Tesla Loan

[frm00029]

Hello,

Has anyone any experience of using the relatively new Tesla offered loan to purchase the car and then attempting to put down a further large payment? I have asked Tesla finance support who say they are unable to provide any further info other than I can perform an early repayment post delivery of the car.

The reason I am asking is I am attempting to fully utilise the Energy Saving Trust Loan of £35k int free in Scotland. I would then rather use the Tesla Loan for the remaining balance. The sticking point however is the Tesla Loan has a max downpayment of 50% of the value of the car.

For example: EST loan, £35k. Maximum downpayment on M3LR+ = £24.5k. Day after delivery of the car, further downpayment on Tesla loan of £10.5k.

 

[TheEVadvisor]

prob best to ask an accountant on this one...

 

[frm00029]

Tesla replied when pushed with

"You can decide on when and on how much of the loan you want to repay earlier than planned. And depending on the amount you are paying early, we would then make the before mentioned adjustments to the agreement."

I suppose the last question will be for EST if they will accept 2 payments of the loan value.

 

[Vinny2102]

I am looking to use the EST loan also and thought about this, only thing I can think is you have to demonstrate to EST how you are financing the balance so you may have to tell them you are doing it using savings and once money is in your account change it to tesla loan or pcp depending on what you want then pay 2nd payment asap after delivery. EST money goes into your personal account and not direct to tesla I am informed.

 

[frm00029]

I am looking to use the EST loan also and thought about this, only thing I can think is you have to demonstrate to EST how you are financing the balance so you may have to tell them you are doing it using savings and once money is in your account change it to tesla loan or pcp depending on what you want then pay 2nd payment asap after delivery. EST money goes into your personal account and not direct to tesla I am informed.

i think as long as EST are ok with 2 receipts adding up to the £35k then should be fine. I suppose worst case scenario they decrease the EST loan amount to original down payment on Tesla loan

 

[Alistairuk]

EST application form only wants to know your estimated income and monthly outgoings - they then do a hard credit check on you. Assuming they're happy they will eventually pay the loan into your bank account - you then pay Tesla.

Be aware that EST will not give you the money until you submit the final Tesla invoice to them... I sent that around 2 weeks ago and they are still "processing"... Their entire system is very slow at the moment - it took them 4 weeks to process the initial application and make the loan offer.

 

[Vinny2102]

Yes I suppose thats the worst that can happen, think the money goes into your personal bank account well before final settlement. Other thing I was told is the duration of the EST loan must match your additional funds loan so needs to be 48 EST + 48 tesla or 72+72 etc, not sure why as EST loan is a loan against the person and not the vehicle.

 

[frm00029]

Ordered on Sunday, 25th, and applied for the 35k. Still intention is to use tesla loan for the remainder so will see what happens. Was prompted to order because of the decrease in loan available amount as of today I believe

 

[Mr. D]

Ordered on Sunday, 25th, and applied for the 35k. Still intention is to use tesla loan for the remainder so will see what happens. Was prompted to order because of the decrease in loan available amount as of today I believe

yes correct, down to £28k today.