Any chance the Alliant 1.49% APR loan might come back in November, or any other deals you know?

[⚡️ELECTROMAN⚡️]

It's a 30 day lock so you should be ok to lock in right now. My car hasn't entered production yet either, but I hope to get within 30 days.

 

[Ojas Ray]

It's a 30 day lock so you should be ok to lock in right now. My car hasn't entered production yet either, but I hope to get within 30 days.

Hmm - when i booked and confirmed my car - it said late October -- and then all of a sudden it was dec / jan -- so yeah --

 

[Canuck]

I find it odd that the auto loan rates are so much lower than home loans. Does anyone know why this is?

Because it's easier for the bank to get the collateral back should you default. In some states, it can take three years for a foreclosure to be completed. If you default on a car loan, the repo man and his tow truck might show up in three hours.

 

[⚡️ELECTROMAN⚡️]

Hmm - when i booked and confirmed my car - it said late October -- and then all of a sudden it was dec / jan -- so yeah --

Hmm, mine originally said late December - January then it changed to November - December. I just hope I get it before the end of December.

 

[Ojas Ray]

No, but if the rate goes down, you lock into the lower rate. I'm pretty sure 1.74% is the best I'm going to find for a 72 month. I called around and most of the rates were above 2.5%.

I find it odd that the auto loan rates are so much lower than home loans. Does anyone know why this is?

Quick Question: Do you need to have direct deposit to US Bank in order to get 1.74? or an account?

 

[⚡️ELECTROMAN⚡️]

I don't think so. The Credit Specialist didn't mention that. After I accepted the offer alls he said was, "All finance paperwork will be executed at delivery of your Model S."

 

[azdryheat]

No, but if the rate goes down, you lock into the lower rate. I'm pretty sure 1.74% is the best I'm going to find for a 72 month. I called around and most of the rates were above 2.5%.

I find it odd that the auto loan rates are so much lower than home loans. Does anyone know why this is?

Shorter term.

 

[Zaxxon]

I financed our Volvo XC90 earlier this year through Western/Unify at 0.74% for 36 months. If you don't need a long term, this is by far the best I've found. The process was pretty smooth and painless, and all you need to qualify is to open a $5 savings account.

 

[DJ 240V]

I just for 1.45% for 65 months with DCU. It was very easy as well. Highly recommend it. You will have to deposit your salary into the account to avail this rate.

 

[ev-now]

I find it odd that the auto loan rates are so much lower than home loans. Does anyone know why this is?

'cos auto manufacturers need to work you to get you to commit - the realtors do that for the mortgage companies
Stimulate demand, that's it. Rates in the 80s (UK) were much higher for autoloans until the 87 crash. After they manufacturers used low and then interest free to stimulate demand. Every time they tried to raise rates again they failed as the consumer was conditioned to low finance - so they just held out until the rates were lowered again. They're never recovered to the levels they used to get.

For housing, generally, there is a strong pressure from other sources which keep continuous demand for mortgages - albeit they too had to go lower through two major downturns and remain low due to government-interfernomics.

 

[Gentilly7]

Alliant is still at 1.99%. I just got approved for a 1.74% loan with US Bank through Tesla lending. They finance up to 90% of the configured cars price. No loan origination fees or prepayment penalties.

I called my local showroom on Monday to ask if they had any recommendations for financing. I was told that they just started working with US Bank and that the rate was 1.74% for up to 72 months. The guy I talked to said that the way to get the best rate is to apply through Tesla Financing on the My Tesla page. I applied Monday evening and on Tuesday I was told I got approve by Alliant at 1.99%. I wrote back and asked what happened to the 1.74% from US Bank. They said US Bank turned me down because my debt to income ratio was too high. I don't even have a house payment and I make about $80k a year. My credit rating is excellent. I was applying for a $64,000 loan. The only debt I have is five more payments of $540 on my Honda. I told the Tesla Credit Specialist that he should let people know if there is a lower rate available, and why they didn't qualify for it. He said he would from now on. Anyway I gave him my wife's income and pertinent info, and got approved for the 1.74%. Not a huge deal. The .25% lower rate will only save me about $500 over the next six years. Every little bit counts. At least psychologically.

Can you put me in contact with your loan advisor? Looks like the process is not clearly defined in states where Tesla can't sell directly. My OA says they only deal with US Bank for leases. When I called US Bank directly they tell me to reach out to Tesla for financing so I am stuck with Alliant. The best rate Alliant offers on a 72 month term is 2.24%. Just wondering if all of this is unique to Texas.

 

[Gentilly7]

UPDATE: I called the main line at Alliant to reapply instead of working with the loan officer that set me up some months ago. To my surprise they told me the 1.99% is still available for 72 months. So I applied again and was approved. Weird that everyone is quoting different rates. My DS said that Alliant is offering 1.74% for 72 months. But no one I talked to at Alliant seems to know of this. And both Alliant reps contradict each other on what the best rate available is. Has anyone received 1.74% on 72 months from Alliant?

 

[hollywood]

Has anyone received 1.74% on 72 months from Alliant?

That rate is by US Bank I believe via Tesla lending

 

[justg0]

AFAIK, 1.74 is only from US Bank.

 

[Wshowell]

anyone getting a rate quote on a CPO?

 

[Ojas Ray]

That rate is by US Bank I believe via Tesla lending

AFAIK, 1.74 is only from US Bank.

Just FYI - US BANK does not need to offer that to you -- I have a 800 credit score, and was not offered the 1.74 - and when I asked Tesla why US Bank said no, they told me, its because i have never borrowed a large amount before.... so I went with Alliant - and got approved in less then 5 min at 1.99 72 months...

Alliant did have a special but that ended Sept 30.

 

[theslimshadyist]

Just FYI - US BANK does not need to offer that to you -- I have a 800 credit score, and was not offered the 1.74 - and when I asked Tesla why US Bank said no, they told me, its because i have never borrowed a large amount before.... so I went with Alliant - and got approved in less then 5 min at 1.99 72 months...

Alliant did have a special but that ended Sept 30.

That has got to be the biggest BS excuse I've ever heard. I too have a score North of 800 and have borrowed large amounts in the past so I will be curious to see what happens. My delivery date is between 12/12 - 12/26 so I'm going to wait until 11/26 to apply so I stay inside of 30 days to avoid a 2nd credit pull.

 

[hollywood]

Just FYI - US BANK does not need to offer that to you -- I have a 800 credit score, and was not offered the 1.74 - and when I asked Tesla why US Bank said no, they told me, its because i have never borrowed a large amount before.... .

I have a current mortgage with US Bank, so I might be OK.

I applied for Tesla financing with my Model X order back in October. Approved for 1.49%/72months. When I was told that my delivery would not be until Dec, I asked if they would extend the credit offer, they said its only good for 30 days and a second credit pull would be done. In addition, the rate would not be matched, so I am stuck with whatever the current rates are. In order to avoid such a mistake again, I am not doing any financing until my car has completed production. Its been in production for 2 weeks, so I'm glad that I'm being more conservative.

 

[theslimshadyist]

My delivery date got moved up to 11/28 - 12/5 so I submitted an application on the Tesla website. My financial advisor sent an email about 1 hour later stating that I was approved through US Bank at the 1.74% for 72 months program.

 

[Gentilly7]

My delivery date got moved up to 11/28 - 12/5 so I submitted an application on the Tesla website. My financial advisor sent an email about 1 hour later stating that I was approved through US Bank at the 1.74% for 72 months program.

Good for you. Looks like I can't even apply through Tesla financing because I live in Texas. 1.74% is definitely the best rate going.