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Tesla loan comparison spreadsheet - auto updates hourly

Discussion in 'Model 3' started by T3slaMecca, Sep 5, 2018.

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  1. Markrw

    Markrw New Member

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    Sacramento California
    I am ready to order my Model 3 and am looking for a little assistance/reassurance in the process.

    I am planning on financing through one of the cu on the spreadsheet but I see others talking about Tesla financing and wonder if I should also apply through them. Can I apply for the cu first or does it matter which one I apply through first?
     
  2. mcap81

    mcap81 Member

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    SW Suburb of Chicago, IL
    I just called Delta Community CU and their join rules are strict. You must live in the ATL area or meet another requirement. I am not sure why it is listed as Open on the spreadsheet.
     
  3. sumitkgarg

    sumitkgarg Member

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    You can get pre-approved anywhere and Tesla will match. This is what I did after getting approved for 2.74% (60 months) with Pasadena CU.

    Best Rate Guarantee
     
  4. mcap81

    mcap81 Member

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    I did not know this, thank you!!!
     
  5. Markrw

    Markrw New Member

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    Did you pre approved or do you have to wait till you order the car?
     
  6. mcorf

    mcorf Member

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    Is there any advantage to having them match it? Will they run another credit check?
     
  7. clcsar

    clcsar Member

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    If you don't mind 2 hard inquiries, I'd recommend get approved (not pre-approval) by a cu like Pasadena, then use lightstream rate beat to get 2.64% UNSECURED loan (your name on the title, not bank). The hard part is timing.
     
  8. sumitkgarg

    sumitkgarg Member

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    They pre-approved.
     
  9. sumitkgarg

    sumitkgarg Member

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    My understanding is that multiple "similar" inquiries in a short period of time (30 days?) does not impact your credit score. It is really counted as 1 inquiry. Otherwise it will be really hard for people to shop around for good car/home loan rates.
     
  10. sumitkgarg

    sumitkgarg Member

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  11. clcsar

    clcsar Member

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    Interesting... I didn't know that... when I applied for mortgage a few years ago, different banks definitely showed up as separate inquiries within 6o days period.

    Credit report will be refreshed next week and I will take a look

     
  12. sumitkgarg

    sumitkgarg Member

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    They will still show up as separate inquiries but not impactful
     
  13. clcsar

    clcsar Member

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    I see...
     
  14. happyevil

    happyevil New Member

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    Southern California
    for PFCU, the website says "All rates (APRs) shown include a 0.50% discount for Automatic Payment from a PFCU Checking Account and an additional 0.50 discount for an active PFCU Visa account.".
    ...did you have to do the same as well to get them to approve you for 2.74%?
     
  15. clcsar

    clcsar Member

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    No need to apply separately. One application takes care all that including $25 donation to become a member
     
  16. dgraha11

    dgraha11 New Member

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    May 10, 2019
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    DC
    I got pre approved yesterday for the loan I wanted but I was told by my sales advisor it couldn't be matched until I got the final approval letter. Also the loan Tesla approved for me was short for what I had requested so still in the process of trying to lock in my loan and rates before delivery on the 18th.
     
  17. sumitkgarg

    sumitkgarg Member

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    Send an email to [email protected] with your reservation number in the subject line and the pre-approval documentation from the other bank. No need to involve your Owner Advisor or Delivery Specialist.
     
  18. sumitkgarg

    sumitkgarg Member

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    By default, the PFCU membership requires a savings account with min $5 in it. They asked me to open a checking account and complete a visa card application before they could issue me a pre-approval certificate. I had to do that, but its a simple online process.

    Btw - the additional visa card will "not" result in another inquiry on your credit report, as per the loan specialist at PFCU.
     
  19. Socal3XXXX

    Socal3XXXX Member

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    May 8, 2019
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    Location:
    Los Angeles
    My CU is 3.45 for 7 years
     
  20. Neon001

    Neon001 Member

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    Location:
    Md
    If you're saying what I think you're saying here, that means you cannot pre-pay any loan through Tesla without paying the entirety of the interest that will accrue over the normal (let's say 72 month) life of the loan? Wow, that's ridiculous. I've never heard of anything so extortionate. You're quite sure it's this way for ALL loans through Tesla?

    If so, it's a shame, since I'd prefer to keep it simple and use them to avoid hassles with the payment before/during delivery.
     

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