Tesla Financed approval time

[Writeavon]

I am wondering how long it took to get an approval reply once you submitted an application to Tesla... is it within hours? I pick up my MY this Saturday.

 

[TomServo]

Mine was about 18 hours but most of that time was over night as I applied at 3 pm and received the approval the next morning. Tesla doesn’t date/time stamp their internal messages.

 

[Hunter_91]

I am wondering how long it took to get an approval reply once you submitted an application to Tesla... is it within hours? I pick up my MY this Saturday.

it took me about 30 minutes to get an approval.

 

[Writeavon]

it took me about 30 minutes to get an approval.

I appreciate your fast reply.

 

[Writeavon]

Mine was about 18 hours but most of that time was over night as I applied at 3 pm and received the approval the next morning. Tesla doesn’t date/time stamp their internal messages.

Cool, I appreciate your reply.

 

[5513MKII]

Mine was expired, I had asked them to re-run it and got a re-approval (for a slightly better rate) in under an hour. That was handled by the finance email, not the auto-application

 

[Writeavon]

Mine was expired, I had asked them to re-run it and got a re-approval (for a slightly better rate) in under an hour. That was handled by the finance email, not the auto-application

Awesome! Yes, I found their finance department and the Buena Park Delivery Team to be super responsive. Within two mins of submitting thru my portal we had US Bank call and confirm so things. They said they’d be sending over the approval to Tesla. Does Tesla shop around or do they just go with one bank unless it’s denied then they go on to the next lender?

 

[slamper]

Awesome! Yes, I found their finance department and the Buena Park Delivery Team to be super responsive. Within two mins of submitting thru my portal we had US Bank call and confirm so things. They said they’d be sending over the approval to Tesla. Does Tesla shop around or do they just go with one bank unless it’s denied then they go on to the next lender?

I believe it is only Wells Fargo

 

[Writeavon]

I believe it is only Wells Fargo

Okay thanks. Guess I’ll find out tomorrow. I also applied with Logix so we will see who comes with the better rate. Logix I believe is also offering zero down 125% loan so it’ll cover taxes and fees.

 

[thisisdiddy]

Took 30 mins via Well Fargo through Tesla.

 

[gtbuzz]

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?

 

[am_dmd]

Does Tesla financing allows any payment deferment similar to some credit unions?

 

[Impaler]

I am wondering how long it took to get an approval reply once you submitted an application to Tesla... is it within hours? I pick up my MY this Saturday.

Mine was within an hour.

 

[slamper]

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?

It depends on credit rating and when you did it. I am hearing interest rates are lower now then a month ago, so low 3% range was common, now I think people with good credit are getting in the 2-3% range.

 

[Writeavon]

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?

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.

 

[Protect1989]

I got a text from someone at Tesla saying I need to input who my financing is going to be with.

If I put in that I’m gonna trade in my model 3 and go through Tesla for financing, can I change it at a later date? Does that affect my delivery date?

 

[Writeavon]

I got a text from someone at Tesla saying I need to input who my financing is going to be with.

If I put in that I’m gonna trade in my model 3 and go through Tesla for financing, can I change it at a later date? Does that affect my delivery date?

good question

 

[martinb8]

good question

You can change financing terms all the way up till you take delivery. They typically just want someone to have approval for financing before shipping the car.

 

[Protect1989]

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%+

 

[Protect1989]

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?