I'd apply for the loan first, if you get approved just start with opening the savings account to get it open. After you talk with them about other requirements and get the process going for a loan, they'll tell when to open the checking account. It's pretty easy overall once you get assigned to someone who will process your loan, but it took me about 4 business days to get a contact. Once I did, everything else was done in <2 business days.
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Tesla loan comparison spreadsheet - auto updates hourly
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I'd apply for the loan first, if you get approved just start with opening the savings account to get it open. After you talk with them about other requirements and get the process going for a loan, they'll tell when to open the checking account. It's pretty easy overall once you get assigned to someone who will process your loan, but it took me about 4 business days to get a contact. Once I did, everything else was done in <2 business days.
turok3000
Member
Technically, no. But you lose something like 0.25% on the quoted rate if you don't make the loan payments from a fairwinds checking account.
I purchased my Model 3 already and went through Tesla for finance, but was looking to take advantage of the Best Offer program. Does Fairwinds provide enough documentation on approval to send to Tesla for reimbursement? It seems like I'd get back $800 or so compared to what I got through Tesla/US Bank.
You don't really get enough detail to get a rate match until you're essentially closing on the loan with Fairwinds. It's been said before in this thread and I agree - if Fairwinds is doing all the work to get you to that point, just keep the loan with them. I closed on my loan Monday (they Fedex'd the check to my delivery center and it literally arrived 2 minutes before I did) and picked up my car Tuesday, and it was easy and painless.
First I have to say how crazy helpful this thread and excel spreadsheet has been for me. Kudos to the creator. Because of it, I contacted Fairwinds and got approval from them within minutes and had a contact the very next day. So far my experience with them has been pretty solid. I’m still on the fence about getting a Tesla. I rented one for a few days to see how it would fit into my every day life, and I must say I was real sad to give it back. I inch closer every day because it was without a doubt the most fun I’ve ever had driving a car. Does that newness ever wear off? 
Have a LR RWD which I am thinking to upgrading to a discounted inventory Performance Model. I put 21k down and financed the rest (40k) on point loma FCU at 1.49% for 48 months so I am not upside down despite the price changes. What is the best and easiest way to upgrade? Any way I can save my current interest rate and simply replace the car with the credit union? Never have done this before. Have a offer on Vroom already lined up and could pay it off but dont want the high new interest rates.
Hey guys,
I'm a new graduate who very recently started working for a company making 60k. I am trying to buy the Tesla Model 3 and am having an extremely tough time finding financing for my purchase. The best I've gotten is 30k loan approval. I'm looking for at least 50k. I can make 10k down. Do you guys have any suggestions for me. Any help would be appreciated.
I'm a new graduate who very recently started working for a company making 60k. I am trying to buy the Tesla Model 3 and am having an extremely tough time finding financing for my purchase. The best I've gotten is 30k loan approval. I'm looking for at least 50k. I can make 10k down. Do you guys have any suggestions for me. Any help would be appreciated.
digitalFan
Member
Hi Folks, There is lot of mention of 'Fairwinds CU' in this thread. I am considering refinancing to my Model 3 I purchased few months ago to a shorter term / lower rate. How is your refinance experience with them? I am in Sacramento CA area ... do they serve in this area? Do I have to be a member to get a loan and if so what are the qualification requirements to become a member? Thank you for your help!
They probably want a longer credit history. Also the income to purchase ratio isn't great so you would be hard pressed to get a good rate.
Probably not a good idea to make yourself car poor. Being a fresh graduate don't try to tie yourself into a large depreciating asset this early on. Best to have your standard buckets covered first which will set you up to be in a better financial position for your adult years. Contribute the full $5500 to a Roth IRA, and contribute to your retirement tax advantaged accounts and try to wipe any debts you may have like student loans. Get a lightly used model 3 at a steep discount in 2-3 years and future self will thank you. Buying a car worth nearly 100% of your annual income is not wise no matter how you spin it, even if your living with parents and have no rent this year.
Just spoke with Fairwinds. A loan officer there confirmed they are no longer accepting new members through Lion Nation. I guess it's not entirely surprising... when I chatted with my loan officer earlier this week he said they process anywhere from 5-10 Tesla loans PER DAY.
Apologies if theres a way to edit a thread, Im new here
I should have mentioned she did tell me that since I had a LN member number and a loan offer they could still get me through.
Big-T
Member
I was able to complete my paperwork today thru Carolina Cooperative Federal Credit Union thanks to the spreadsheet here! It took a little longer than some places as they had to mail me the forms and I had to mail back. But the staff was great to work with. Also got a hold of my local rep and let him know that it turns out I could take delivery by the end of the quarter after all, and they "magically" found a matching VIN for me that is being trucked in tomorrow. Delivery scheduled for Sunday - way to add +1 to the end of quarter delivery numbers Tesla
I am looking at this spreadsheet. Very awesome of you guys to put this together and keep it updated!
I have noticed however it has very little information that is for Northern California (not the Bay Area). Any suggestions from anyone about places that could give the best rates for someone who is Nor Cal?
Thanks!
I have noticed however it has very little information that is for Northern California (not the Bay Area). Any suggestions from anyone about places that could give the best rates for someone who is Nor Cal?
Thanks!
Tried Fairwinds - they told me to take a hike essentially. Must have just missed the cutoff based on the last page or so. Ugh...
Carolina Coop FCU sent me the following this morning:
"I have received your Online Loan Application. However, I am unable to locate your account. Are you currently a member of Carolina Cooperative Federal Credit Union?
To qualify for a loan with us, you have to first be a member.
Membership eligibility would be if you worked for a member company, had an immediate relative that has an open account with us, live/work/worship in an area of Gaston County OR if you are a member of The North Carolina Consumer Council (we will need your member number with them)."
Can anyone advise please? I live in San Diego.
Carolina Coop FCU sent me the following this morning:
"I have received your Online Loan Application. However, I am unable to locate your account. Are you currently a member of Carolina Cooperative Federal Credit Union?
To qualify for a loan with us, you have to first be a member.
Membership eligibility would be if you worked for a member company, had an immediate relative that has an open account with us, live/work/worship in an area of Gaston County OR if you are a member of The North Carolina Consumer Council (we will need your member number with them)."
Can anyone advise please? I live in San Diego.
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