Tesla loan comparison spreadsheet - auto updates hourly

[Cocoa]

Thanks for putting this spreadsheet together, it's super helpful.
Can you add LA Financial CU? They are currently at 1.99% for a 60 month loan and is open to anyone in LA County and some other areas with no hoops to jump through.
The person I applied with did say they think the rates will go up .25% in the coming week and that they don't lock in your rate for any time period but still a great rate. They said they do a lot of loans with Tesla and are familiar with the process.

I applied for a loan through them and got a pretty approval email and then didn’t hear anything for several days. I called them to find out what was going on and was told that I didn’t qualify because I live in Riverside County.

 

[jsrawa]

My trade in has been processing for three days now. I know they are overwhelmed but is this how long it's taking for everyone else too?

 

[Cherubim]

I didn't bother with filling out the online application. I just called in. I asked what is their current rate and she say 1.99 thru 5.xx%. I do live in Texas, just not in Dallas. Not sure what other factor help contribute but I do work for the State. I do have a long history of car buying (not something I am proud of. So much money wasted on trading in cars). I have another buddy who just got his Model 3 and he downed about $28K with credit score higher than mine but his best rate was 2.6% for 72 months. He was only financing about $31K. They say he never have any car buying history. This is his first brand new car loan ever. So I wish all my Tesla buddies best of luck for that 1.99%!

Thanks for the info. I'm not from the state and just talked with someone. They basically implied I was probably out of luck since I wasn't in the Dallas area and didn't have a relative in the area. He's going to check on some things and call me back, but it sounds like there may actually be some relatively strict requirements with the Credit Union of Texas.

Awesome if you live in Dallas/Fort Worth or perhaps in TX or perhaps if you work for the state, but perhaps not something for those of us who don't live/work in that area.

I'm still on the hunt for the right combo of 66-72 months, sub 2.5% interest rate, 100% loan to value (or higher - I could pay down more but I'd rather just finance it at this point) and non-prohibitive membership requirements for someone who just happens to live and work in the St. Louis area.

 

[Brenzo]

My trade in has been processing for three days now. I know they are overwhelmed but is this how long it's taking for everyone else too?

Same here... Filled out late on Monday and still says "pending"

 

[T3slaMecca]

Thanks for the info. I'm not from the state and just talked with someone. They basically implied I was probably out of luck since I wasn't in the Dallas area and didn't have a relative in the area. He's going to check on some things and call me back, but it sounds like there may actually be some relatively strict requirements with the Credit Union of Texas.

Awesome if you live in Dallas/Fort Worth or perhaps in TX or perhaps if you work for the state, but perhaps not something for those of us who don't live/work in that area.

I'm still on the hunt for the right combo of 66-72 months, sub 2.5% interest rate, 100% loan to value (or higher - I could pay down more but I'd rather just finance it at this point) and non-prohibitive membership requirements for someone who just happens to live and work in the St. Louis area.

Thanks for reporting this and updating the spreadsheet

 

[Davidimdpt]

LA financial's website is listing APR 2.49 now.

 

[T3slaMecca]

LA financial's website is listing APR 2.49 now.

It's taking the discounted rate (with auto debit)

 

[1.21GW]

most of these are no help to me in Michigan..

 

[T3slaMecca]

most of these are no help to me in Michigan..

Here's one, can you let me know if they'll approve for 30/60 days and finance 100%? American 1 Credit Union Rates - American 1 Credit Union

Let me know what rate you're able to get at 72 months. (They're not on the spreadsheet because they're too vague)

Thanks!

 

[Glamisduner]

I don't understand how anyone has an opportunity to do the lightstream unsecured.

Process: (Delivery on Sunday the 23rd)
Apply for loan and get a pre-approval. Say for 40k
Fill out pre-approval loan information on tesla website (not sure what happens after I submit, but I assume it will lock like all the other information) with the amount 40k and lender information.
Then I wait for my vin and signed purchase agreement which should arrive on Friday the 21st.
I then forward the tesla signed purchase agreement to the CU, and they will forward to tesla my actual approval by saturday.
Then I go to pickup the car on sunday and pay the remaining amount with check and / or cash?

So when exactly do I have lightstream beat the rate? What do I use to beat the rate? Apparently I can't use a pre-approval and the approval goes directly to tesla, plus I have already at that point filled out my account into with the CU loan? Will the tesla website even let me change payment information at the last minute or will I be locked into paying with a loan when I go to pickup the car? Will Lightstream be able to send the money directly to tesla by sunday?




As for Allegacy, how the hell do I become a member? I'm running out of time although I got a message that they will give me their best rates.

Join Allegacy | Allegacy Federal Credit Union

I don't think I qualify but I keep reading you can just donate $10 and become a member. Where do I send $10 to become a member?

This is absolutely frustrating trying to get a good rate for the car. I can't believe all the run around and how complicated and time consuming this process is.

 

[Big-T]

Just heard back from Excel Credit Union, they denied the app because I didn't live in their area. No option to donate to something, so I'd put them in the strict category. Also, there's just one person handling loans, communication wasn't great.

Was able to create an account and get pre-approval from Tower FCU today though.

 

[HostileHarry]

I don't understand how anyone has an opportunity to do the lightstream unsecured.

Process: (Delivery on Sunday the 23rd)
Apply for loan and get a pre-approval. Say for 40k
Fill out pre-approval loan information on tesla website (not sure what happens after I submit, but I assume it will lock like all the other information) with the amount 40k and lender information.
Then I wait for my vin and signed purchase agreement which should arrive on Friday the 21st.
I then forward the tesla signed purchase agreement to the CU, and they will forward to tesla my actual approval by saturday.
Then I go to pickup the car on sunday and pay the remaining amount with check and / or cash?

So when exactly do I have lightstream beat the rate? What do I use to beat the rate? Apparently I can't use a pre-approval and the approval goes directly to tesla, plus I have already at that point filled out my account into with the CU loan? Will the tesla website even let me change payment information at the last minute or will I be locked into paying with a loan when I go to pickup the car? Will Lightstream be able to send the money directly to tesla by sunday?




As for Allegacy, how the hell do I become a member? I'm running out of time although I got a message that they will give me their best rates.

Join Allegacy | Allegacy Federal Credit Union

I don't think I qualify but I keep reading you can just donate $10 and become a member. Where do I send $10 to become a member?

This is absolutely frustrating trying to get a good rate for the car. I can't believe all the run around and how complicated and time consuming this process is.

I'm at the beginning stages of Allegacy and just spoke with the loan officer. Looks like I have to submit my past 2 pay stubs and 2016 and 2017 W2's. I have not figured out the membership part yet, but they made it sound like it was no big deal.

 

[T3slaMecca]

I'm at the beginning stages of Allegacy and just spoke with the loan officer. Looks like I have to submit my past 2 pay stubs and 2016 and 2017 W2's. I have not figured out the membership part yet, but they made it sound like it was no big deal.

It's not a big deal, donating to their cause is part of the application process.. so it's easy.. (that's in the notes section btw)

 

[Glamisduner]

I'm at the beginning stages of Allegacy and just spoke with the loan officer. Looks like I have to submit my past 2 pay stubs and 2016 and 2017 W2's. I have not figured out the membership part yet, but they made it sound like it was no big deal.

This is the hard part for me, you start to fill out the form on their website and it asks you how you qualify as a member. I don't live in the area, nor am I a member of the handful of organizations on the site. So I am stuck here. I have all the rest of the info they require... No way to become a member though as far as I can tell.

How do I get past this screen? I figure it's pointless to send them everything else if you must be a member and I can't become a member.

It's not a big deal, donating to their cause is part of the application process.. so it's easy.. (that's in the notes section btw)

So it's a $10 donation to join but it sounds like that step is after the step I am stuck at. Can you help?

I can't seem to find a way to join any of the associations.

 

[T3slaMecca]

This is the hard part for me, you start to fill out the form on their website and it asks you how you qualify as a member. I don't live in the area, nor am I a member of the handful of organizations on the site. So I am stuck here. I have all the rest of the info they require... No way to become a member though as far as I can tell.

How do I get past this screen? I figure it's pointless to send them everything else if you must be a member and I can't become a member.

View attachment 334685


So it's a $10 donation to join but it sounds like that step is after the step I am stuck at. Can you help?

I can't seem to find a way to join any of the associations.

Here you go:

 

[T3slaMecca]

This is the hard part for me, you start to fill out the form on their website and it asks you how you qualify as a member. I don't live in the area, nor am I a member of the handful of organizations on the site. So I am stuck here. I have all the rest of the info they require... No way to become a member though as far as I can tell.

How do I get past this screen? I figure it's pointless to send them everything else if you must be a member and I can't become a member.

View attachment 334685


So it's a $10 donation to join but it sounds like that step is after the step I am stuck at. Can you help?

I can't seem to find a way to join any of the associations.

BTW! This just in.. there's a really good credit union that's easy to join! Auto Rates
1.99% for 60 months.. 72 months isn't as good.. @ 2.99%

Just donate $25 to their cause! Adding to spreadsheet now.

 

[voip-ninja]

BTW! This just in.. there's a really good credit union that's easy to join! Auto Rates
1.99% for 60 months.. 72 months isn't as good.. @ 2.99%

Just donate $25 to their cause! Adding to spreadsheet now.

1.99 on 60 is a great rate if these guys are fairly easy to join.

 

[whatthe2]

BTW! This just in.. there's a really good credit union that's easy to join! Auto Rates
1.99% for 60 months.. 72 months isn't as good.. @ 2.99%

Just donate $25 to their cause! Adding to spreadsheet now.

Rate sheet is from May. Are they still honoring these rates?

 

[T3slaMecca]

Rate sheet is from May. Are they still honoring these rates?

Not sure, mentioned in notes that people should call.

 

[whatthe2]

Not sure, mentioned in notes that people should call.

Ok great thanks