Have you had a car loan before? I think that is a bigger problem. If you had a 30K loan, getting approved for 40K isn't a problem. DTI is much higher on car loan, but you just have had to a secured debt before. YOu can read all about that on the exotic financing articles
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Tesla loan comparison spreadsheet - auto updates hourly
- Thread starter T3slaMecca
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Have you had a car loan before? I think that is a bigger problem. If you had a 30K loan, getting approved for 40K isn't a problem. DTI is much higher on car loan, but you just have had to a secured debt before. YOu can read all about that on the exotic financing articles
Yes, I had a Loan for 22k for a 2014 Toyota Corolla. Never missed any payments and traded it in June of 2016 for a Lease on a 2017 Lincoln MKC Select. My wife has had a 2014 Honda Civic loan for 20k since 2014 that she will finish paying in May, but we may pay off the car in April so that when we try to get Model 3 around June we have no car loans or car leases anymore (my Lincoln MKC lease is up in June) So for the last 5 years we have both had car loans and our total car payments of over 800 per month combined. So now we will just have 1 car loan for the Model 3...which is actually less than what we pay for both our current cars, so do you think this will actually be to our benefit since we have track record of making over 800 in payments for 2 cars on time as well as 750+ credit rating and only a small mortgage payment relative to our total income of 7300 per month gross?
You should be fine, the key is you had a loan before. They usually don't like people going up by more than 100%, but with your downpayment you are not that far off.
First one is always difficult, everything else comes easy.
Here is the weird part. I applied via Tesla. Chase approved me, but now Wells wants to approve me too. Here is the thing, they both have the same rates. What is the point?
jvmoore1
Member
First post...
The loan comparison google spreadsheet: Tesla Loan Comparison Spreadsheet - Auto Update Rates
How to use the spreadsheet youtube (best viewed in 1080p): Tesla Loan Comparison Spreadsheet - Updates Hourly
Thanks, I had seen the first post, but there were no links there for me(as well as in your reply). Your reply clarified that there was something wrong on my end. So I disabled "Adguard" on my Chrome browser, and now I see the links. Glad I am not going insane!
Big thanks to T3slaMecca for this! I wouldn't have found rates like this looking on my own.
My feedback: I scored a 48mo, 1.7?% loan from Fairwinds using the Lion Nation membership. The discount their published rate 1/4% if you pay using a Fairwinds checking account. They're clearly used to doing this with out of area folks. I don't know how they can offer rates that low.
My feedback: I scored a 48mo, 1.7?% loan from Fairwinds using the Lion Nation membership. The discount their published rate 1/4% if you pay using a Fairwinds checking account. They're clearly used to doing this with out of area folks. I don't know how they can offer rates that low.
It was easy to get approved through the Rate Match program. Just email Tesla your pre-approval letter with the lower rate under the same terms. They got back to me within a day and I was approved. They're sending a check over for the difference in 6 weeks.
Now I found a lower rate and I'm going to refinance. Not sure what happens to the check..
lemketron
Member
Yes, that’s exactly why I put those color gradients into the original Tesla Financing sheet I created and shared almost a year ago as I was configuring and ordering my own car and got tired of trying to follow all these threads for who had the best financing deals, and where they were available and to whom.
The gradient colors make it easy to compare loan amounts and I was pretty proud of coming up with that.
People bicker over a quarter point in rate, which makes almost no different in monthly payment (like just a few dollars) whereas extending the term by a year can drop the payment by $100 or more. Yes that means more interest paid but some of us care more about cash flow and these payments are high enough as it is since this car costs twice as much as many of us have ever spent on a car before.
Nice job automating the updating of the rates btw!
How long are pre-approvals valid for? I am worried about the timing trickiness of applying for a loan early enough to be ready and valid for delivery but not too early if deliveries get delayed. For rate match, do you tell Tesla you want to go with their financing initially so they can give you a quote then come back with the letter later? I've heard a story where a Tesla customer couldn't get his bank to give a pre-approval letter because they were afraid he was going to use it to shop around or do a rate match.
They are just going to change mine at delivery. They were super fast, all questions were answered within an hour. Best department so far
I follow some poster in here.
Join Lionnation.com
https://lionnation.com/
So you can apply Car loan at
FAIRWINDS is a Central Florida Credit Union
For the advertising 1.88%
I got instant approved. but for 4.25% for 72 months. So I declined the offer.
So what is going on here.
My score is 780
Total cost is $ 39,857
Down. $12,157.5
Finance. $ 27,700
Join Lionnation.com
https://lionnation.com/
So you can apply Car loan at
FAIRWINDS is a Central Florida Credit Union
For the advertising 1.88%
I got instant approved. but for 4.25% for 72 months. So I declined the offer.
So what is going on here.
My score is 780
Total cost is $ 39,857
Down. $12,157.5
Finance. $ 27,700
Thank you so much for this thread!
Purchase placed last night. Base model, blue paint, autopilot, full self driving. Loan amount -$46,290 (after subtracting $3,500 paid in).
Submitted Tesla Credit application this morning. Credit score ~720. 33 years old. San Diego. First car purchase. Already got an offer in my Tesla account - TD Auto / 72 months / 5.69% for $44,000.
Will keep trying using this thread. Goal is an 84 month loan at a better rate.
Purchase placed last night. Base model, blue paint, autopilot, full self driving. Loan amount -$46,290 (after subtracting $3,500 paid in).
Submitted Tesla Credit application this morning. Credit score ~720. 33 years old. San Diego. First car purchase. Already got an offer in my Tesla account - TD Auto / 72 months / 5.69% for $44,000.
Will keep trying using this thread. Goal is an 84 month loan at a better rate.
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