Financing the full amount

Financing the full amount

Who here financed the full dollar amount on their Model S? and if so, What bank did you go through to get the full amount covered and at what terms?
I'm planning finance the full amount so I need to start shopping around for a bank who would do so. Thanks

NKYTA | 2017年1月21日

I'd suggest a Credit Union instead of a bank. But we didn't do the full amount, so I have no insight there.

burdogg | 2017年1月21日

I went through Tesla financing. After I applied, I let them know I wanted the full amount financed. I bought an X and delivered Dec 22. It was with Alliant Credit Union and the rate was 1.99% for 6 years. We only had to pay the delivery and taxes (our $2500 deposit and another $800 at delivery. We still have to pay county taxes when we register though).

We could have had a 10% down payment with rate of 1.74%. Smarter to finance the whole amount for me, keep my money and make it work for me, can get a better return than the measly percentage saving.

Keith909man | 2017年1月21日

interesting. So I would be applying with a 110k income and a low 700s credit score with the highest auto loan being 37k on my file. Was yours anything near that as far as income and what was your largest loan before your Tesla?

burdogg | 2017年1月21日

Yeah, individual circumstances may vary the ability to finance the whole thing :) I have at least a 750 credit score, if not higher. I have an S that is currently financed (it was not 100% as I didn't know it could be done at the time). So that one was last year at 70,000 or so financed. My income is well, north of yours :) I don't like to disclose that as for one, my wife and I are not showy people so don't want it to come across the wrong way. But it is above what you are saying. They never asked for a verification though on my income either.

I don't know what they go off of to determine what rate and if can finance the whole thing or not :)

Keith909man | 2017年1月21日

Hey, you're good man, Thanks lot for all the insight!

burdogg | 2017年1月21日

No problem - I wouldn't hesitate to go through Tesla and ask them about ability to finance the whole thing. If anything, they should be able to put you in touch with a contact at Alliant to discuss with them before you apply even. It was really easy going through Tesla though to finance :)

inconel | 2017年1月21日

When we go through Tesla financing does Tesla shop various banks to find the best rate, in your case Alliant Credit Union?

burdogg | 2017年1月21日

They shopped two banks - I think the one was US Bank with the best rate of 1.74%, but couldn't finance the whole amount. The other was Alliant like described.

I think Tesla only has a handful that they work with - they don't do the work for you to go to any bank possible ;) they just have some they have partnered with, so you may be able to find something better. At the same time, these rates make very little difference over a 5 year loan. (0.25% difference in my case of rate)

reed_lewis | 2017年1月21日

I financed 90% through US Bank through Tesla. 1.74% rate

I had the money for the down payment.

I would recommend that people who finance the full amount get Gap insurance so that if the car is totaled in the first year, they do not lose a bunch of money. Since the car depreciates when you drive it off the lot, if it is totaled, they will not give you the gull amount of your loan.

Liberty mutual insurance has liberty plus which gives you that as part of their insurance. Well worth it to me.

burdogg | 2017年1月21日

yep reed_lewis - unless you have the money for the down payment and choose not to use it that way but save it. Then you are your own gap insurance :)

robgorman | 2017年1月21日

Keith909: I went thru Alliant Credit Union and my guy is Mark Wooster. They offered me 1.49% financing so at that rate I financed the entire amount including tax and license. It took all of a 5 minute phone call to get approved and loan docs were sent via email and Docusign. Their website is

burdogg | 2017年1月21日

robgorman - when did you apply? Just curious as I wonder if my rate is higher because I went through Tesla, or if you got it before rates increased.

robgorman | 2017年1月21日

Applied early September of 2016. Took delivery of my 60D on September 10. At the time I applied Tesla and Alliant had some kind of deal going on, from what I recall.

burdogg | 2017年1月21日

Yep - rates went up since then. I was lurking for an X then, and saw the rates were lower in Sept. First of Oct, the rates went up. So I don' t think you can get 1.49% now. We have really good credit score and best we got for 100% financing was 1.99% with Alliant. (Could get 1.74% with US Bank but had to put 10% or so down)

Victorg-90D | 2017年1月21日

Rates went up since summer in all banks, and may go higher in 2017.

I am getting close to 100% financing from Patelco Credit Union. Their max is 125% up to $150K with competitive rates. When I applied online they only approved 50% of what I requested, but after a phone call they increased amount. | 2017年1月21日

I finance through Tesla but I did put close to 50% down. US Bank offer the lowest rate 1.74% but I had heard the interest rate had gone up in 2017 but not 100% sure. In the past I had heard Tesla worked with TD Auto and Chase as well.

dukeybootie | 2017年1月21日

Western Federal Credit Union, based in CA
0.74% (but 36 month term only)
$90,000 financed
19 months left!

SO | 2017年1月22日

If you plan on storing your vehicle and getting storage insurance for X months, make sure the bank is okay with that.

Alliant was not. I would have had to keep full insurance coverage even if storing during the winter. My credit union allows for storage insurance.

burdogg | 2017年1月22日

Anyone posting rates you got - it would be best to give the date you started the financing - as rates do change. No need to make the op go searching for the same rate and waste all their time because your rate was 1 year ago that you got that. I know rates went up between Sep and Oct 2016 because I was lurking when to buy and kept pricing out in Sept. The rate went up when I was doing the same thing in Oct. Don't know other times rates went up, but they were stable from Oct till we financed in Dec.

hanty21 | 2017年1月22日

Pentagon Credit Union for full amount
I (Model S) and my wife (Model X) both got full amount on Dec near end of year 2016 to get free Supercharger and Tax Credit.
Both credit score 750ish. Texas Tesla is only Sales office not a Dealer.
I have to register and pay tax which not included in the loan.
So for both cars. My wife and I got 100K each which is max from Pentagon Credit Union except for the Tax and $2500 initial Deposit and couple Thousand difference for each of both vehicles.
Term was 84Month. ... extended as much as possible to reduce the payment under monthly $1,400. ... Monthly $1.3K
Rate. 2.99% Total Finance Charge $11.1K
Another one
Term 60Month Monthly payment $1.7K
Rate 1.99% Total Finance Charge $5K
I hope this helps.

I have shopped around 3 Fed Credit Union.
Alliant Federal Credit Union
Energy Federal Credit Union
Pentagon Federal Credit Union
Penfed was the best choice for me.

Search and Shop around Credit Unions vs banks
I find Credit Unions offer better rates.

steve.roach | 2017年1月23日

Does Tesla have financing of their own? I see people saying that, but I think they push everyone to Alliant Credit Union??

burdogg | 2017年1月23日

Tesla does not finance themselves, they are aligned with at least 2 banks - US Bank and Alliant.

eztider | 2017年1月23日

Alliant last June. With their rate there was no reason to go anywhere else. And the process was really easy. They didn't jerk me around.

Pungoteague_Dave | 2017年1月23日

$110k income and buying a $100k car with a payment of about $20k/yr? Might want to check with a financial planner. These puppies lose the value of a new high-end Prius every year. Not the same car, but unless you're fully funding the 401k or equivalent every year... One of our son's active-duty Navy pilot buddies who makes about $115k/yr bought a MS two years ago, seriously regrets it today. Upside down on value/loan, charging issues, etc., huge cash flow issues, plus he gets a lot of sh*t from friends and family for spending so much.

eztider | 2017年1月24日

With that interest rate it was almost free money. I could have taken the cash out of my retirement but it would have meant a huge tax bill. I didn't need a financial planner for that information. And, I plan to keep the car for at least the term of the loan.

netproperties | 2017年1月31日

Financed 100% other than $2,500 deposit with Western Federal Credit Union at .74%. The catch is 3 year financing.
If you want to go longer bumps to .99%. This was a few weeks ago. Just want to say thanks because someone on this blog gave me the info.

burdogg | 2017年1月31日

netproperties - wow, that is a great rate :0 I wonder if the 0.99% is just for 4 years, or is it 4-5 years, and then even more if get higher than that? Still wow, great rate and 100% finance. | 2017年1月31日

According to a survey done in 2016 majority of the Tesla owner make between 100 to 200k. so I guess there are quite a few people who use close to their annual salary on a car. As more than 90% of Tesla owners stated this is the most expensive car they ever bought. Personally if not for Tesla, I would not have consider luxury vehicle.

High Plains Drifter | 2017年2月1日

Personally, I do not believe in 100% financing on any car. You are upside on the loan the second you take possession. As far as spending as much on a car as you earn. I can't cast stones. In 1982 I spent 23K for a new dealer customized Datsun 280ZX Turbo while only earning 22K per year. I put 40% down and was foolish enough to pay list. But I was 22 at the time and was still able to contribute to my IRA (which was limited to 2K annually).

burdogg | 2017年2月1日

High Plains Drifter - I agree but with some caveat. If you have the money you would have used for the downpayment - why not 100% finance at these rates? The downpayment you have can always be used to pay towards the car if you desire or find yourself in an upside down loss - but that money can make more for you by keeping it in your own account instead of paying it towards the car upfront. I would rather hold onto my money as long as I can as I can have it make more than 1% or even 2% that the loan is charging.

Does that make sense? Instead of plopping down 20% - I take my 20% downpayment and invest it. I am better off that route than putting it towards my 1.99% interest rate car. Then, if for any reason, I have to pay more principal on the car, I can do that at any time, as I had the money to begin with to do it.

reed_lewis | 2017年2月1日

That is one of the reasons I use Liberty Mutual. They will pay of your loan no matter what percentage you owe on your new car with the Liberty Advantage plus. I do not want to take the change of having to come up with the difference between value and the new price if the car is totaled in the first year.

Turbo25 | 2017年2月1日

I am not sure it would be wise to buy a Model S with a salary of just $110K a year.. might want to wait for the Model 3. You'd be better off saving and investing and achieving financial freedom so that you won't have to worry about "financing the full amount" of a car.

reed_lewis | 2017年2月1日

Bottom line: If you are financing the full amount of the Model S because you can make more money than the price of the loan on the car, then by all means do it, with the caveat that you will have to make up the difference if the car is totaled when you are underwater.

OTOH if you are financing the whole car because you cannot come up with the downpayment, and/or making the payments will result in cutting back on other more important items like food and heat, then do not purchase a Model S. The rule of a 28% of your income going to a mortgage is a good one. Likewise I submit that your housing payment plus the car payments should not be above something close to that number.

And remember excise tax, purchase tax, and insurance all add to the cost.

burdogg | 2017年2月1日

reed_lewis - exactly and great points for people to consider. While I took out loans to buy the car - I have the money if need be to pay the whole car off. I am not a big loan fan and think some stretch too far beyond their means - so those looking - please do be careful not to overstretch yourself. Better to have savings then to have a nice car and no money :)

TSLAev | 2017年2月1日

The DCU (Digital Credit Union)will finance 100% of the cost @ 1.49%

PamelaSWomble | 2017年2月14日

Hi, I bought my Tesla on a car loan. I paid 10 percent down payment and financed the rest. You can get the loan for a lower monthly payment if you can pay the down payment. It can add up to good savings. If you have the amount to pay for the down payment, that would be wise.

Still, if you want a full finance, I think you may get full amount finance if you have a good credit score. Here is a blog about applying for a car loan. I hope this will useful.

ak-tually55 | 2017年4月20日

Had great experience with Alliant Credit Union few years ago. It is a large credit union; easy to join. I know few folks from the Lending Department, and they are committed to making sure that members get the best service possible and the Tesla loan program continues to be successful. I believe most of Tesla financing inquiries do go to Alliant due to low rates and expedited loan approval provided. Worse credit will perhaps require a bit more of a downpayment, but good to excellent credit & income comfortably supporting your debts probably will get you a loan for 100% cost of the car.

In addition to Alliant low rates, feel free to use my or other owner's referral link to save $1,000 on your Model S or X order:

BridgeCity | 2017年4月20日

Applied through Tesla for Model S and they offered 100% for 72 or 78 months through Alliant. We ended up going through Pentagon Federal CU instead with 40% down for 48 months.

TSLA_maybe | 2017年5月2日

Anybody have current rate information through Tesla, whether it be Alliant, USBank or TDBank? I see is currently at 1.74% for 65months. Seems it would be easier if done through Tesla. | 2017年5月22日

Today, I just got Tesla financing at 1.49% and they hooked me up with Chase bank. I didn't even know that option existed...
Anyway, 10 percent down for me.

macd1995 | 2017年5月25日

Just locked in 1.49% and supercharging on Monday. Still debating lease vs buy for Model X (will be selling my Model S). I too think 100K for a car when you are making 100K a year is a stretch... unless your family is VERY supportive.

Haggy | 2017年5月25日

With DCU, keep in mind that the rate goes down if it's an EV loan. It goes down again if you have direct deposit and autopay. It will be closer to 1.24% I think. Check with them.

DCU was easy to deal with. They set up the loan, and mailed me a check made out to Tesla. After I picked up the car, I sent them copies of whatever they asked for, and that was it.

jaypatelius | 2017年6月17日

Are people still getting 1.24% from DCU's?

UnshodBob | 2017年6月17日

Today, is showing 1.99% with a discount of 0.25% for energy efficient vehicles. Seems like 1.74% to me. YMMV.

Borsh | 2017年7月29日

Financing a used (Non CPO) 2016 S 60D, full purchase price, for 2.49% for 72 months from locaL credit union in VT

sean697 | 2017年7月30日

I wanted to finance and invest the money. Calculated monthly payment. Ya I can't really afford it. But I have the cash. I guess if you have the cash, and are going to invest it, and have the income to make a 1000.00 plus payment, without living at the edge of your budget, then go for it. I mean I could maybe do it, but with a 3000 a month house payment, plus living in Hawaii with high expenses, a 100K salary doesn't go very far.

katekryceski | 2019年10月11日

Does financing depend on your credit? Like is there a minimum credit score required? I really want to get a Tesla Model 3 for the least expensive amount but am not sure i'm going to get approved with a credit score less than a 600 but I make over $40k a year so I'm not sure if that matters?? Help please! any insight?

Bighorn | 2019年10月11日

Credit score will determine approval and interest rate, typically.

nipper2 | 2019年10月11日

Current rate offered by Tesla as of yesterday but somehow I received 3.55