Tesla loan comparison spreadsheet - auto updates hourly

[turok3000]

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?

Tesla don't require ACH. Fairwinds will give you images of a copy of the check and shipping label and you give to your Tesla delivery agent. Tesla told me it can happen this way if lender wants to pay by check and that's exactly what happened for me today with fairwinds.

 

[MTSN]

Tesla don't require ACH. Fairwinds will give you images of a copy of the check and shipping label and you give to your Tesla delivery agent. Tesla told me it can happen this way if lender wants to pay by check and that's exactly what happened for me today with fairwinds.

That is good to know - thanks.

 

[Big-T]

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.

Thanks for the info, I'm not in any rush, just put my order in on the 16th, no contact, VIN, etc from Tesla, and my sales rep told me that realistically I'm closer to 6 weeks out.

 

[M3-Florida]

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?

I also did the same. I was told it would take 1-2 days for the CU membership approval, and then 1-2 more days for the loan to be processed once they receive the Tesla sales doc showing loan amount, VIN, etc. It should be a 6 page doc per my loan advisor.

I am scheduled to pickup car Saturday, but just applied for the CU membership & loan yesterday so I will need to reschedule.

 

[Wakame]

just called Fairwinds and the are offering 4.79% for 72 months loan. Are there any CU that will work with Arkansas loanee?

 

[Slumpey326]

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 have my model 3 loan through them. They were amazing throughout the whole process. I live in FL, so had to physical sign an account application and mail it back. Other than that, been great. All gets responses back right away if I have a question regarding my loan.

 

[Cnasty]

I have to say Lightstream was surprisingly and almost too scary how easy it was to get an unsecured loan from. I love how it doesn't put a lien on the car, its in your name, and its paid cash. Such an easy process to get everything to Tesla online, no calls, no paperwork. Almost too easy and kind of shocked really.

+1 for them if anyone was considering them.

 

[nightshade]

So would most say Lightstream is the way to go in Texas?

To those who quoted and responded, thanks! I just want to make sure I've got everything down as I've never tried to apply for an auto loan and I'd hate to be denied since the Model 3 is my dream car.

 

[T3slaMecca]

So would most say Lightstream is the way to go in Texas?

To those who quoted and responded, thanks! I just want to make sure I've got everything down as I've never tried to apply for an auto loan and I'd hate to be denied since the Model 3 is my dream car.

I would say if you can go without Lightstream, go ahead ( I did ). The .1% difference is really negligible, the credit union really did the hard work in approving you the loan. If lightstream offers you significant advantages then I'd say go with them.

 

[Cnasty]

So would most say Lightstream is the way to go in Texas?

To those who quoted and responded, thanks! I just want to make sure I've got everything down as I've never tried to apply for an auto loan and I'd hate to be denied since the Model 3 is my dream car.

Absolutely for many reasons:

• Unsecured loan so no lien and like paying cash for the car
• Even easier to process a refund for Tesla if for any reason you need to return your car in 7 days
• Fastest way to process a payment to Tesla in terms of ease and their verification right through your account
• Great rate match process and super easy
• So damn fast-applied one afternoon, cash was in my account the next morning
• No calls, no people involved and no ask for items (at least in my case)

I honestly have never have had an easier process for an auto loan or any loan for that fact and this is our 3rd Tesla. EASILY the easiest of the 3.

(I do not work for Lightstream and only heard of them from another amazing member here that shared their experience in detail and helped me)

HIGHLY recommended especially for Texans

 

[schnieds]

Tesla is offering 3.75% for a 72 month loan. I am curious, why are people going with Lightstream when they have a higher APR and not directly through Tesla financing?

 

[buste2]

Tesla is offering 3.75% for a 72 month loan. I am curious, why are people going with Lightstream when they have a higher APR and not directly through Tesla financing?

It just comes down to if you're well qualified with LightStream. They offer unsecured loans and match any rate.

In Texas, you must pay your car in full before the car can even leave for transport. It's just easier to deal with.

I know some people said something about ethics but everyone has an opinion. Many banks offer to match rates. It's part of shopping for the best rate/deal you can find. Do what's best for you. Trust me, if you have excellent credit, credit unions are not doing "hard work" on your file.

 

[Cnasty]

Tesla is offering 3.75% for a 72 month loan. I am curious, why are people going with Lightstream when they have a higher APR and not directly through Tesla financing?

Tesla doesnt do financing in Texas so we have to search for our own options.

 

[asterix007]

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.

Is it possible to get Fairwinds membership if i reside in California?

 

[Kelmn07]

Is it possible to get Fairwinds membership if i reside in California?

Yes, read the notes section of the sheet on the Fairwinds row. LionNation membership required to open an account.

 

[VQTRVA]

Is it possible to get Fairwinds membership if i reside in California?

Most definitely! See below. Just signup for teh Orlando soccer team's fan club for free. Get the LN# assigned to you & enter it as your affiliation when you open a Fairwinds checking account .

Yes, read the notes section of the sheet on the Fairwinds row. LionNation membership required to open an account.

 

[asterix007]

Most definitely! See below. Just signup for teh Orlando soccer team's fan club for free. Get the LN# assigned to you & enter it as your affiliation when you open a Fairwinds checking account .

I signed up for the Orlando soccer team and obtained a LN#. Is an upgrade necessary to obtain the best rate from Fairwinds?

 

[VQTRVA]

I signed up for the Orlando soccer team and obtained a LN#. Is an upgrade necessary to obtain the best rate from Fairwinds?

No! Base free works. good luck.

 

[MTSN]

FWIW I paid for a year of the LN premium membership which was $59. I have no need for it and will cancel for the following year, but I figure that backdoor benefit to get a 1.70% loan was worth paying the fee even if I technically didn't have to. I'm sure the LN guys are probably wondering why there is a sudden spike in new members! I definitely don't mind tossing them a few bucks for helping me out.

 

[Wakame]

for Fairwinds, do I just need to signup for the basic checking account?