insaneoctane
Well-Known Member
What is the best 72 month loan anyone has found (preferably from most can join source)?
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APR for Financing Model 3
- Thread starter WierdMobile
- Start date
That seems to be a very restrictive credit union. No apparent way to "buy" access. Too bad, because that's a real winner.
I've searched around a few times these past couple weeks and haven't been able to find a 72 month loan with a lower rate than what Tesla is offering through their partners. If anyone does end up finding something please let the rest of us know!
insaneoctane
Well-Known Member
tagpats
Member
ploon94
Member
Tesla told me a few mins ago they've seen 2.5 to 3.5% come through for their buyers depending on terms/credit score. They didn't tell me if it was a specific bank or CU or if they 'shop' it to find the best rate. My CU will do 1.94 on 60 and 2.49 on 72. I don't want the extra hard pull on my credit if Tesla can't match or beat my CU. Anyone that can share what Tesla's actual offers are would be helpful. Thanks!
ploon94
Member
I'll answer my own question. I just got this from Tesla:
"In regards to financing, I have not seen any banks offering as low as a 1.99 for Model 3. I have seen APRs of 2.5-3.5, but I have seen some applicants receive as low as a 2%. Our banks also do not match, however, your banking institution may match one of our direct lenders. Our banks are Chase, TD Bank, US Bank, and Wells Fargo. You may reach out to them if you’d like to have more ideas on your lending options. Our credit team solely acts as a liaison between the customer and these banks."
EscoguyS75
S75
Don't know if they are the best, but from all the rates I shopped, the 1.75% for 48 months was best with 90 days deferred.
If you need longer term, shopping may be in order.
Once you have one hard pull you will not acquire anymore for 14 days. Shop around.
Experian lists each inquiry that is made into your file for two years, so that you have a complete record of who has reviewed your credit history, but they will only be counted as one inquiry when calculating the score.
It’s 14 days for mortgages. It’s 3 days for auto loans.
Dan Detweiler
Active Member
Just for clarity, I think the OP was looking for the lowest 72 month rate. I don't think they are interested in 24 or 36 moth terms.
Dan
Dan
I just went through Penfed using their $17 contribution method and booked 1.49% for 36 months over the phone (their online system doesn't yet have 2018 Tesla options available). 15 minutes, fully confirmed, no problems other than needing to eventually upload a purchase order.
I understand the original past was asking for 72 months, Penfed quotes 3.24% for that duration.
Was just approved for 2.9% for 72 mo through Tesla. My wife and I are members of 3 credit unions, one being PenFed. None are offering better rates for that length. I considering a shorter length, if I can get a much better rate elsewhere.
ploon94
Member
I got an offer thru Tesla for 60 months at 2.94% from Chase. My Credit Union here in Atlanta, Delta Community Credit Union, offered me 1.94% for the same loan. The DCCU 72 month APR is 2.49%