Welcome to Tesla Motors Club
Discuss Tesla's Model S, Model 3, Model X, Model Y, Cybertruck, Roadster and More.
Register

Financing before Order

This site may earn commission on affiliate links.
I am thinking of ordering a Model S (85kWh), after I can get myself to Florida for a test drive, and getting it mostly financed.

As I understand it, I should apply for financing close to delivery due to the 30-day period loan applications usually stay open. However, I am uncomfortable not knowing before ordering how much and at what rate loan I can get. I just don't want to be surprised.

If I apply for a loan pre-approval now, it will expire before payment time. But would there be any negative consequences of that on my credit score or re-application?
 
A lot of places will be more than happy to extend the loan approval period if they are familiar with Teslas. Bank of America was able to extend their date to 45 days (officially) and the loan officer told me that extending it more wouldn't be a problem. Many credit unions (Alliant, I believe and Star One) can make their loan approval last 90 days. I was lucky in that my delivery occurred within 30 days of finalizing anyway.

The worst case scenario is that your loan expires but if you've been approved once, getting approved a second time should be no problem with the same bank.
 
I know our financing went horrible. I too wanted to know before our car build what was up with it, but that didnt happen. We had our order in and when I got the email to get the financing done the car was done and in transit to Fla. we had issues with BOA with our mortgage that BOA admitted and we had a letter from them but they gave us the hardest time and we went from the 10% down to 35% down and our credit is fine.