for credit now and submit it or just put down which bank you plan on using but not actually submit for a credit check?

I applied once I knew the car was there. I wasn’t going to take a chance and have it expire out. It’s good for 60 days. I used the portal to apply they do not allow you to choose which bank initially but once you get an offer you can email them directly and ask for any adjustments or for them to run it by Wells Fargo or Chase. They ran my credit within two mins of hitting submit. Credit score of 839 and four paid off cars and I still only got 2.49. Logix for the same loan wanted 2.99.

 

[jf64k]

Rates must have recently gone up. I cant find a rate below 2.49% and I have above 800 credit score. Most places are 3%+

Pasadena FCU has:

- Up to 60 months @ 1.85%
- 72 months @ 2.24%
- 84 months @ 2.74%

To get these rates you have to have payments auto debited from your PFCU account (0.50%) and open a PFCU Credit Card (0.50%). Everything can be done online. If you don’t meet their basic membership criteria, you make a $25 donation to the Pasadena Library (also done online while you apply).

Vehicle Loan Rates › Pasadena Federal Credit Union

 

[imola.zhp]

In the TM3 group there is a link to a google spreadsheet that says it’s updated often that has lenders all over the US. I know 72 and 84 months are not ideal but with interest rates so low (2.49% for 84) it’s tempting to commit to a lower payment and throw cash at it when available (bonuses, etc.) to lower total interest paid over the life of the loan.

 

[Protect1989]

In the TM3 group there is a link to a google spreadsheet that says it’s updated often that has lenders all over the US. I know 72 and 84 months are not ideal but with interest rates so low (2.49% for 84) it’s tempting to commit to a lower payment and throw cash at it when available (bonuses, etc.) to lower total interest paid over the life of the loan.

Do you have a link to that spreadsheet or thread?

EDIT: Nevermind. Found it. Tesla loan comparison spreadsheet - auto updates hourly

 

[Protect1989]

Just put in with PCFU. With their 84mo rate, I can save some money upfront and use it to invest while keeping the monthly payments exactly (or slightly less) then where I am with the 3.

Side Note: You have to join the PCFU with a $25 to the library AND open a savings account with a minimum of $5. So youll have to pay $30 upfront before you can even apply for the auto loan and check your eligibility. Just FYI

 

[Writeavon]

In the TM3 group there is a link to a google spreadsheet that says it’s updated often that has lenders all over the US. I know 72 and 84 months are not ideal but with interest rates so low (2.49% for 84) it’s tempting to commit to a lower payment and throw cash at it when available (bonuses, etc.) to lower total interest paid over the life of the loan.

exactly what I was thinking. Originally planned to just pay it off once my cash out refinancing came through but in this climate I’d much rather hold on to my cash and deal with a payment.

 

[isaiasrosas212]

Approval took about an hour and a Half. Bank was JPMorgan Chase Bank for 2.9% for 72 months. Amount financed was $23,042. Down Payment was $37,047.82.

 

[Nowhere]

I filled out the financing last night and i haven't heard from them yet. They ran the credit already, i wonder how much longer.

 

[Gigaron]

What kind of rates are people getting through Tesla financing? I can get 1.98 though a local credit union, any chance they will match?

Dang! Beat me by .01%. 1.99 from my CU. Tesla quoted me 2.35% for $15,000 @ 36 and said they would not match.

 

[Murs Alison]

No email or call. Checked this AM and they updated my Portal to reflect the US Bank terms. They offered me 2.49% for 72 months with me bringing 3K down plus tax,license,fees which equates to about 7K.

I replied asking if they could give me 100% financing and they emailed back updating my portal to reflect that change. So now I’ll bring just tax,license fees to pick up.

I know I could’ve had them check with another bank for a better rate but even if I did get 2.19 which is what I’ve seen on the threads Chase is offering it would only save me $7.00.

I am still waiting to hear back from Logix so unless it is for under 2% I will be just accepting US Banks offer. Their finance team is super responsive to all questions.

Do you have the email to that? My finance letter say no reply so I dont know who to reach out to