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when to get loan (RWD)


Jul 20, 2020
Concord, CA
We currently have an order in (Nov 19) for a white/white no FSD 20" RWD MY.

With the news that test production has started it seems that orders may be filled in the next few months. We want to finance part of the purchase so we will need to secure a bank loan. We are assuming we will get better rate at a bank than through Tesla (any comments from experience on this would be helpful). But, when should we try to secure the loan from the bank? Will we even be able to do so without knowing the final price? It's unclear how long we will have once Tesla contacts to finalize delivery details; can we postpone delivery date until we secure loan and get check?

We've always done financing through manufacture financial services for new cars on day of purchase so I'm not sure how this works for Tesla and bank loans. Any info would be appreciated.


Supporting Member
Jan 26, 2016
Palmdale, CA
I usually wait until I have a delivery date to setup the loan. That can mean doing it all in a week, but most banks can work on those time lines, even if it seems short. My credit union was accustomed to overnighting checks or letting me pick it up at the branch. Many people show up at car dealer lots with zero prep and still go home with loans, so the industry is setup for quick turn arounds.

You can also work with a bank that has longer lock periods for the credit rate when you get the quote. One of the credit unions here has a 60 day lock vs a 30 day.

You don't want to get a quote up front only to have time run out before the car arrives and have to do another rate quote near delivery day. That could lead to unexpected rate increases. (Same issue with trade in quotes if you are doing a trade).

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