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Tesla loan comparison spreadsheet - auto updates hourly

Discussion in 'Model 3: Ordering, Production, Delivery' started by T3slaMecca, Sep 5, 2018.

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  1. voip-ninja

    voip-ninja Give me some sugar baby

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    Nope, that’s why I joined an out of state CU and then had LightStream beat the rate.
     
  2. AndyJB444

    AndyJB444 Member

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    Tesla Financing just quoted me 3.6% @ 72 months through U.S. Bank N.A
     
  3. T3slaMecca

    T3slaMecca Member

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    You should check out Allegacy on the spreadsheet, 2.29% for 66 months. To join, you just need to donate about $10 to their organization.
     
  4. Oyinko

    Oyinko Member

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    If I get a loan with Tesla Financing and decide to pay it back in full in a couple of months, will I pay penalties?
     
  5. T3slaMecca

    T3slaMecca Member

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    Most likely not, but check with them just in case.
     
  6. Carotene

    Carotene Member

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    Some states prohibit prepayment penalties (Maryland prohibits for example)


    I went with these folks. Really great to work with.
     
    • Informative x 1
  7. amoeba

    amoeba Member

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    I was going to go with Allegacy but they have a 90% leverage limit on the loan. So you'll have to bring 10% (6k?) + 1200 destination + Tax/registration (11%?) to close.
     
  8. fancyMX

    fancyMX Member

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    Any idea on how strict they are with this based on how soon you joined one of the organizations?

    And do you need to open a savings account with Actors FCU of the 10% or having your own works?

    Tesla said interest rates are going to go up soon. I'm doing a custom order and it seems like I can't lock in the rate until the car has a VIN number or it's delivered? Is it possible to start paying for a car I don't have yet (without a VIN) to lock in the rate?
     
  9. supomglol

    supomglol Member

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    Just want to confirm what this user wrote. The 1.99% rate is nolonger available. Plus, my loan officer was extremely rude to my wife and I.
     
  10. Brenzo

    Brenzo Member

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    Just applied to join Allegacy CU, waiting on member number to finish up loan application. Total cost was $15 to join ($5 min deposit + $10 donation to association).

    Going for the 2.74% / 72 months after Tesla Financing quoted me the same 3.6% / 72 months through US Bank.

    For those who went with Allegacy, did they require a VIN up front during the loan application process? I got stuck trying to fill out the application, probably because membership hasn't been approved just yet, but noticed VIN didn't appear to be required.
     
  11. T3slaMecca

    T3slaMecca Member

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    I'm thinking about changing lightstream's rate to the lowest 'easy' credit union rate and subtract it by .1% what do you guys think? It'll be more relevant for most people.


    Most likely VIN isn't needed, it's too early.
     
    • Like x 1
  12. masterxchief

    masterxchief Member

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    I think that's a good idea
     
  13. Glamisduner

    Glamisduner Active Member

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    How long does it take Allegacy to get back to you once you apply? I'm getting anxious with the delivery around the corner.
     
  14. T3slaMecca

    T3slaMecca Member

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    Done!

    Usually 1-2 days. Good luck!
     
    • Like x 1
  15. voip-ninja

    voip-ninja Give me some sugar baby

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    In my experience less than 24 hours.
     
  16. voip-ninja

    voip-ninja Give me some sugar baby

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    Thanks for all your efforts helping out buyers.

    I think what you did with LS was the right move. There have been some unrealistic expectations around being able to get LS to match any random CU with a low loan rate.

    Also, not sure you're aware, but at least a couple of people reported that LS refused to beat rate from CU that they had pre-approval with. This has always been hit or miss but it seems like LS is really tightening their criteria for their rate beat program, probably (my guess) as a direct result of the 1000's of loans coming in due to the surge in Model 3 sales.
     
    • Like x 1
  17. T3slaMecca

    T3slaMecca Member

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    Most welcome.

    I've added a note regarding that issue for LS. Think it would be helpful -- thanks for the tip!
     
  18. Glamisduner

    Glamisduner Active Member

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    applied for SDMCU, and haven't heard back (nothing new I haven't heard back form any place I applied so far). I called them and actually got in touch withsomeone (unlike the others) SDMCU says it will take 4-5 days to get a pre-approval. I don't have that kind of time! I might end up having to postpone delivery at this point. Only 10 more days to secure a loan. For some reason I thought getting a pre-approval would be a fast process... I don't have 80 grand in cash as a backup plan either.
     
  19. HostileHarry

    HostileHarry Member

    Joined:
    Sep 4, 2018
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    Location:
    Chicago
    I just submitted an app to Allegacy. I'm quite surprised how difficult this is to get decent rates... never knew that the dealership provided value. I would always just beat up on the finance guy and text the sales guy I'm walking if they don't get me X rate.

    This whole car buying experience is just so much different than all the others... so far the financing has been the worse part, but hopefully Allegacy comes through something in the low 2's (still crazy!) and I can move on.

    Thank you to everyone for sharing knowledge and helping out the community.
     
  20. AndyJB444

    AndyJB444 Member

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    Golden, CO
    Anyone else have to submit paystubs, vehicle info, previous employer, etc. To Allegacy Before getting rate quote?
     

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