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Best interest rate via Tesla financing?

Discussion in 'Model Y: Ordering, Production, Delivery' started by rbaum0519, Mar 21, 2020.

  1. rbaum0519

    rbaum0519 Member

    Joined:
    Mar 21, 2020
    Messages:
    10
    Location:
    St Louis
    I was just approved for 2.75% @ 72 months no down payment. Not sure if I'll keep that but it does appear to be a competitive rate

    I ordered 3/1/2020

    Blue performance, Black Int, FSD, standard wheels

    In the " drafting contract " status as of yesterday
     
  2. LowlyOilBurner

    Joined:
    Sep 10, 2017
    Messages:
    349
    Location:
    Buffalo NY
    I’d shop it. I got 1.9 at a local credit union.
     
    • Informative x 2
    • Like x 1
  3. jdr93

    jdr93 Supporting Member

    Joined:
    Jun 5, 2017
    Messages:
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    Location:
    wooded vermont
    1.9 with no down payment?
     
  4. LowlyOilBurner

    Joined:
    Sep 10, 2017
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    Location:
    Buffalo NY
    Correct. I have impeccable credit, and no debt. The only payment I have is a car (and taxes).
     
    • Like x 1
  5. preilly44

    preilly44 Member

    Joined:
    Nov 1, 2014
    Messages:
    459
    Location:
    Bethesda, MD, United States
    Is 1.9 for 72 months? If so, what CU?
     
    • Like x 1
  6. mrkbig

    mrkbig Member

    Joined:
    Mar 15, 2020
    Messages:
    13
    Location:
    Northridge
    Awesome rate. I have a mortgage payment and nothing else. Hopefully I can get 2.5%, what was your CU?
     
  7. jhams

    jhams Member

    Joined:
    Mar 15, 2020
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    134
    Location:
    california
    Is there a recommended downpayment with Tesla Financing?
     
  8. LowlyOilBurner

    Joined:
    Sep 10, 2017
    Messages:
    349
    Location:
    Buffalo NY
    So, it’s 1.99% (just checked, sorry about the error) I did 60months, might bump it down to 48, but they would do 1.99 for 72 as well. Financial Trust FCU
     
  9. Writeavon

    Writeavon Member

    Joined:
    Mar 7, 2020
    Messages:
    54
    Location:
    California
    Wondering if I’d qualify... how hard is it to get no down payment?
     
  10. moswissa

    moswissa Member

    Joined:
    Mar 20, 2020
    Messages:
    304
    Location:
    Los angeles
    I was told 2.99 is the lowest Tesla has to offer, other CU in the area offer 2.75, both for 72 months. Is there cheaper?
     
  11. jx45

    jx45 Member

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    Mar 22, 2020
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    Location:
    So Cal
  12. rbaum0519

    rbaum0519 Member

    Joined:
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    Messages:
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    Location:
    St Louis
    They didn't ask for any downpayment information
     
  13. DennyL

    DennyL Member

    Joined:
    Sep 26, 2018
    Messages:
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    Location:
    San Diego, CA
    Started out with Tesla Wells Fargo 3.25% 72 months. Requested and was sent to Tesla US Bank and was lowered to 2.75% 72 months, then sent to Tesla Chase and was lowered to 2.69% 72 months. Applied to several other credit unions and qualified for 2.20% 72 months, which Tesla Chase rate match with no problems.

    Note Chase uses multiple banks, so its always best to try to get the lowest possible by requesting them to submit it to the banks listed. Hopefully this helps someone getting the best rates through Tesla.
     
    • Helpful x 1
  14. DennyL

    DennyL Member

    Joined:
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    Messages:
    315
    Location:
    San Diego, CA
    Miss informed. Please follow this thread. Many was able to get lower rates by following what I had recommended.

    Finance Rate Went Down
     
    • Like x 1
  15. moswissa

    moswissa Member

    Joined:
    Mar 20, 2020
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    304
    Location:
    Los angeles

    Thank you so much for letting me know. I already paid my down payment and have scheduled delivery for 3/28 but I just emailed Tesla finance department to see if they can find me a lower rate with chase or another credit union. I have excellent credit. Fingers crossed!

    Also worst case, can’t I cancel the contract within a week and find a better creditor? Just worst case scenario, I might go there
     
  16. DDrawer

    DDrawer Member

    Joined:
    Mar 25, 2019
    Messages:
    656
    Location:
    PA
    I hope they can for you. I just accepted 2.59 with Chase bank through tesla finance last night. No negotiating, that's just what they offered first. Chase seems to be the cheapest option so far (using tesla finance) judging by other threads.
     
  17. instantorque

    instantorque Member

    Joined:
    Mar 11, 2020
    Messages:
    78
    Location:
    Boston, MA
    I got 1.9% for 36 months from a local FCU
     
  18. btd08

    btd08 Member

    Joined:
    Mar 8, 2020
    Messages:
    91
    Location:
    Chicago
    Where did you get 2.2 for 72 months?
     
  19. DennyL

    DennyL Member

    Joined:
    Sep 26, 2018
    Messages:
    315
    Location:
    San Diego, CA
    EECU
    Once I got approved, had sent it off to Tesla to rate match.
     
  20. btd08

    btd08 Member

    Joined:
    Mar 8, 2020
    Messages:
    91
    Location:
    Chicago
    How long the process took and how many days its approved for 30 or 60 days?
     

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