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Best places to get an ~80k auto loan

metafor
Member

Best places to get an ~80k auto loan

Hi all,

 

So I'm plopping down money for a Tesla Model S. However, I want to be smart about looking for a loan for this car. I've only tried one place (Keypoint Credit Union) but was only approved for a ~40k loan.

 

My question is, is there much variation for different banks and/or credit unions on the amount approved for loan? I'd ideally like to put ~30% down, which would be about $40k on the car and finance the rest instead of putting in even more cash. The total cost of the car (before federal subsity) ends up being around 120k. This would mean I would need an ~80k loan or so. I can always pad with more cash down but I'd prefer to finance.

 

I've had one auto loan in the past (3 year, 14k loan on a Prius) which I've paid off since and have never had a missed payment.

 

My credit score with Experian is 687. I have one charge-off (paid now) on my record of $13 from Southern California Edison, which, unfortunately, is a black mark on my credit report Smiley Frustrated

 

My income is 150k/year and my monthly rent is 1100. I would've thought that an 80k loan would be fairly easy to secure.

 

Does anyone have any suggestions as to which banks or credit unions to talk to?

Message 1 of 19
18 REPLIES 18
Dustink
Valued Contributor

Re: Best places to get an ~80k auto loan


@metafor wrote:

Hi all,

 

So I'm plopping down money for a Tesla Model S. However, I want to be smart about looking for a loan for this car. I've only tried one place (Keypoint Credit Union) but was only approved for a ~40k loan.

 

My question is, is there much variation for different banks and/or credit unions on the amount approved for loan? I'd ideally like to put ~30% down, which would be about $40k on the car and finance the rest instead of putting in even more cash. The total cost of the car (before federal subsity) ends up being around 120k. This would mean I would need an ~80k loan or so. I can always pad with more cash down but I'd prefer to finance.

 

I've had one auto loan in the past (3 year, 14k loan on a Prius) which I've paid off since and have never had a missed payment.

 

My credit score with Experian is 687. I have one charge-off (paid now) on my record of $13 from Southern California Edison, which, unfortunately, is a black mark on my credit report Smiley Frustrated

 

My income is 150k/year and my monthly rent is 1100. I would've thought that an 80k loan would be fairly easy to secure.

 

Does anyone have any suggestions as to which banks or credit unions to talk to?


You should have put that down payment into Tesla stock these last few months. Then you would have cash for the purchase Smiley Happy sold my TSLA stock, then it tripled shortly after Smiley Sad Haha always seems to work that way. Now they seem over valued.

 

You are looking at getting a great vehicle! Tesla will have your answer for financing. I think they work with US Bank and Wells Fargo. This is one case were you probably don't need a pre-approval before going to the dealership. Being a start-up. Tesla isn't looking to rip you off. They are looking to build a relationship with you and your friends. Also, they are the only car company that owns their dealership's. Revolutionary company with great promise! They will work hard for you.

 

I am not sure where you are getting the $120k figure, you might be pleasantly surprised by the cost being closer to $100k.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 2 of 19
dabrian
Frequent Contributor

Re: Best places to get an ~80k auto loan

I was also thinking they were going for less than 100k.  

NFCU Sig Cash-20k/ Amex BCP-19.4k/ Amex Costco-1.2k/Chase Marriott-12k/CSP-13.4k/ Freedom-5.5k/ Discover IT-14k/NCSECU-5k/Walmart-10k/Lowes-25k
Message 3 of 19
Revelate
Moderator Emeritus

Re: Best places to get an ~80k auto loan


@dabrian wrote:

I was also thinking they were going for less than 100k.  


Base model is 90K or IIRC like 96K even.  That's lot price.

 

Getting the performance kit and several other niceties, that'll run 120K easy.

 




        
Message 4 of 19
metafor
Member

I actually did have most of the down payment (and some ot...

I actually did have most of the down payment (and some other pockets of cash) in Tesla stock Smiley Happy

 

Which is why I don't want to sink too much cash into this purchase -- I could be doing much better things with it. I'd happily take a 3-6% interest rate as the stock market is going up much more than that right now.


Which is why I'm asking advice on where to get a loan of this size. I'm obviously limited by that one damn negative item on my credit report Smiley Frustrated

 

With sales tax (CA) and without the tax credit (since I collect that at the end of the year), the total check at delivery is around 120k. I get back 10k of that in tax credits at the end of the year.

Message 5 of 19
metafor
Member

Re: I actually did have most of the down payment (and some ot...

As to Tesla's own financing product -- I'm not sure that my credit score would allow me to get approved. I certainly will apply for it but I'd like a backup option so that I'm not left hanging. Which is why I'm seeking other places to comparison shop for financing.

 

Any help or recommendations would be greatly appreciated Smiley Happy

Message 6 of 19
Dustink
Valued Contributor

Re: I actually did have most of the down payment (and some ot...

CA needs to waive sales tax on EV's.

 

I see the base model priced at $62,400 and $87,400 for the top model. Then add $7,500 for the tax incentive, what am I missing? How are you getting $120k?

 

Nice move on the stocks Smiley Happy

 

Your down payment should get you qualified if your income supports the loan.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 7 of 19
metafor
Member

Re: I actually did have most of the down payment (and some ot...

I'm getting the 85kWH performance plus model. The base price is ~110k with tech package, sunroof and grey 21" wheels.

 

The reason I'm worried is that I originally tried to get pre-approved by Keystone Credit Union some months ago and was only approved for a 40k loan. I had thought my income and down payment would've made an 80k loan a sure thing but apparently not. Is it my credit rating? Does a "was charged off" item really make that big of a difference?

Message 8 of 19
jobber123rd
Valued Member

Re: I actually did have most of the down payment (and some ot...

Edit: Whoops, my pony is slow...

 

$87,400 is the base price for the Performance model (after tax credit).

 

Go to the Design Studio on Tesla's site (it's their version of a Build & Price tool) and load up a Performance model with options:

 

Performance Plus Package $6500 (...but that requires special 21" wheels, which are another $3500, so the real cost of the Performance Package is $10k)

Tech Package $3750

Pearl White or Red Multi-coat Paint color $1500

All Glass Panoramic  Roof $1500

 

and so on.  You can get over 110k if you check every box.  Add TTL and the credit you haven't gotten yet, and it's possible to have an out-the-door price of over 125k.

 


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Message 9 of 19
Dustink
Valued Contributor

Re: I actually did have most of the down payment (and some ot...

Have you thought about buying used?

 

http://www.autotrader.com/cars-for-sale/vehicledetails.xhtml?zip=94121&endYear=2014&modelCode1=TESMO...

 

http://www.autotrader.com/cars-for-sale/vehicledetails.xhtml?zip=94121&endYear=2014&modelCode1=TESMO...

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 10 of 19
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