Tesla Loan Questions

[Wordl19]

Hey everyone,

My partner and I are looking at placing an order for a Tesla Model 3, we noticed the wait times had crept up to November 2022 for the standard model and wanted to secure a place in the queue.

We was leaning towards the Tesla Loan route but had a couple of questions before submitting the order and hoped somebody may be able to help.

1. When applying for the loan is it possible to list mine and my spouses income or will it just take the income of the person who is ordering?
2. When is the Tesla Loan 'Deposit' due (not the £100 order fee, but loan deposit)
3. Once applied for the finance if approved how long is that agreement in place before needing to apply again. (Thinking if the delivery date is not scheduled until November it may expire before then, but do not like the idea of not knowing the outcome of the application by waiting so long to apply?)

Any advice is appreciated!
Many thanks

 

[ATPMSD]

Hey everyone,

My partner and I are looking at placing an order for a Tesla Model 3, we noticed the wait times had crept up to November 2022 for the standard model and wanted to secure a place in the queue.

We was leaning towards the Tesla Loan route but had a couple of questions before submitting the order and hoped somebody may be able to help.

1. When applying for the loan is it possible to list mine and my spouses income or will it just take the income of the person who is ordering?
2. When is the Tesla Loan 'Deposit' due (not the £100 order fee, but loan deposit)
3. Once applied for the finance if approved how long is that agreement in place before needing to apply again. (Thinking if the delivery date is not scheduled until November it may expire before then, but do not like the idea of not knowing the outcome of the application by waiting so long to apply?)

Any advice is appreciated!
Many thanks

First of all, go to your local bank or credit union, you will likely get a much better deal! Also, it sounds like this is your first car loan as your questions are basic stuff.

1. When applying for the loan is it possible to list mine and my spouses income or will it just take the income of the person who is ordering? You can put a number or people on a car loan. When my kids got their first cars I was on the loan with them.
2. When is the Tesla Loan 'Deposit' due (not the £100 order fee, but loan deposit) When you pick up the car is when all payments are made. If you are dealing with a Bank they will likely give you a check for the purchase amount, minus your share (deposit). You will then give two checks to Tesla, the one from the Bank and a second one from you for the balance.
3. Once applied for the finance if approved how long is that agreement in place before needing to apply again. (Thinking if the delivery date is not scheduled until November it may expire before then, but do not like the idea of not knowing the outcome of the application by waiting so long to apply?) You are not committed to purchase until the car is ready AND choose to take delivery, You need not worry about a loan until you are within say 30-days, but check with your Bank to see what they suggest.

Good luck!

 

[Wordl19]

First of all, go to your local bank or credit union, you will likely get a much better deal! Also, it sounds like this is your first car loan as your questions are basic stuff.

1. When applying for the loan is it possible to list mine and my spouses income or will it just take the income of the person who is ordering? You can put a number or people on a car loan. When my kids got their first cars I was on the loan with them.
2. When is the Tesla Loan 'Deposit' due (not the £100 order fee, but loan deposit) When you pick up the car is when all payments are made. If you are dealing with a Bank they will likely give you a check for the purchase amount, minus your share (deposit). You will then give two checks to Tesla, the one from the Bank and a second one from you for the balance.
3. Once applied for the finance if approved how long is that agreement in place before needing to apply again. (Thinking if the delivery date is not scheduled until November it may expire before then, but do not like the idea of not knowing the outcome of the application by waiting so long to apply?) You are not committed to purchase until the car is ready AND choose to take delivery, You need not worry about a loan until you are within say 30-days, but check with your Bank to see what they suggest.

Good luck!

Hey,

Thank you for replying, it was very helpful! This would be my first car loan as my current vehicle was purchased out-right.

I will definitely check with my local bank regarding this, thank you for all your help.

Many thanks

 

[browellm]

First of all, go to your local bank or credit union, you will likely get a much better deal! Also, it sounds like this is your first car loan as your questions are basic stuff.

1. When applying for the loan is it possible to list mine and my spouses income or will it just take the income of the person who is ordering? You can put a number or people on a car loan. When my kids got their first cars I was on the loan with them.
2. When is the Tesla Loan 'Deposit' due (not the £100 order fee, but loan deposit) When you pick up the car is when all payments are made. If you are dealing with a Bank they will likely give you a check for the purchase amount, minus your share (deposit). You will then give two checks to Tesla, the one from the Bank and a second one from you for the balance.
3. Once applied for the finance if approved how long is that agreement in place before needing to apply again. (Thinking if the delivery date is not scheduled until November it may expire before then, but do not like the idea of not knowing the outcome of the application by waiting so long to apply?) You are not committed to purchase until the car is ready AND choose to take delivery, You need not worry about a loan until you are within say 30-days, but check with your Bank to see what they suggest.

Good luck!

UK area of the forum. You won't get an unsecured loan of more than £25k at rates below Tesla loan rates over here.

 

[Wordl19]

UK area of the forum. You won't get an unsecured loan of more than £25k at rates below Tesla loan rates over here.

Thank-you for this! I have been looking and have seen that this is the case. Have you purchased using a Tesla loan or do you know how long a loan agreement would last before collecting the Tesla (Q3 in my original post).

 

[ATPMSD]

UK area of the forum

Good point!

We can get car loans from a bank for less than 2%.

 

[browellm]

Thank-you for this! I have been looking and have seen that this is the case. Have you purchased using a Tesla loan or do you know how long a loan agreement would last before collecting the Tesla (Q3 in my original post).

I do have a Tesla loan, but don't really understand your question. I would have thought if Tesla approve you then they would honour that the entire time you were waiting for your car.

 

[Tony Hoyle]

Also, nobody is passing bits of paper around in the 21st century!. You transfer the amount directly from your account to Tesla at least a week before pickup (of course with Tesla loan this happens without you needing to be involved).

The initial loan application is just a hard credit search.. it says you're eligible for the loan but it's only an offer. 9 months is an unusual length of time to wait and you may find the offer technically expires after 14/30 days but that's not a problem provided you don't screw up your credit rating prior to the sale.. it's entirely routine (especially for Tesla). Personally I wouldn't bother with organising loans that far away.

 

[s7gpt]

if you can get better deal ( 3.99apr )with a bank in the UK, let me know as I will switch ...

 

[Lumberjack]

I can’t find better than that myself.

 

[BarryW]

I’ve chosen the Tesla Loan option for my car due to be delivered in March. It was a lot cheaper getting the loan through Tesla than anywhere else and stretching it over 6 years made the payments very affordable.

It basically costs me less for a new Tesla than a used £30,000 car if comparing a loan from elsewhere. My bank’s rate was terrible if selecting anything over £25,000 and I saw APR rates near 20%.

The credit check happens once you place the order and fill in your personal details. It didn’t look like it’s possible to use the combined income of someone other than yourself, and the acceptance will be based more on your credit score than the income.

You pay the down payment after you have your delivery date booked and at least 48 hours before collection. You just manually transfer it yourself when you are able to.

I’m not sure if the offer will expire. You have to take the credit check before they proceed with your order, else they will put you on hold and unmatch you from any cars until you do fill out your details and submit the credit check.

Hope this helps somewhat. The loan option is a good option to choose and offers more flexibility over any of the other options.

 

[Wordl19]

I’ve chosen the Tesla Loan option for my car due to be delivered in March. It was a lot cheaper getting the loan through Tesla than anywhere else and stretching it over 6 years made the payments very affordable.

It basically costs me less for a new Tesla than a used £30,000 car if comparing a loan from elsewhere. My bank’s rate was terrible if selecting anything over £25,000 and I saw APR rates near 20%.

The credit check happens once you place the order and fill in your personal details. It didn’t look like it’s possible to use the combined income of someone other than yourself, and the acceptance will be based more on your credit score than the income.

You pay the down payment after you have your delivery date booked and at least 48 hours before collection. You just manually transfer it yourself when you are able to.

I’m not sure if the offer will expire. You have to take the credit check before they proceed with your order, else they will put you on hold and unmatch you from any cars until you do fill out your details and submit the credit check.

Hope this helps somewhat. The loan option is a good option to choose and offers more flexibility over any of the other options.

Hi,

Thanks for your response, this was really helpful and answered just what we needed. Looking forward to ordering but not looking forward to the wait until November!

Many thanks

 

[mutthouse]

if you can get better deal ( 3.99apr )with a bank in the UK, let me know as I will switch ...

sainsburys will do 2.8% up to 25k

 

[Cantonalegod]

sainsburys will do 2.8% up to 25k

I think the up to 25k part is the problem.

Once you get past that, the rates go up a lot.

At 25k you still need to find 18k deposit for the cheapest Model 3!

 

[jimmyb11]

I am in the same position. Picking mine up next Monday on a 6 year loan plan. I believe I read somewhere that the finance application is valid for 60 days.

 

[VX Foxy]

Good point!

We can get car loans from a bank for less than 2%.

2% flat rate maybe. Not sub 2% apr.

 

[VX Foxy]

if you can get better deal ( 3.99apr )with a bank in the UK, let me know as I will switch ...

Damn, that’s a good rate for 40k+. I couldn’t find a rate advertised and assumed it would be 7-9% so didn’t bother.