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Told to Apply for Loan Before VIN

kirbo20

Member
Oct 24, 2018
242
157
Lafayette, IN
I just go a call from my local Tesla store and I was instructed to apply for my loan but I have not received the VIN or delivery date. I am hesitant because I just ordered and I am expecting it to take another 4-5 weeks and I do not want to run my credit twice if my order is delayed. He said it seems Tesla is matching orders quicker to those who have all the steps completed. I think I will still wait until I am matched. Has anyone else had this experience?
 

TomServo

Active Member
Apr 10, 2014
1,151
696
Belleville IL
That's what I did when I submitted my order I applied for a loan from Tesla at the same time. I went through Tesla, it was easy. I was going to go through my military CU but Tesla secured my loan with US Bank and I got the same 2.49% for 60 months as my CU.

Don't overthink this.
 

kirbo20

Member
Oct 24, 2018
242
157
Lafayette, IN
On my Model 3 I just applied when I got a delivery date. Just tryin to avoid hard hits to my near perfect credit score :). How long did your delivery take?
 

OZKM3

Member
Nov 22, 2018
82
31
Northwest Arkansas
On my Model 3 I just applied when I got a delivery date. Just tryin to avoid hard hits to my near perfect credit score :). How long did your delivery take?

I applied the same day I placed the order. Approved at 1.9% and it’s good for 90 days.

I’m optimistic it won’t take 12 weeks to get my car.
Only took for when I purchased Model 3 in 2018.
 

MorrisonHiker

S 100D 2021.4.15
Mar 8, 2015
9,567
8,751
Colorado
On my Model 3 I just applied when I got a delivery date. Just tryin to avoid hard hits to my near perfect credit score :). How long did your delivery take?
When we had to reapply, the extra hit only dropped our near perfect scores by 1 or 2 points. Paying off the previous loan will bump it back up 2-3 points.
 

kirbo20

Member
Oct 24, 2018
242
157
Lafayette, IN
It’s just a hassle to unfreeze my credit apply and then refreeze. I don’t want to do it twice but if there is a chance it speeds along the process it might be worth it.
 

kirbo20

Member
Oct 24, 2018
242
157
Lafayette, IN
I thought they were only good for 30 days but I just checked and they are good for 60 days. I’m ok with that.
 

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OZKM3

Member
Nov 22, 2018
82
31
Northwest Arkansas
I thought they were only good for 30 days but I just checked and they are good for 60 days. I’m ok with that.

60 is pushing it IMO. I feel safe with my 90 days.

it is my understanding that the credit hit you receive from a vehicle loan app is minimal and will go back up in a few short months.

wouldn’t be a concern to me unless I was on the verge between a good/great credit score.

Unless you are just obsessed with the number.
 

kirbo20

Member
Oct 24, 2018
242
157
Lafayette, IN
I guess It’s more about the hassle of freezing and unfreezing my credit. The credit hit won’t affect me in any way. I was more interested in if applying for the loan would truly speed up the process. I doubt it would.
 

Anthony65

Member
Jul 6, 2020
93
47
New Jersey
That's what I did when I submitted my order I applied for a loan from Tesla at the same time. I went through Tesla, it was easy. I was going to go through my military CU but Tesla secured my loan with US Bank and I got the same 2.49% for 60 months as my CU.

Don't overthink this.
Same here exactly
 

craybeard

Member
Jul 17, 2018
33
39
VA
I ordered on 7/12 and filled out my registration/delivery info right away. I had a VIN and delivery date around midday on 7/15. I unfroze my credit on the afternoon of 7/15 and applied for Tesla financing. I was approved for the loan by US Bank but changed it to Pasadena FCU today for their 2.24% rate.

When I talked to my service rep about changing the financing I asked him about the history of my car, whether it had been rejected by anyone, when it was built etc. He said it was not a reject and was coming straight from the factory. He also said, as to why I was matched with a vehicle so quickly, that Tesla prioritizes customer orders that have all their data entered on the website. Based on my experience it’s not the loan but the registration and delivery location that matter. YMMV
 
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jf64k

Member
May 9, 2020
380
337
Los Angeles
You can just indicate you’re paying cash. When your VIN gets assigned, email your sales rep and have them change to Tesla or 3rd party financing. Easy-peasy.

This way, all your steps are completed and you only have one pull on your credit.
 

kirbo20

Member
Oct 24, 2018
242
157
Lafayette, IN
Tesla called last night and said they found a car and asked me to apply for my loan so that I would not be passed over. So it sounds like filling our your financing quickly is worth it. I filled everything out and received a VIN via email in a matter of minutes. I am still not seeing the VIN in my account but I did receive it from Tesla via email. Has anyone else seen where the VIN does not show up in the account but you are assigned one from Tesla?
 

btownalset

Member
Jun 28, 2019
180
207
South Central Indiana
Tesla called last night and said they found a car and asked me to apply for my loan so that I would not be passed over. So it sounds like filling our your financing quickly is worth it. I filled everything out and received a VIN via email in a matter of minutes. I am still not seeing the VIN in my account but I did receive it from Tesla via email. Has anyone else seen where the VIN does not show up in the account but you are assigned one from Tesla?

Yes. Bought an inventory m3p- last year and my SA emailed me my vin later that night. it took almost 24 hrs before it showed up in my source code and then on my account.
 
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bethterry

Member
Jun 4, 2020
59
13
Panama City, Florida
Tesla called last night and said they found a car and asked me to apply for my loan so that I would not be passed over. So it sounds like filling our your financing quickly is worth it. I filled everything out and received a VIN via email in a matter of minutes. I am still not seeing the VIN in my account but I did receive it from Tesla via email. Has anyone else seen where the VIN does not show up in the account but you are assigned one from Tesla?
Ive been matched to a vin per my advisor but it has not shown up in my source code. He sent me a pic of the vin so hopefully everything is good. Fingers crossed
 
Jul 22, 2020
23
7
Dallas
Hi!

I'm planning to order a MY soon and I plan to lease with either USAA or Alliant.

My current spec on the website equals to 52,990.00 before I order. I read somewhere that orders in Texas are not immediately taxed and have to be paid within 30 days of receiving the car. Is this true? If that's the case when applying for a loan, should I include fees + taxes in my loan request or should I pay taxes separately out of my pocket? When does my down payment apply in the loan process?

My first car that I financed I used the dealers bank directly, so I'm kind of unfamiliar with the process.
Screen Shot 2020-07-23 at 12.06.19 AM.png
 

ACAG

Member
Aug 14, 2019
156
60
New york
I applied the same day I placed the order. Approved at 1.9% and it’s good for 90 days.

I’m optimistic it won’t take 12 weeks to get my car.
Only took for when I purchased Model 3 in 2018.
Did you get that rate through Tesla finance or third party?
 

Cigar Man

Intriguing Human
Jul 23, 2020
91
55
McAllen, Texas
Hi!

I'm planning to order a MY soon and I plan to lease with either USAA or Alliant.

My current spec on the website equals to 52,990.00 before I order. I read somewhere that orders in Texas are not immediately taxed and have to be paid within 30 days of receiving the car. Is this true? If that's the case when applying for a loan, should I include fees + taxes in my loan request or should I pay taxes separately out of my pocket? When does my down payment apply in the loan process?

My first car that I financed I used the dealers bank directly, so I'm kind of unfamiliar with the process.View attachment 567891

I'd love for you to keep posting on your progress. Since Texas does not allow manufacturers to sell direct to the public, the process for buying a Tesla is quite different than any car purchase I've made before. I hope to order a Model Y soon, and I assume I will have to go through the San Antonio Service Center.
 
Jul 22, 2020
23
7
Dallas
I'd love for you to keep posting on your progress. Since Texas does not allow manufacturers to sell direct to the public, the process for buying a Tesla is quite different than any car purchase I've made before. I hope to order a Model Y soon, and I assume I will have to go through the San Antonio Service Center.

Will post an update when I order! I posted in a Texas related thread, and one member stated that I'll have to pay taxes and registration fees out of pocket after receiving the car. Guess my best plan is to save up an additional 3k before ordering.
 

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