Tesla loan comparison spreadsheet - auto updates hourly

[64robots]

What's the max % APL FCU was willing to finance your car and how many days was the rate locked? 30/60 days?

100%

They approved me, but they told me to wait until I have a delivery date to "finalize" the loan. So I applied on October 30th and I have until Nov 29th to go back in and finalize it, at which point I'll have a check that is valid for 30 days. So technically 60 days if you go that way.

 

[T3slaMecca]

100%

They approved me, but they told me to wait until I have a delivery date to "finalize" the loan. So I applied on October 30th and I have until Nov 29th to go back in and finalize it, at which point I'll have a check that is valid for 30 days. So technically 60 days if you go that way.

Thanks! Added to spreadsheet and noted. They're very strict and have very small area of service (Only Howard County, Maryland)

 

[64robots]

Thanks! Added to spreadsheet and noted. They're very strict and have very small area of service (Only Howard County, Maryland)

Yup, I got super lucky because my wife's family lives in HoCo.

 

[thaita]

We're applying through SchoolsFirst FCU
2.84% - 36/48/60 months
3.14% - 72 months
3.94% - 84 months

 

[-motts-]

Has anyone seen this before? We just got notification of a VIN and Delivery Date this afternoon....for Monday delivery. So we're rushing to get a Loan App in. We went through Tesla directly, and through our bank, to determine loan amounts. Haven't heard anything from Tesla yet, but this appeared in our account

 

[ChrisianZ]

@64robots thanks for the tip. I was just reading up on that. So whatever I’ll just submit an application via tesla and see what comes of it. We have never applied for an auto loan before. We own all our cars. However, i do find it different than a mortgage. Mortgages looks into your bank savings and dives deep into your credit history. Auto is just credit score and income and debt (which we don’t have) so I was taken back by the non approval.

@ChrisianZ We live in NJ. We were pretty succesful getting attention from Campbell. We just contacted reps every other day to follow up. So we did stay on top of it for a quick turn around. One week for account number and loan application response which was NOT approved. Bummed about that. Said that my wife has A+ credit but the income to debt does not meet their guidlines. I asked what is she approved for then and it was some embarrassing number. Fractions! of wife’s salary. Therefore, that is why a posted my cry for help a few posts back.

I got my membership number today and tried to fill out the application. I wanted to add my wife as a co-applicant, but the online application won't let me add her. A pop-up states I have to select a Joint application, which I have done. When I try to add her name, the pop-up alert keeps occurring. Has anyone else had a problem with this? Also, how long does the Tesla loan application take?

 

[SemiS3XYR]

@ChrisianZ
Re: Campbell.. We just joint applied today and increased the down payment. See what happens. Trying to score the lowest rate.

OTOH just my wife applied for loan through Tesla and it literally took 1 minute and received approval in less than 24hrs. No email or anything . Just logged in account and the details were there. 20% down and 3.99% for 60 months. High but the plan is to sell the S and pay off the 3 quickly.

 

[sixty]

got approved from MCU NY 1.95% for 60 months. Auto financing is available to MCU members residing in NY, NJ, CT, or PA. It took 2 days to get the checking account setup and a few hours to get the loan approved.

 

[T3slaMecca]

got approved from MCU NY 1.95% for 60 months. Auto financing is available to MCU members residing in NY, NJ, CT, or PA. It took 2 days to get the checking account setup and a few hours to get the loan approved.

Thanks for this! They don't state "NY, NJ, CT, PA" on their website, do you have this in writing somewhere I can reference on the spreadsheet?

 

[sixty]

Thanks for this! They don't state "NY, NJ, CT, PA" on their website, do you have this in writing somewhere I can reference on the spreadsheet?

It's stated on my approval email. "Auto financing is only available to MCU members residing and purchasing in NY, NJ, CT, or PA."

On the "Who Can Join" page, it doesn't have that condition. It probably won't hurt to try opening an checking account.

MCU: JoinMCU - Who Can Join

 

[SemiS3XYR]

@sixty
I looked into MCU before but did not apply because it seeme membership is limited to NYC and the boroughs. Are you saying you are not any of those qualifications?

 

[Cyclone]

I just did the same thing and had a generally positive experience. I applied and got approval through LightStream first. I then went through the process at Pasadena Federal with the same terms and received a Pre Approval PDF. I emailed it to Light Stream and asked for a rate beat. No response so a day later, I emailed them again with the PDF requesting a rate beat and in a few hours got a reply with the better rate. I requested the funds to be disbursed and they are pending right now.

Sorry to hear you had such a bad experience with it.

Hmmm. My loan was processed quickly, within hours they asked for my pay stub and a few hours later I got my approval. Now that I submitted an email to them for the Rate Beat, it sure feels like it’s taking a while. I sent it to them yesterday at about 4 pm Eastern and 25 hours later, not a peep.


Btw, if we are including local/regional sites, here are two I applied for an am approved for.

Auto Loan | Founders Federal Credit Union
2.50% for 72 months is what I got approved for

NC, SC Credit Union Loan Rates | Sharonview Federal Credit Union
$100k max loan
1.99% up to 60 months
2.74% for 72 months
3.74% for 84 months

 

[T3slaMecca]

Hmmm. My loan was processed quickly, within hours they asked for my pay stub and a few hours later I got my approval. Now that I submitted an email to them for the Rate Beat, it sure feels like it’s taking a while. I sent it to them yesterday at about 4 pm Eastern and 25 hours later, not a peep.


Btw, if we are including local/regional sites, here are two I applied for an am approved for.

Auto Loan | Founders Federal Credit Union
2.50% for 72 months is what I got approved for

NC, SC Credit Union Loan Rates | Sharonview Federal Credit Union
$100k max loan
1.99% up to 60 months
2.74% for 72 months
3.74% for 84 months

Thanks, too bad they don't break down loans into terms..

 

[ChrisianZ]

@ChrisianZ
Re: Campbell.. We just joint applied today and increased the down payment. See what happens. Trying to score the lowest rate.

OTOH just my wife applied for loan through Tesla and it literally took 1 minute and received approval in less than 24hrs. No email or anything . Just logged in account and the details were there. 20% down and 3.99% for 60 months. High but the plan is to sell the S and pay off the 3 quickly.

Hi, I called the Campbell CU today and found out that you can't use a Mac computer to file a joint application. They said they are aware of the issues with their loan form. I was advised to submit 2 applications, one for me and one for my wife, explaining as much in the comments. When you stated you increased the down payment, you just reduced the amount of the requested loan? What is the minimum you have to put down for Tesla financing? Did that include your $2,500 deposit?

 

[Cyclone]

Thanks, too bad they don't break down loans into terms..

Yup. At first I didn’t call them because of it. But after seeing the posts about Campbell, I spent the time to call and very happy with the results. They are both very easy to work with.

 

[64Driver]

Hmmm. My loan was processed quickly, within hours they asked for my pay stub and a few hours later I got my approval. Now that I submitted an email to them for the Rate Beat, it sure feels like it’s taking a while. I sent it to them yesterday at about 4 pm Eastern and 25 hours later, not a peep.


Btw, if we are including local/regional sites, here are two I applied for an am approved for.

Auto Loan | Founders Federal Credit Union
2.50% for 72 months is what I got approved for

NC, SC Credit Union Loan Rates | Sharonview Federal Credit Union
$100k max loan
1.99% up to 60 months
2.74% for 72 months
3.74% for 84 months

Are you saying that they will rate beat with just a pre approval. Doesn't even have to be a finalized loan?

 

[sixty]

@S3XYBack
I live in Buffalo, NY and I was able to open a checking account. My wife does work for a company which has an office in NYC though.

 

[JO<3M3]

If anyone is in New York's Capital Region (Albany, Schenectady, Saratoga Springs) they should look into First New York FCU. Both 48 and 60 month loans are currently 2.49% after a .25% discount is applied for automatic payments. On top of that they give an additional 1% discount for hybrid/EVs. I just got approval for 60 months at 1.49%. No prepayment penalty. Very easy to get loan set-up. You need to keep a $5 account open as well. Process was very quick and very easy.

First New York FCU Auto Loan Rates

 

[Cyclone]

Are you saying that they will rate beat with just a pre approval. Doesn't even have to be a finalized loan?

Mine is a full approval. They just need me to sign and pick up a check.

 

[groovidad]

Traditionally, the longer your loan term, the higher the interest rate. It is what it is.