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What's the best way to secure financing prior to starting the Tesla ordering process.

What's the best way to secure financing prior to starting the Tesla ordering process.

It'd be awfully embarrassing if I showed up to pick it up and they told me my credit wasn't good enough. I've never been denied before, seem to make plenty of money for them to not give a shit how much I borrow, just have never purchased a car for this kind of coin before.

TheBear | 07. helmikuu 2015

Hmm, not sure if this is some kind of troll post, but I will bite.

Did you actually confirm your order? I can't believe you are near delivery because your delivery specialist would have asked you how financing already and gotten your stuff in order... and if you didnt have a plan(pay in full with cash, have financing secured, or agreed to the lease), they would not set you up for delivery...

So i'll assume you much earlier in the stage and you're just asking help for financing. If you are financing with tesla, they have an online app that you should fill out and they will check your credit and approve you. If you want to try to find a better rate, then check our your local bank or most likely credit unions have the best deals. One popular one on the forums is the energy federal credit union, its based in Maryland, and they are great rates for auto loans for electric vehicles. Just google them or you can search the forums with volkerize.com as there are MANY MANY threads on this. As a side note, I tried to use them and was very disappointed and long story short, went to EECU(diff one) and they did me great. But many people used them and they love them.

In conclusion, the financing should be secured well in advance of delivery. But you dont want to get your finance check more than 30days in advance either. Hope this helps if you question was serious.

G'luck.

Ok, so i just re-read your title and realize you didnt start the ordering process at all lol. My bad. Anyway, simply go to any bank or credit union and ask them to apply for an auto loan of at least $80,000 and up to $100,000 and see if they approve you. It depends how much cash you are putting down. Because even the s85 with all the taxes and basic upgrades you get(tech package is obligatory), the final price will run you almost $100k so you have to pay $20k in cash. Just a heads up to make sure you ask for the right amount to make sure you can cover the rest.

Again you dont want to finalize it because you have to use that within 30days, but they will preliminarily approve or deny you so you know.

vperl | 07. helmikuu 2015

Tesla has US Bank for loans, lease. US Bank actually knows what a Tesla is.

My Bank, KEY Bank, has a list of green cars 100 or more long. The list if on will give you the best, very best rate.

How ever ...No, not one TESLA is on list. Go figure. Had my "advisor" double check, Key must
have a different definition of green cars.

So, not all banks, credit unions will deal fairly.

Beware.

MileHighMotoring | 07. helmikuu 2015

You have SO LONG this is not an issue yet. When you've placed your order you'll likely have 3-6 months to figure out financing.

brian | 22. helmikuu 2015

Tesla financing will put your app in to multiple banks for financing, you can get pre-approved. They beat my credit union, with Wells Fargo. If you don't know your credit, you should find out, if you are worried even more reason, most of the creditors, for purchase, will require 10% down, I did see some asking for 20% down. I used the Tesla financing because of the buy-back guarantee, I looked at it like insurance.

Brian H | 23. helmikuu 2015

Elon regrets having to go thru these hoops; depreciation is turning out to be far less than the "guarantee" protects against. Just keeps Nervous Nelsons (and Nellies) happy.

SD in the OC | 06. maaliskuu 2015

penfed.com has great rates at 1.49% for 3 years. I financed my Model there 2 years ago - approval was easy.