What does a 90/10 Loan Cover?

[RedShirt]

I was approved for a loan with Alliant for a Model S and just finished a test drive. I not 100% sure on how what exactly the loan covers. Since it's the day before Thanksgiving no luck calling anyone.

It says:
We have you pre-approved pending the collateral value of the vehicle for a loan amount of $**,*** at *% over 84 months. The rate can be reduced should you choose a smaller term. Maximum loan to value for this purchase is 90%.

My question is does this cover the the taxes/ Registration fees?

Thanks for any help!!!

 

[msnow]

I was approved for a loan with Alliant for a Model S and just finished a test drive. I not 100% sure on how what exactly the loan covers. Since it's the day before Thanksgiving no luck calling anyone.

It says:
We have you pre-approved pending the collateral value of the vehicle for a loan amount of $**,*** at *% over 84 months. The rate can be reduced should you choose a smaller term. Maximum loan to value for this purchase is 90%.

My question is does this cover the the taxes/ Registration fees?

Thanks for any help!!!

I believe it's a 90% loan for the amount shown on the purchase agreement which, in my case, included taxes, license registration and delivery fees. I had a different lender though so you'll just have to wait until you talk to someone to be 100% sure.

 

[demundus]

It should.

Personal opinion: 84 months is a lot for a car.

 

[Tampaukfan]

You will need to put 10% down, plus pay the taxes if you dont have a trade in.
If you have a trade then you pay the tax on the balance left after your trade.

 

[msnow]

You will need to put 10% down, plus pay the taxes if you dont have a trade in.
If you have a trade then you pay the tax on the balance left after your trade.

Not in every state. In CA, for example, you pay tax in the entire purchase price.