About how long is turnaround from application to loan at most credit unions? I sent off all the required paperwork priority mail today to Carolina Cooperative in NC then received my VIN and expected delivery date two weeks from today this afternoon. The CU should have my packet on Friday.
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Tesla loan comparison spreadsheet - auto updates hourly
- Thread starter T3slaMecca
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From my understanding they are a VERY small credit union... like two or three loan officers and may still be working partially remotely. They’ll take longer than most, that said, reach out to them and let them know the clock started with your Tesla and they’ll work with you to have everything completed with plenty of time. I’m fairly certain someone else had to work with them on a short-ish time table and they were awesome about it.
Michelle_eriw
Member
USAA's lowest rate is 2.89% for 60 months and shorter. 72 months is 2.99%. There's a 0.25% discount for setting up auto pay. Still higher than Tesla's 2.49%
Johnstac
Member
Good day everyone. I need desperately need some help here. I have tried calling both Chase and Wells Fargo to get an auto loan quote and have had no success. I am finding it difficult to even reach a live person. I'm reluctant to fill out any loan apps online because I don't want the inquiry. When I did finally reach someone at Wells Fargo auto department, she said that Wells Fargo no longer makes auto loans directly to customers. She said 100% of their business is loan servicing from dealerships or whoever they buy their loans from. That would explain why every time I've got an auto loan in the past, it ends up with Wells. They have my house as well. Anyway, it's been totally frustrating. I read here in these forums that both Chase and Wells Fargo have offered these rates below 2.49%. If Tesla is offering 2.49% for excellent credit, then beating that number is the only thing that matters. I've just found the whole experience frustrating so far. I have heard a few mention a credit union but generally don't they require some affiliation? I live in CA if that matters. Any suggestions would be greatly appreciated. Thank you.
They do, generally most credit unions just require you to live in the state they're located in. Some are more special (armed forces, fire fighters, etc) so I wouldn't waste time on those unless you had a family member that was one of those. Figure out the term you want and then google California Credit unions or something and spend a little time looking at each. For any that don't list the actual rate with the term and instead just say "as low as 1.99%!" or something I wouldn't bother following up with, most likely that's for like a 36 month term or something, unless you plan to go that short.
If you're just happy with 2.49% you can apply directly with Tesla once you place you order, some people have even reported instant approval, then they email the finance department at Tesla and ask if they can find a lower rate. That's how they've been getting sub 2.49% with Tesla. Otherwise be on the credit union hunt... (Though do some math too, 0.25% isn't really saving all that much money over some terms so value you time, if it takes 20 hours to search for that make sure it's worth it)
It's really not complicated, but you're making it more difficult than it needs to be. Just go to your local credit union, I'm sure they can easily beat whatever rates that wells fargo or chase is offering, and it's not like your credit score is going to take that big of a hit from a auto loan inquiry.
My score took like a 10point hit and have already recovered after a week.
You also make it sound like you don't know what your credit score is. So the very first thing you need to do is find out your credit score, you shouldn't even be worrying if your score is 750+ for a auto loan (unless your debt to income ratio just sucks)
You are not going to be able to get anywhere without getting an inquiry on your report. That is just the nature of the beast. If you apply through Tesla, they partner through banks such as Wells Fargo and Chase. Which is what you have basically alluded to in this post.
I belong to a credit union and strongly considered going that route but ultimately decided to apply once through Tesla. They placed me with US Bank originally at 2.49%. Thanks to this forum, I found out about emailing Tesla's finance department and asking them to run my report by Chase, who overall seems to have the better rates as of this time. That is how I got my rate at 2.14. So, I figured why not? I didn't think my CU could really compare or it just would have been one and the same.
You should make a profile with Experian (its free so long as you don't sign up for the extras) just to see where your score stands. Then go from there. I would recommend going through Tesla, then ask for Chase if they don't already place you with them. The online application was a breeze.
Johnstac
Member
Thanks for the replies, everyone. Sorry, I didn't mention the credit score because it is a non-issue as it's over 800. Of course, one inquiry would be required but I wasn't sure if every place I applied would pull a separate report. Sounds though like I should just apply with Tesla and maybe follow up after to see if I can get it down. I was just unclear about the process of hunting for a lower rate. Now that I know I can't just contact a bank directly, I can bypass all of that. I have a credit union account out of state but I'm not sure that every credit union is going to be competitive with 2.49% I know I saw a post in this thread about a credit union in California that had a great rate but am having trouble finding it now. Thanks again.
It is generally ok to have multiple inquirys during the same period when shopping for a loan, and I don't believe it affects your overall score. At least it has never affected mine over the years when I an auto loan or mortgage shopping.
Johnstac
Member
Frankly, I paid off my last Tesla in less than a year just because I hate interest. So does 2.49% really matter? Probably not but right now there are many dealerships charging 0% over 60 months. I just want to see how could of a deal I can get.
damn! Not elgible.
I’m approved with US bank 2.49% & 72 months but with 10K down.
not a fan of putting 10K down after an experience I had with with a car that was wrecked a year into ownership. Pretty much lost the 5K down payment.
anyone have any suggestions how to get 100% financing ?
n2mb_racing
Active Member
Lightstream? Get them to match the terms you got from the other lender. I have 100% of both of our Model 3s financed with them at really nice rates.
myblubu
Member
I got 100% from Delta Community Credit Union. I got 1.98% but I think they just raised rates to 2.08% on 9/1.
If you qualify to join, I can send you a referral link to get $50 for joining.
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