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Tesla loan comparison spreadsheet - auto updates hourly

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#401
Though, I live in Hawaii AND this CU is exclusive here, maybe other HI buyers can take advantage(?)
Hickam Federal Credit Union
I'm getting a 1.79%, 60 mos. (They offer a 1% discount for EV and .25% discount for direct deposit, .25% for applying online)
There is a 20% down payment, minimum.
The best on Oahu and I looked at all banking institutions.
I'm seeing more M3's on the roads here!
 
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#403
groovidad said:
Though, I live in Hawaii AND this CU is exclusive here, maybe other HI buyers can take advantage(?)
Hickam Federal Credit Union
I'm getting a 1.79%, 60 mos. (They offer a 1% discount for EV and .25% discount for direct deposit, .25% for applying online)
There is a 20% down payment, minimum.
The best on Oahu and I looked at all banking institutions.
I'm seeing more M3's on the roads here!
Click to expand...
Amazing rates with the discount! Just added for other HI residents to use, thanks!!
 
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#412
TMC community: Need some help and guidance

Can anyone chime in on what their loan application experiences have been through Tesla vs through 3rd party?

Is Tesla finance easier to get approval from than Credit Union? Anyone denied a CU loan but was approved for Tesla loan?

We applied for a CU loan just under my wife's name and was not approved. Delivery is scheduled for Saturday. The CU said we could try to co apply. I don't want to keep pulling hard credit checks if it's just to try but unfortunately she can't estimate or project for us. We are middle income individuals but as a household we are above middle income. We would much prefer a loan but it is not required.

We also asked what she is approved for and the loan amount and terms is embarrassing. $10k, 84 months, 3.25%

Per this description from investopeida...
"Income data released by the U.S. Census Bureau show that 2017 median household income was the highest on record at $61,372. Pew defines the middle class as those earning between two-thirds and double the median household income.This means that the category of middle-income is made up of people making somewhere between $40,500 and $122,000. Those making less than $39,500 make up the lower-income bracket. Those making more than $118,000 make up the upper-income bracket."
 
#413
S3XYBack said:
TMC community: Need some help and guidance

Can anyone chime in on what their loan application experiences have been through Tesla vs through 3rd party?

Is Tesla finance easier to get approval from than Credit Union? Anyone denied a CU loan but was approved for Tesla loan?

We applied for a CU loan just under my wife's name and was not approved. Delivery is scheduled for Saturday. The CU said we could try to co apply. I don't want to keep pulling hard credit checks if it's just to try but unfortunately she can't estimate or project for us. We are middle income individuals but as a household we are above middle income. We would much prefer a loan but it is not required.

We also asked what she is approved for and the loan amount and terms is embarrassing. $10k, 84 months, 3.25%

Per this description from investopeida...
"Income data released by the U.S. Census Bureau show that 2017 median household income was the highest on record at $61,372. Pew defines the middle class as those earning between two-thirds and double the median household income.This means that the category of middle-income is made up of people making somewhere between $40,500 and $122,000. Those making less than $39,500 make up the lower-income bracket. Those making more than $118,000 make up the upper-income bracket."
Click to expand...

Just like mortgages, auto loan inquiries are grouped together within a certain period of time to allow you to shop around. So having 1 hard inquiry or 10 shouldn't make a difference if they are around the same time.
 
#414
Thanks @64robots for the tip as I had the same concern when shopping around for low rates.

I got approved for 3.24% for 72 months with Tower Federal CU. Has anyone used them before? if so, how was your experience? any other discounts I can take advantage of?

I also applied to UFCU in Austin, TX. They approved me for 3.10% for 66 months...

Some other member suggested lightstream, I filled out an application and they offered 72 months 5.24% rate LOL

As per spreadsheet, there are limited CU's that are considered "easy" membership for their loans. Does anyone know any other CU's that can beat 3.24% for 72 month term?
 
#415
ConSaab said:
Thanks @64robots for the tip as I had the same concern when shopping around for low rates.

I got approved for 3.24% for 72 months with Tower Federal CU. Has anyone used them before? if so, how was your experience? any other discounts I can take advantage of?

I also applied to UFCU in Austin, TX. They approved me for 3.10% for 66 months...

Some other member suggested lightstream, I filled out an application and they offered 72 months 5.24% rate LOL

As per spreadsheet, there are limited CU's that are considered "easy" membership for their loans. Does anyone know any other CU's that can beat 3.24% for 72 month term?
Click to expand...
Lightstream will match and beat the 3.24% by .1% if you can properly document it for them. So you should be able to get 3.14% for 72 months.
 
#416
S3XYBack said:
Thanks for this thread. I’m a NJ resident and hopefully Campbell works out for us!
Click to expand...
Have you had any update with Campbell? I emailed them an application last week and they still don't have an account set up. I asked about the processing of auto loans and they said it could take up to 2 weeks to process an application?! Tesla contacted me and said I could have my car by November 26th. What is the time frame for anyone who has gotten a loan from Campbell in NJ?

Thanks!
 
#417
@64robots thanks for the tip. I was just reading up on that. So whatever I’ll just submit an application via tesla and see what comes of it. We have never applied for an auto loan before. We own all our cars. However, i do find it different than a mortgage. Mortgages looks into your bank savings and dives deep into your credit history. Auto is just credit score and income and debt (which we don’t have) so I was taken back by the non approval.

@ChrisianZ We live in NJ. We were pretty succesful getting attention from Campbell. We just contacted reps every other day to follow up. So we did stay on top of it for a quick turn around. One week for account number and loan application response which was NOT approved. Bummed about that. Said that my wife has A+ credit but the income to debt does not meet their guidlines. I asked what is she approved for then and it was some embarrassing number. Fractions! of wife’s salary. Therefore, that is why a posted my cry for help a few posts back.
 
#418
S3XYBack said:
@64robots thanks for the tip. I was just reading up on that. So whatever I’ll just submit an application via tesla and see what comes of it. We have never applied for an auto loan before. We own all our cars. However, i do find it different than a mortgage. Mortgages looks into your bank savings and dives deep into your credit history. Auto is just credit score and income and debt (which we don’t have) so I was taken back by the non approval.
Click to expand...
It does depend on the lender, I applied at 6 different places and got:

Rejected by 2

Offered $20k instead of the $45k I applied for at 1

Approved by 2 with the full amount but less than desirable interest rates

Finally approved at APL FCU for up to 55k and 1.99% on any term length.

I have "ok" credit (low 700's), $170k income and my only debt is a small credit card payment and a $1500/mo mortgage.

So you can see it varies from place to place, so keep trying.
 
#419
64robots said:
It does depend on the lender, I applied at 6 different places and got:

Rejected by 2

Offered $20k instead of the $45k I applied for at 1

Approved by 2 with the full amount but less than desirable interest rates

Finally approved at APL FCU for up to 55k and 1.99% on any term length.

I have "ok" credit (low 700's), $170k income and my only debt is a small credit card payment and a $1500/mo mortgage.

So you can see it varies from place to place, so keep trying.
Click to expand...
What's the max % APL FCU was willing to finance your car and how many days was the rate locked? 30/60 days?
 
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