Alliant Credit Union 1.49% for 72 months

[ckwong]

Applied through Tesla Finance and I got approved through Chase for 1.49% on a 72mo loan with a max of $95K financing.

 

[Ski Krazy]

Guessing these are all offers in the US... Anyone with some insight into rates and terms in Canada?

 

[b team]

Applied through Tesla Finance and I got approved through Chase for 1.49% on a 72mo loan with a max of $95K financing.

That's nuts.

 

[ckwong]

That's nuts.

What do you mean by that?

 

[b team]

What do you mean by that?

Very cheap money. Inflation Is slightly above that so it's a negative real rate.

 

[Dr Doom]

Applied through Tesla Finance and I got approved through Chase for 1.49% on a 72mo loan with a max of $95K financing.

If you don't mind me asking, what's your credit score? I couldn't find this rate and I have a near perfect credit score and decent income too.

 

[tccartier]

If you don't mind me asking, what's your credit score? I couldn't find this rate and I have a near perfect credit score and decent income too.

I was wondering the same .. For the record I'm north of an 800 FICO with virtually no debt and can't get money that cheap. What am I NOT doing??

 

[ckwong]

Maybe it's because both my wife and I are on the loan? Our FICO is in the 800s and my wife has been with chase for over 10 years so maybe they took that into consideration?

 

[andrewket]

The thing that usually snags people with excellent FICO scores and debt:income ratios is no prior history of installment loans within 20% of the request loan amount.

If you have previously borrowed a max of $50k and now you want $110k, the banks see that as increased risk. The irony of course is that for many of these people they had smaller loan amounts because they had more cash to put down. It's not just about having the cash to pay the loan; it's about how you've managed your debts in the past.

It's not uncommon for someone with significant financial resources to pay late. Doctors used to be notorious for this. My understanding is that this behavior has changed a bit for this group, but your occupation is used as a datapoint in many models. You could receive a better rate as an engineer vs a physician with everything else being the same.

 

[b team]

I was wondering the same .. For the record I'm north of an 800 FICO with virtually no debt and can't get money that cheap. What am I NOT doing??

Same here. Credit score above 800 with long credit history, high income, low debt, my wife is on the app, we have never missed a payment on anything. Still no love from Chase. I am going with Digital Credit Union.

 

[b team]

The thing that usually snags people with excellent FICO scores and debt:income ratios is no prior history of installment loans within 20% of the request loan amount.

If you have previously borrowed a max of $50k and now you want $110k, the banks see that as increased risk. The irony of course is that for many of these people they had smaller loan amounts because they had more cash to put down. It's not just about having the cash to pay the loan; it's about how you've managed your debts in the past.

It's not uncommon for someone with significant financial resources to pay late. Doctors used to be notorious for this. My understanding is that this behavior has changed a bit for this group, but your occupation is used as a datapoint in many models. You could receive a better rate as an engineer vs a physician with everything else being the same.

I guess I shouldn't have listed my profession as "stuntman."

 

[Dr Doom]

Same here. Credit score above 800 with long credit history, high income, low debt, my wife is on the app, we have never missed a payment on anything. Still no love from Chase. I am going with Digital Credit Union.

I have similar setup and I have mortage with Chase with a 5+ years mortage on time payments. I wished there was more transparency with Tesla financials. I think if most of their loan companies would realize that they are excluding a lot of potential customers with whatever formula they are applying.

 

[boaterva]

Eek.... After the new changes to the Design Studio, I thought I saw somewhere that the loan analysis was now based on 1.99% and not the old 1.49. I just looked at it and it says 0.99. Have we *ever* seen that?

 

[andrewket]

Eek.... After the new changes to the Design Studio, I thought I saw somewhere that the loan analysis was now based on 1.99% and not the old 1.49. I just looked at it and it says 0.99. Have we *ever* seen that?

I had 0.74 on one of my loans. Sadly I sold that S

 

[b team]

I had 0.74 on one of my loans. Sadly I sold that S

 

[NathanielHrnblwr]

Eek.... After the new changes to the Design Studio, I thought I saw somewhere that the loan analysis was now based on 1.99% and not the old 1.49. I just looked at it and it says 0.99. Have we *ever* seen that?

It appears to be 1.99% for the S and 0.99 for the X.

 

[boaterva]

It appears to be 1.99% for the S and 0.99 for the X.

Now that is even stranger.... thanks for the update! Didn't think to check both areas!

 

[Ski Krazy]

Just put in the custom order and got 1.99% for 8 years in Canada. Surprising because the rates were 3.6% not long ago I think.

 

[dailo]

Should be taking delivery of my new X sometime this week and the finance guy said as long as I take delivery before end of September I will automatically get the rate of 0.99%. Was worried because I was initially approved for 1.49%.

 

[ccutrer]

Just put in the custom order and got 1.99% for 8 years in Canada. Surprising because the rates were 3.6% not long ago I think.

8 years?! I thought mine was long at 6 years. They might as well start calling these things short-term mortgages. My Tesla payment is within $100 of my first mortgage.