Anyone take out a loan this month for their car? What's the lowest rate you have seen?

[TougeEv]

I have searching around the lowest i have seen so far is from Lending Tree and AutoPay. They advised lowest for new car is 2.99%. Is that even possible with high credit scores above 800 and a good size down payment? Anyone has experience with either? I know they are just brokers but wonder if anyone has taken a loan from either site and get a good rates for 36-48 months and lower than Tesla's?

P.s i know there are loan origination and doc fees from these sites they said around 600 so in order to make this worth a while I would image the interest be in 3% range.

 

[Kart P]

Following.

 

[MP_in_EG]

I applied at AutoPay and spoke with a rep. She said they could not do anything until I had a VIN. I still don’t have one, so I applied for Tesla financing, got a 5.69 rate, and will call AutoPay again once I get a VIN.

would love to hear if anyone else has any experience working with AutoPay.

 

[TougeEv]

I applied at AutoPay and spoke with a rep. She said they could not do anything until I had a VIN. I still don’t have one, so I applied for Tesla financing, got a 5.69 rate, and will call AutoPay again once I get a VIN.

would love to hear if anyone else has any experience working with AutoPay.

Isn't it bad to do multiple pulls from different lenders? I tried applying through LendingTree and their rates suck. The lowest one was similar to Tesla's but the minimum term is 60 months. Let me know how AutoPay turns out for ya. I wish Tesla could do a low APR like Chevy. They are offering 1.9% APR for new cars.

 

[kpanda17]

I've used this lender for my first Tesla in the Fall and they are perfect. For 72 months, for 72 months they are now at 5.99%.

Loan Rates - Labor Credit Union

Loan approval and processing is based on standard loan underwriting guidelines. Not all applicants will qualify for the…

www.dolfcu.org

For my 2nd Tesla in Jan, I went back to them, Tesla and landed at my bank for they had the best rate, but not great. Get anything around 6-7% and refinance later, once we are out of this strange money period. That's my plan, back to sub 4% one day.

 

[MP_in_EG]

Isn't it bad to do multiple pulls from different lenders? I tried applying through LendingTree and their rates suck. The lowest one was similar to Tesla's but the minimum term is 60 months. Let me know how AutoPay turns out for ya. I wish Tesla could do a low APR like Chevy. They are offering 1.9% APR for new cars.

I don’t know if it’s bad or not, but I’m not worried about it personally. I have really good credit so a few pulls shouldn’t greatly affect it. And I just want to get a good rate. I will post what I hear from AutoPay once I check back with them.

 

[Falcon73]

I have 3 car payments right now that are at rates above 4%. Credit is not an issue, so I'm looking to re-fi all of them some day. My timing wasn't good on the 3 recent purchases, but it seems things are still quite high. Here's the rate on each rn:

• 2023 MY (New Purchase - 1/23): 5.24% (USAA)
• 2020 Kona Electric (Used - 10/22): 5.19% (BofA)
• 2017 MX (Used - 8/22): 4.24% (Wells Fargo)

For reference in 11/2021 USAA gave me a 1.89% rate on a MY then for the same level of credit.

I kept flipping cars looking for ones that we liked until we got "stuck" with these. Not a good plan on my part.

 

[Need]

I wonder if that "2.99" is really possible currently. Following this to see if anyone actually could get it from Autopay.

 

[jjrandorin]

Isn't it bad to do multiple pulls from different lenders? I tried applying through LendingTree and their rates suck. The lowest one was similar to Tesla's but the minimum term is 60 months. Let me know how AutoPay turns out for ya. I wish Tesla could do a low APR like Chevy. They are offering 1.9% APR for new cars.

As long as you do them within about a two week period, they all show up on your credit, but in all credit scoring models they "count" as 1. Car loans and home loans are something that are expected to be shopped around for, by savvy people, so its built into all credit models for people to get multiple pulls in a short period of time for those two types of loans.

The above does NOT apply for ANY credit card type loan, each pull is separate and counted separate.

 

[toomtoomvroom]

Here are the current rates from Orange County Credit Union.

I got my used Tesla last November and received a 4.24%

New Auto Loan Rates​

Annual Percentage Rate (APR)¹	Terms in Months	Estimated Payment per $1,000 Borrowed
4.99% - 13.24%	48	$23.03 - $26.94
5.49% - 13.74%	60	$19.10 - $23.13
5.99% - 14.24%	72	$16.57 - $20.74
6.89% - 15.14%	84	$15.04 - $19.38

Effective June 1, 2023. Subject to change anytime.

Used Auto Loan Rates​

Annual Percentage Rate (APR)¹	Terms in Months	Estimated Payment per $1,000 Borrowed
4.99% - 13.24%	48	$23.03 - $26.94
5.49% - 13.74%	60	$19.10 - $23.13
5.99% - 14.24%	72	$16.57 - $20.74

 

[ewoodrick]

Isn't it bad to do multiple pulls from different lenders? I tried applying through LendingTree and their rates suck. The lowest one was similar to Tesla's but the minimum term is 60 months. Let me know how AutoPay turns out for ya. I wish Tesla could do a low APR like Chevy. They are offering 1.9% APR for new cars.

You know that they are effectively lying about that rate? To put it another way, you can usually get the car for cheaper when you pay cash. I wonder where that difference comes from?

 

[Hiline]

3% sounds too good to be true. If you actually get this rate, go for it. The prevailing rates are around 5%-7% depending on duration and lender.

 

[kpanda17]

I was on the site, 3.99%
Checking it out this week for refi

 

[ewoodrick]

And as I alluded, 3.99% just suggest that's 2-3% that they won't be discounting the vehicle.

 

[7BaconTacos]

Did anyone successfully get the 2.99% from Autopay? My wife's Y just got a VIN and if so we are going to apply with them. It seems too good to be true though.

 

[kpanda17]

Who is offering 2.99%?
NYT CU is still 3.99%

 

[7BaconTacos]

Who is offering 2.99%?
NYT CU is still 3.99%

Auto Loan Refinance Made Simple - AUTOPAY is touting 2.99% but no one here has confirmed that to be true. From what I have been seeing 5-6% is the going rate for new car loans with 72 month term.

If someone knows somewhere thats cheaper for that term length, I am all ears

 

[SpoonMXP]

Who is offering 2.99%?
NYT CU is still 3.99%

I too want to know who is offering 2.99%?
Not sure now, but Lucid had a .99% for their cars last month.
I'm holding off for something like that to come out of Tesla.

 

[kpanda17]

Guys
Beware Autopay is not a direct lender but a gateway to lenders like Lendingtree

Think the best deal right now is NYT CU at 3.99%
They are a direct lender

 

[7BaconTacos]

Guys
Beware Autopay is not a direct lender but a gateway to lenders like Lendingtree

Think the best deal right now is NYT CU at 3.99%
They are a direct lender

Something felt off about that rate. We have a few days to keep shopping around. So far that 3.99 at NYTCU is the cheapest I have seen, but that rate hasnt been updated since May 5th, so not certain its still that low today.