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What does a 90/10 Loan Cover?

Discussion in 'Model S' started by RedShirt, Nov 23, 2016.

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  1. RedShirt

    RedShirt New Member

    Joined:
    Nov 23, 2016
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    Location:
    Las Vegas
    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!!!

     
  2. msnow

    msnow Active Member

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    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.
     
  3. demundus

    demundus Member

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    Jul 5, 2015
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    Location:
    Oceanside, CA
    It should.

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

    Tampaukfan Member

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    Location:
    Tampa, Fl
    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.
     
  5. msnow

    msnow Active Member

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

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