Tesla financial timing and experience

[Joelhc]

Hey guys,

In short- How long is the typical financing process through Tesla?


My first post here but have been creeping around for weeks. I know there are some other Tesla financial posts but not specifically about how long the whole process typically took for people from when they applied online till it was finalized. I've been told that my delivery estimate is Nov 4 and just trying to figure out when I should start the finance process. I'll have to be out of the country for the next two weeks, not sure if there's phone calls that need to be taken or if I can do everything online so deciding if I should start the process before I leave which keeps my delivery date within the 30 day approval window (although worried if my date gets pushed back that I might have to reapply)

Sorry for the long winded post and thank you in advance!

 

[DCGOO]

Hey guys,

In short- How long is the typical financing process through Tesla?


My first post here but have been creeping around for weeks. I know there are some other Tesla financial posts but not specifically about how long the whole process typically took for people from when they applied online till it was finalized. I've been told that my delivery estimate is Nov 4 and just trying to figure out when I should start the finance process. I'll have to be out of the country for the next two weeks, not sure if there's phone calls that need to be taken or if I can do everything online so deciding if I should start the process before I leave which keeps my delivery date within the 30 day approval window (although worried if my date gets pushed back that I might have to reapply)
Sorry for the long winded post and thank you in advance!

If you are expecting Nov-4, you should already have approval now. If your date gets pushed, you may get a different rate, but I doubt you will have to re-apply, assuming nothing has materially changed.

 

[azogue]

Hey guys,

In short- How long is the typical financing process through Tesla?


My first post here but have been creeping around for weeks. I know there are some other Tesla financial posts but not specifically about how long the whole process typically took for people from when they applied online till it was finalized. I've been told that my delivery estimate is Nov 4 and just trying to figure out when I should start the finance process. I'll have to be out of the country for the next two weeks, not sure if there's phone calls that need to be taken or if I can do everything online so deciding if I should start the process before I leave which keeps my delivery date within the 30 day approval window (although worried if my date gets pushed back that I might have to reapply)

Sorry for the long winded post and thank you in advance!

Mine was all online/email, took an hour or so from application to approval, and I did it about two weeks before delivery.

 

[K3Man]

We financed through Tesla (US Bank was the lending institution) and it took all of two days, on a weekend. All was done online and e-mail with no phone calls involved. As everyone has already stated, your biggest concern should be the 30-day window of the rate lock for the financing. I would personally wait another week or two, placing your estimated delivery date at the mid-point of your rate-lock window, but that's just me.

 

[LoveEV]

delivery date

Hi Joelhc you should be able to just handle the whole process online including confirmation and locking of your order. The sales advisor might try to call you to confirm everything is OK and give you a further confirmation of the actual delivery date. I have sent some more useful info on PM.

 

[DoctorVenkman]

I submitted the application and received an offer within one hour. I accepted the next day.

 

[Joelhc]

Thank you for the feedback guys I really appreciate it! I ended up applying for the loan and like you guys said heard back almost immediately.

@K3Man I agree with you on waiting but since I'll be out of town I didn't want to deal with the hassle of not having a phone number there and with the time difference. I guess I'll take the credit score hit if they end up pushing back my delivery more than a week.

Thanks again everyone!

 

[jeffro01]

Yeah, Tesla Finance is the only department that seems to be consistently super fast and actually responds to emails...

Jeff

 

[Joelhc]

Yeah, Tesla Finance is the only department that seems to be consistently super fast and actually responds to emails...

Jeff

Haha I was surprised how quick they got back to me on that, almost... as if Tesla had something to gain...

 

[Djpeetur]

Who funds the loan if Tesla financial approves ? Did they give your different bank options ?

 

[Joelhc]

Who funds the loan if Tesla financial approves ? Did they give your different bank options ?

It sounds like they have a stable of banks they go through but I wan't given any options. They matched me up with US bank and said that was the best offer. My credit union was a quarter of a percent less but going through Tesla was quick and easy.

I'm not sure if other people were given options though.

 

[ciparis]

Applied and approved on a Friday, picked up Sunday.