Tesla loan comparison spreadsheet - auto updates hourly

[turok3000]

[cut]

• LionNation membership is no longer free. You need to pay $59. It's setup as a recurring fee so you will need to remember to cancel it. Make sure your lionnation account is under the same name you will be applying for the loan with. If it's a joint loan, make sure the primary borrower is the same person that signs up for lionnation.

Interesting.. when did you join ? I joined a couple of weeks ago and got an LN number without having to pay anything.

 

[SoCalMom]

Interesting.. when did you join ? I joined a couple of weeks ago and got an LN number without having to pay anything.

Last week. They had issues with their website early in the week. For days I wasn’t able to sign up. Then they posted a working link to the $59 membership. I jumped on that. And then now it’s free again. Maybe they are trying to copy the crazy tesla pricing strategy?

 

[VQTRVA]

From my experience:

1) Within ~1 week. A verbal 'you're approved' was given the day after submitting an application.

2) Vin required to issue the check. Preapproval didn't require a VIN, just an amount financed and details of the car (make, model, trim).

3) They'll do either. We were on a tight timeline, so I had them send it first-overnight to the delivery center since I can't get first overnight at home.

1. We were in a rush and were told they need a minimum of 2 business days. This is assuming you have the LionNation membership number already. When I tried to apply for LionNation, their website was not working for a few days. Then when I was able to sign up, it took a half a day before I got my membership number. By the time I got it I think the Fairwinds bank in FL was closed. So keep that in mind. We also ran into some weird errors with our application (my husband's SSN showed he was from Guam and born 10 years earlier than he said he was). I'm not sure how that happened, but again that added some time to our process.

2. You can get a rate without your VIN. But you need your VIN and MVPA before they can cut the check.

3. They send the check to Tesla. Tesla only needs the tracking number for the check in order to release the car to you. They don't need the physical check in their hands. This is what both Tesla and my Loan Officer at Fairwinds told me (apparently Fairwinds and Telsa have been working together a lot lately ). I have yet to pick up my car though.

Thank you both for answering my questions.
Helped greatly to smooth out some of the unknowns.


As for bullets above in my use case:

1. From paper work gathering to check disbursement to dealership - took 2 days - thanks to 32x20 & SoCalMom!
2. Surprisingly, Tesla was able to put the MVPA & VIN into my online account on Monday - yesterday - 2 days after I had ordered & made my deposit on Friday evening.
3. Check is being sent to delivery showroom tonight or tomorrow.

All of this efficiency is predicated on having your paper work handy like copy of driver's license, proof of insurance, MVPA .
Also, I tried to fund the mandatory Fairwinds checking account on-line but made a mistake by funding via a ACH bank acct & routing number transfer - which they don't do on initial checking acct setup.

Tip: fund the account with a credit card!.

Was able to fund my by having a buddy @ work write me a check & I deposit it using the Fairwinds app.

 

[Kelmn07]

Agree - my LN experience was free to sign up with an instant membership number, but would have gladly paid the $59 for the lower rate.

I noticed my preapproval letter doesn't state the rate that the loan officer referenced on the call. TBH I was going to try to see if my local CU or Tesla would match it so that I wouldn't have to open a new checking account and manage separate deposits but...it turns out I don't actually have anything to provide. How have others successfully price matched - did you get anything in writing?

 

[RB88]

Ok I got to signing up on their site (after verbally/email confirmation of the rate, and sending over my drivers license/green card/etc details), giving my credit card details for the initial deposit etc, then it went to "Pending further information". Emailed the loan officer, he said "Perfect - I'll follow up on this". That was 11am yesterday and it's 7pm today now, despite me dropping him two emails today. Not sure if that's normal (first auto loan) when going through this. I'll probably give him a call tomorrow

My tentative delivery date is 3/22 and Tesla is just showing "Prepare for delivery" (I paid the downpayment in full to them already).

 

[buste2]

Thanks to everyone sharing their experience about LightStream and Fairwinds!

LightStream is crazy easy for people with excellent credit. The Rate Beat Program is much harder now though. They require a Truth In Lending Statement to match. I was denied 4x. All from Pre-Approval letters and emails.

As soon as I got my loan docs from Fairwinds, I sent the Truth In Lending Statement to LightStream. LightStream matched within 10 minutes. Crazy.

My loan is unsecured for 36 months at 0.79%.

I will definitely use them again in the future. Highly recommended for anyone with excellent credit!

 

[nightshade]

What would be considered excellent credit?
Do auto loans use Equifax, Transunion, or Experian?

Mine vary slightly but are all above 750.

 

[bmms8]

Anyone had luck with a better rate than la financial in SoCal? Thanks

Great spreadsheet OP, truly appreciated!

 

[Kelmn07]

Thanks to everyone sharing their experience about LightStream and Fairwinds!

LightStream is crazy easy for people with excellent credit. The Rate Beat Program is much harder now though. They require a Truth In Lending Statement to match. I was denied 4x. All from Pre-Approval letters and emails.

As soon as I got my loan docs from Fairwinds, I sent the Truth In Lending Statement to LightStream. LightStream matched within 10 minutes. Crazy.

My loan is unsecured for 36 months at 0.79%.

I will definitely use them again in the future. Highly recommended for anyone with excellent credit!

How did you get the truth in lending statement? I applied at Fairwinds, got a loan officer, was given my rate verbally, and then my preapproval letter states the amount I'm approved for but does not list the rate anywhere. I'm not going to bother with setting up a checking account there just to get a rate match someplace else.

 

[Cnasty]

What would be considered excellent credit?
Do auto loans use Equifax, Transunion, or Experian?

Mine vary slightly but are all above 750.

Curious about this too as I am about to start shopping with FAIRWINDS, RBFCU, and Lightstream. I wish Texas did financing with Tesla as it would be so much easier.

 

[buste2]

What would be considered excellent credit?
Do auto loans use Equifax, Transunion, or Experian?

Mine vary slightly but are all above 750.

Mine's 810. They used Equifax for me. From what I've read, they 're looking for 720+ for unsecured depending on how many months and how much.

How did you get the truth in lending statement? I applied at Fairwinds, got a loan officer, was given my rate verbally, and then my preapproval letter states the amount I'm approved for but does not list the rate anywhere. I'm not going to bother with setting up a checking account there just to get a rate match someplace else.

Unfortunately, you have to setup a membership basic checking account and deposit $5 fee + $25 initial deposit. Once your account has been created, they will generate loan docs to be electronically signed. You'll just "view" it only and save the Truth In Lending Statement. Seems like this is standard for everyone. You pretty much have to go all the way then withdraw the loan. I think it's worth the investment for the low rate. It took me less than 48 hours and didn't talk to anyone on the phone. Everything was done via email.

Curious about this too as I am about to start shopping with FAIRWINDS, RBFCU, and Lightstream. I wish Texas did financing with Tesla as it would be so much easier.

I'm in Texas too. This is why I went through the effort to get LightStream and did their Rate Beat Program. I get the cash and just paid in full for the car. I also did this in case if I reject or return the car within 7 days. I think it'll be easier to refund me vs a bank. Hopefully I won't have to cross that path though.

 

[Kelmn07]

Unfortunately, you have to setup a membership basic checking account and deposit $5 fee + $25 initial deposit. Once your account has been created, they will generate loan docs to be electronically signed. You'll just "view" it only and save the Truth In Lending Statement. Seems like this is standard for everyone. You pretty much have to go all the way then withdraw the loan. I think it's worth the investment for the low rate. It took me less than 48 hours and didn't talk to anyone on the phone. Everything was done via email.
.

Ohhh, got it, thanks. I reran the numbers and while the rate of 1.70% from Fairwinds is awesome, it equated to a difference of $14 a month and we decided it wasn't worth the hassle of managing separate checking and direct deposit accounts. I hadn't realized the account opening would be required before getting the rate in writing, as I was planning to have Tesla rate match. I'm also torn about the ethics of having a bank do the work of getting a loan and account organized just for it to be immediately closed, so I think we'll be sticking with our local CU instead.

 

[buste2]

Ohhh, got it, thanks. I reran the numbers and while the rate of 1.70% from Fairwinds is awesome, it equated to a difference of $14 a month and we decided it wasn't worth the hassle of managing separate checking and direct deposit accounts. I hadn't realized the account opening would be required before getting the rate in writing, as I was planning to have Tesla rate match. I'm also torn about the ethics of having a bank do the work of getting a loan and account organized just for it to be immediately closed, so I think we'll be sticking with our local CU instead.

For Tesla rate match, they accept pre-approval letters. I'm in Texas so I can't finance with Tesla

 

[Kelmn07]

For Tesla rate match, they accept pre-approval letters. I'm in Texas so I can't finance with Tesla

It turns out I also can't finance in NH either, lol! Would have had to pick up the car in NY state instead (no thanks).Guess we'll be sticking local now.

 

[VQTRVA]

Ohhh, got it, thanks. I reran the numbers and while the rate of 1.70% from Fairwinds is awesome, it equated to a difference of $14 a month and we decided it wasn't worth the hassle of managing separate checking and direct deposit accounts. I hadn't realized the account opening would be required before getting the rate in writing, as I was planning to have Tesla rate match. I'm also torn about the ethics of having a bank do the work of getting a loan and account organized just for it to be immediately closed, so I think we'll be sticking with our local CU instead.

I'm glad you said this because having dealt with Fairwinds - they are a bunch of honest good people to work with - I felt I had to complete the process even if having another checking account & the extra fees were a bit of an anomaly.
But the 48 months APR of 1.775% was too great to turn down when all other 48 month rates were much higher.

I wanted to try Lightstream - but that seem even more added steps to get LS to match Fairwinds.

 

[Cnasty]

I'm in Texas too. This is why I went through the effort to get LightStream and did their Rate Beat Program. I get the cash and just paid in full for the car. I also did this in case if I reject or return the car within 7 days. I think it'll be easier to refund me vs a bank. Hopefully I won't have to cross that path though.

This is very helpful and wasn't sure it was an option or how that works. So basically you are going through Lightstream but they overnight you a check, you deposit that and then wire it to Tesla for full payment?

Whats the rate? I heard good things about Lightstream but not sure how it all works. I assume apply online like a normal place and wait to hear back?

 

[Big-T]

Has anyone completed a loan thru Carolina Cooperative? I just joined the NCCC and submitted my membership form, but the website was really basic, as was the info they wanted.....What are the next steps I should expect?

 

[Kelmn07]

I'm glad you said this because having dealt with Fairwinds - they are a bunch of honest good people to work with - I felt I had to complete the process even if having another checking account & the extra fees were a bit of an anomaly.
But the 48 months APR of 1.775% was too great to turn down when all other 48 month rates were much higher.

I wanted to try Lightstream - but that seem even more added steps to get LS to match Fairwinds.

Not to mention LS beats it by what, .10%? Seems negligible over a 36-48 month loan. I'd rather give the money to the CU that was going to give the rate to begin with over the rate match game that LS does.

 

[MTSN]

I was approved at 1.70% through Fairwinds on Monday, but my loan contact has not replied to my emails where I sent in pay stubs, DL, etc. She's out of the office today, and I spoke to someone there who said "everything looks good you'll hear soon". I pick up the car on Tuesday morning, so I'm getting nervous about timing of the funds being sent. Since Telsa requires an ACH transfer, that means they can initiate the funds transfer no later than Monday which only means basically 2 business days to do everything. Anyone know how long they typically take?

 

[sygyzy]

Has anyone completed a loan thru Carolina Cooperative? I just joined the NCCC and submitted my membership form, but the website was really basic, as was the info they wanted.....What are the next steps I should expect?

I haven't completed a loan through them but have been carefully keeping up with finance options and I can tell you that they are a really old school company. You can expect to download and fill out a PDF, print it out, then snail mail it to them. If you are in a rush, you should consider overnighting it. Then you need to wait for them to process it. I am not sure where it goes from there but hopefully they'll wire or overnight the check to Tesla when it's complete. It's a really slow process.