I was wondering if anyone has financed a Model S. I heard that Wells Fargo has some people working in Model S financing.
I know financing has to do more with credit scores but it would be good to hear about rates, etc.
Does anyone know if you have a high debt to income ratio, can you still get approved at PenFed? TechU did not approve us because we had a house and some school loans that I have, so disappointing. Our credit score is good. He are putting $15,000 down so our loan is for 66,820.00. Has anyone tried wells fargo?
I got pre-approved for Bank of america at 2.17APR. just waiting for VIN to finalize. borrowing 60K. I also bank with B of A.
I also have home loan (>400k) and school loan (>160k), but B of A does not seem to care. but again, I don't have final approval--just pre-approval.
Thanks for the info, we had our home through B of A but then we switch to another bank. Did you put anything down? are you able to do a total of three people with the loan or is it just yourself and your significant other? I have my vin number and my tesla is done we only need a bank to help us finance the 66,820, we have not slept in 3 days trying to get this loan approved. I went to Tech U they were awful and drop the ball and did not want to do business with us, then I went to SafeCredit Union and they only approved us for 30,000, which did not work. So now I have been researching banks to see if we can get approved, don't want to keep doing this since our credit score will be affected after applying to two other banks. God help us, we need a miracle.
I'm a happy PenFed auto loan customer. Easy to complete the application over the internet and a couple of follow up phone calls. I even got them to expedite a $50K check to me within 3 days of my initial inquiry. 1.49% for 60 months, I did not find any other lenders to beat that. I'm all ready to have auto-pay make the first payment from my Wells Fargo checking account in next week.
What did I do with the extra cash on hand after the car loan? Bought some TSLA last month and that's gone up a bit, so I can sell some and lock in gains to cover the small amount of interest charges I will incur over the life of the loan, or I can let it ride and hope to pay for the whole car with future gains in TSLA.
@snj....I'm sorry your process is keeping you up at night. I'm putting down ~$35k to pay the difference between total cost and 60k. I'm applying alone--my wife wants nothing to do with it. In case the loan fails, I guess I could include her since she makes more than I do and we have similar credit scores.
looking through the forum, many seem to have had good luck with Penfed. I also think Wellsfargo and B of A may be a good options--just a little bit more interest compared to Penfed.
Any military connection, family etc.? USAA. Also AAA. But Pentagon Federal seems very accommodating. Also Navy Federal. (The mil. ones qualify you with a donation to certain charities, etc.)
Penfed denied my loan due to my credit history being too short. I guess I'm just too young despite having a pretty good income that could easily support the car payments =(. Oh well. Hope Bank of America or Wells Fargo comes through for me.
How did you get preapproval from Bank of America? Did you have to call? I started their online application but I got hung up when it came to the VIN part
@tork...I did the online form for B of A and i think the VIN was optional. I did it without VIN and after completing the process, I got an email asking to click on a link and it led me to a website that reported I was pre-approved. then, a loan officer called and we spoke on the phone about the loan and I negotiated a lower APR. She initially said 2.6APR, but I brought it down to 2.17APR--I'm a B of A customer already. She then told me what I needed to submit for final approval and check release.
Now, I'm just waiting for ViN and final purchase order. once I have that, I just need to fax it to the loan officer. B of A said usual turn around time for check release is 48-72 hours.
What is the best rate you are getting for a 7 year loan?
I am requesting a 80k 7 year loan from USAA and being quoted 3.49%
I am pretty sure that is the best rate USAA can do bc my credit is very good.
Some at PenFed are getting 2% lower than that, BION.
Anyone doing a business vehicle and if so which banks would finance via business. I called and PenFed said only through individual, no business vehicle loans. Anyone know about Alliance?
Any other thoughts would be appreciated, I cannot believe that no one so far who has commented has bought their Tesla via their business?
@BRian H, do you know if they are getting 2% for a 7 year loan? USAA will give me a 2% for 3 or 4 year loan, but for a 7 year loan its 3.5%.
maybe I'll try giving PenFed a call but I'm not a member
They will list a couple of charities you can donate $15 to, to qualify, and you may have to stash $5 in a savings account. ;)
Their rate was 2% LOWER; i.e., 1.49 % for up to $70K for ?? 7 years.
Who are you going with?
I got 3.24% from State Farm Bank. Higher than Wells Fargo, but it includes Total Loss Debt Cancellation, so it's comparable to a rate of 3%. Not sure whether I'm doing 60 or 72 month -- finalizing this week for a delivery next Saturday!
Hi everybody! Which bank is the easiest to get financing? Is the PenFed the best? Which documents and information is required to get approved? Any advices to get a loan easier?
Penfed is the easiest. I signed up online, stop when they ask for vin and then call them.
check was sent in mail. Then tell tesla delivery folks how much pen fed is financing and they do the rest .
You put vin model etc on check, give check to Tesla and you are done.
Tesla and Pefed have a system now. Very easy. Tesla also takes personal check. Amazing!
What information PenFed asks ?
Do I need to provide tax returns etc?
@ylyubarsky - yes, if you're self-employed.
Is there any place that gives loans with 40% down and no income verification?
You qualify for PenFed membership if you belong to the American Medical Association. Click on Affinity Partners on their homepage and it will list the AMA and other qualifying organizations. If you belong to none of them, you can donate as previously explained.
What about verification of income? That's a major issue
Update on Amplify...Gap insurance available at $350, no income verification, app took 2 min. Approved in 30 sec. They really understand the Tesla process as well. Not sure if you have to live in the Austin area but there seem to be some other options. Had to open account with $25. Great experience so far...
PenFed will deny you regardless of credit score or you don't have any debt. Try a local credit union instead.
Sorry, "or even if you don't have any debt". Regardless of income. That's what I meant to say.
PenFed was a bit difficult for me as I am self-employed and had to document my income for the last two years,,,,a bit of a hassle since they misplaced my faxes a few times but finally got lucky when I called in and a supervisor was assisting on the phones at the time. She is the ULTIMATE in customer relations as she pretty much took a personal interest in getting my load expedited since I was already in the load process for a couple of days already. I would mention her name but I don't think she would appreciate the volume of calls she would receive. PenFed is very thankful and appreciative of the TESLA forums and how much business they are receiving from the TESLA community. I would try PenFed first for all who are beginning to look for financing...and stick through the process if you are having any problem. Ask to talk to a supervisor if you feel you need to move the process on quicker than you think it is going. They will do their best to get your application completed and out the door. They have an interest in keeping the TESLA customers happy. It is good for business and we are becoming a good source for their business. And no - I don't work for PenFed LOL. but they were GREAT.
@rbgliny - Thanks for detailed explanation but my main concern is income verification. I don't show a decent income on the books that's why I was asking who doesn't check income and uses only credit score.
Still didn't get any answers who doesn't check income. Anybody can give an advice?
I wish I new that supervisors name at Penfed cause I'm having a problem. Tesla filled out the final paper work wrong with the amount I'm financing and the amount I'm putting down in the wrong places. My car is sitting here in Denver ready to deliver last Saturday and I can 't get Tesla to straighten it out and Penfed you get a different person everytime you call. Just sitting here very frustrated. The rate is great though 1.49%.
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