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To finance thru tesla or find financing on your own

Protect1989

Member
Jul 14, 2020
376
360
Dallas, TX
All,

when posting about the rates you received, it really helps if you include the The lender, length of the term (48,60,72,84months), your credit rating (poor, good, excellent), and if there were any additional items needed to get that rate (open a checking account, join the credit union, etc)
 

Catbiscuits

Member
Jan 22, 2020
280
322
Montclair NJ
They wouldn't give us a loan so we just paid cash. We did get a lot of ding letters from loan companies. It's ludicrous. We could buy 100 Model Y's and have cash left over, but we couldn't get a loan for one.
 

dmk712

Member
Aug 11, 2019
49
19
VA
Maybe a dumb question but if you decide to finance through Tesla, will they pull the credit when you order or when you are about to take delivery?
 

Donaldinc

Member
Jun 14, 2020
37
16
Los angeles
Maybe a dumb question but if you decide to finance through Tesla, will they pull the credit when you order or when you are about to take delivery?
They will pull the credit upon request for a loan. Once approved and rate locks, you will have roughly 30 days to take the loan before having to re-do the loan approval again.
 

kmacm20

Member
Jul 15, 2020
24
30
SE PA
I had my credit checked on 6/18 and accepted delivery of our Y on 8/1. 2.49% 72mos US Bank through Tesla, good credit.
 

Donaldinc

Member
Jun 14, 2020
37
16
Los angeles
does that request happen when you put the order in online?
No, you will input the loan information at a later date. Preferably, when it's closer to the estimated delivery date. It can be a bit tricky but the loan process is pretty quick, you can get approved for the loan within a matter of minutes to an hour.
 
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Jjrss

Member
Mar 9, 2021
290
174
Tacoma
This route isn't for everyone, but I decided last minute to ditch financing and use a 401k loan for $15k at 3.25% 48 months. I put $18k down and my trade in was valued at $24k

401k repayment is every 2 weeks at about $150. Most months will be $300 and 2 months a year it will be $450.

The personal financing was 2.49% at 48 months, and ~$330/month for about $14.5k. Plus the hassle of dealing with another bank and credit hit.

Total estimated interest over 4 years is right at $1,000, and it all goes back into my 401k. I'm treating it as a "bond" to myself, as a more secure rate than actually investing in bonds at the moment.
 

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