84mo 3.24% option listed in Tesla Lending page now

[zedkyuu]

I saw a Reddit article saying that the Model X loan numbers on the customization page say 96-month 3.9% APR loan. I don't see that on the Tesla lending page, but it lists 84-month 3.24% APR now in addition to the others.

However, the monthly payment reduction is really minimal - less than $20/mo for a stock S90D - so I don't know what reason there would be to pick it.

 

[zambono]

check with Alliant

 

[Max*]

I didn't realize they made 96 month loans... that's 8 years. You'll be upside down the whole time, I'd get GAP insurance.

 

[Bishop]

funny thing is my credit union will do 1.99 for 84 months new or used .. but i don't finance stuff past 60 months other than my house

 

[jelloslug]

funny thing is my credit union will do 1.99 for 84 months new or used .. but i don't finance stuff past 60 months other than my house

Why not? As long as the interest rate does not go nutty, you might as well keep the payment as low as possible. You can always pay more if you want to.

 

[jelloslug]

check with Alliant

Alliant's deal with Tesla ends tomorrow.

 

[Bishop]

just habit .. your right i could but my logic is if i can't afford it over 60 months i shouldn't buy it

 

[Xenius]

Alliant's deal with Tesla ends tomorrow.

"Potentially". They only guarentee the 1.49 rate through EOD, they might refresh them and keep it, might not.

I put the application through today.

 

[Xenius]

just habit .. your right i could but my logic is if i can't afford it over 60 months i shouldn't buy it

Technically if you couldn't pay cash you shouldn't buy it, but who'd give away 80-130k when you can borrow it at 1.49% and make more almost in just a savings account?

 

[jelloslug]

"Potentially". They only guarentee the 1.49 rate through EOD, they might refresh them and keep it, might not.

I put the application through today.

I'm hoping it's just a formality but I have an "A" and a "B" backup plan for my delivery in late August.

 

[Xenius]

Sounds like you've got same schedule I do. I have mid aug - early september. However Tesla said they'll work with me and help start the loan before delivery if need be.

 

[jelloslug]

The 84 month option has been listed for quite a while.

 

[jelloslug]

Sounds like you've got same schedule I do. I have mid aug - early september. However Tesla said they'll work with me and help start the loan before delivery if need be.

I called Lightstream yesterday and all you need to do to get them to do their rate beat program is to apply for a loan and then send them the approval letter from the current lender that has already approved you. Depending on your credit and personal finances Lightstream will either give you a secured or unsecured loan offer than is .1% better than your current offer. If it's unsecured you can take the check now and just hold on to the money until the car is ready.

 

[Xenius]

I called Lightstream yesterday and all you need to do to get them to do their rate beat program is to apply for a loan and then send them the approval letter from the current lender that has already approved you. Depending on your credit and personal finances Lightstream will either give you a secured or unsecured loan offer than is .1% better than your current offer. If it's unsecured you can take the check now and just hold on to the money until the car is ready.

What? I'm going to have to look into Lightstream.

 

[Max*]

Why not? As long as the interest rate does not go nutty, you might as well keep the payment as low as possible. You can always pay more if you want to.

Because you pay a lot more in interest. If you look at a 60 month loan at 1.99% on a $100k car and compare it to an 84 months loan at 2.99% on the same $100k car, you paid almost $6k more in interest over the life of the loan (if both have the same APR, 2.99%, but different length, you pay $3k more over the life of the loan).

Also, it means your car is upside down longer. So if you want to sell while on a 36-month loan, you can do so pretty much anytime. If you want to sell while on a 60-month loan, you can do so later on into the loan. If you want to sell while on an 84-month loan, you probably need to wait 4-6 years because you have any equity in your car.


I get your perspective, and I've done that on several loans (taken a slightly higher APR for a longer term loan, but made sure I paid a lot more into it monthly). And when I lost my job, I just reduced the payments to the minimum and we were fine. But if you don't do the last step (making sure you're paying more into it), I named 2 reasons above, off the top of my head, as to why not to get such a long loan.

 

[jelloslug]

I get your perspective, and I've done that on several loans (taken a slightly higher APR for a longer term loan, but made sure I paid a lot more into it monthly). And when I lost my job, I just reduced the payments to the minimum and we were fine. But if you don't do the last step (making sure you're paying more into it), I named 2 reasons above, off the top of my head, as to why not to get such a long loan.

That was my point. Take the lower payment but make the larger one. That way if life happens you are not in so much of a bind.

 

[Austin Powers]

funny thing is my credit union will do 1.99 for 84 months new or used .. but i don't finance stuff past 60 months other than my house

What credit union do you go to? I need their info

 

[Bishop]

APL FCU

 

[DrManhattan]

I got 1.8 7 year, I'd never do a car loan for over 2% or so. At least not for any significant length of time.

 

[jelloslug]

I got 1.8 7 year, I'd never do a car loan for over 2% or so. At least not for any significant length of time.

Do tell....