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Best interest rate via Tesla financing?

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Dang, I found out this post after accepted the 2.49% with Wells Fargo through Tesla was asked to put more than 20k down (because my debt/income ratio is high)... Not sure if Tesla could help me get a lower rate from other banks... I wanna cry:(:(:(
I already accepted Wells Fargo's 2.49% when I came across this post too. I still contacted Tesla and asked if could check to see if I qualified for a better rate and I got approved a little while later with Chase at 2.24%.
 

Krock65

Member
Supporting Member
Nov 21, 2020
73
29
Ridgecrest, CA
Thanks to the folks here. Was approved through Tesla for 2.49% 60 Months with Wells Fargo. Emailed
[email protected] as mentioned earlier and asked for a lower rate to match my credit union (Navy Fed) at 2.19%. They said they can try another lender but will be unable to say for sure that it would be possible. Within 20 minutes i got an offer through Chase for 2.29% for 60 Months. All it took was asking! Thanks for the tip and excited to part of the community.
You had a quote from Navy Fed for 2.19%, and then got a quote from Chase for 2.29%? Your post made it sound like you went with Chase? If that's true, why? If you went with Navy Fed, I get it. Thanks!
 

Vram09

Member
Nov 21, 2020
93
32
Fremont
If approved by Tesla for a 2.49% for 72 mo.how can I go about requesting a lower rate ? Would I just email asking Tesla Financing for a lower rate without proof that I actually qualify for a lower rate ? Or Would I have to shop around for other loans first? I’m a hesitant to do two hard pulls on my credit score.
 

Hilu

New Member
Nov 16, 2020
3
3
Miami
If approved by Tesla for a 2.49% for 72 mo.how can I go about requesting a lower rate ? Would I just email asking Tesla Financing for a lower rate without proof that I actually qualify for a lower rate ? Or Would I have to shop around for other loans first? I’m a hesitant to do two hard pulls on my credit score.


Yes you can email them directly here: [email protected]

Hope this works for you!
 
If approved by Tesla for a 2.49% for 72 mo.how can I go about requesting a lower rate ? Would I just email asking Tesla Financing for a lower rate without proof that I actually qualify for a lower rate ? Or Would I have to shop around for other loans first? I’m a hesitant to do two hard pulls on my credit score.

As shared earlier, just ask, in my case, I simply asked them to give a better rate, I asked them to try BofA, but they came back with the quote from Chase, as they don’t use BofA. That’s all.

Multiple hard inquiries in a short period will be counted as one, you can Google it and you will find a lot of information about that.
 

Vram09

Member
Nov 21, 2020
93
32
Fremont
As shared earlier, just ask, in my case, I simply asked them to give a better rate, I asked them to try BofA, but they came back with the quote from Chase, as they don’t use BofA. That’s all.

Multiple hard inquiries in a short period will be counted as one, you can Google it and you will find a lot of information about that.


Thanks! Does anyone have a sample template on how to appropriately ask for a better interest rate over email or mine sharing how they asked ?
 
Got 2.14 for 72 months after sending email.

I just sent an email asking if they could get lower through Chase as I've seen others getting lower. They never even replied, but I got the hard pull notice and also the notice for changes in my terms. I also didn't confirm my rate before emailing, though I doubt that matters
 

MrPaul

New Member
Oct 13, 2020
2
3
California
It's worth asking. I just wrote a note to my SA and after connecting with Tesla Finance my interest rate was lowered from 2.49% to 2.04% on 72 months. Also, being in California, they applied a new CA Clean Fuel Reward Credit that I was unaware of that took $1,500 off the purchase price. With these savings, I'll feel better opting for the Performance Boost once I finally get my car!
 

kadify

Member
Nov 19, 2020
272
133
colorado
Out of curiosity, has anyone asked if any lower rates were available and then been removed from their rate and put into a rate that was higher? Currently at 2.14% and want to see if anything is possibly lower but don't want them to try another bank and then get offered a higher rate and removed from the current rate I have.
 

K-Ram

Member
Apr 6, 2016
15
18
California
Shop for rates!
I applied with Tesla last week, and initially got approved for 2.49% for 72 months with Wells Fargo. I immediately emailed them to ask for a better rate, and they came back at 2.34% for 72 months with JP Morgan Chase. I waited until today, and emailed them again, and they came back at 2.19% with BMO Harris Bank. My credit union is offering a .25% rate beat. I sent them what Tesla offered me, and now my credit union is offering me 1.94% for 72 months. Ultimately, I'm going with my credit union, but it pays off to shop for rates! I went from 2.49% - 1.94% within a week.

Partners FCU – Partners Federal Credit Union
To become a member, you must meet one of the following criteria:
- I am a Disney Cast Member, Employee, Imagineer, or a Retiree of The Walt Disney Company or a PFCU Member.
- I am an employee of an Operating Participant.
- I am a household member/related to a Cast Member of The Walt Disney Company.
- I am a Partners Federal Credit Union employee.
 
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wraithfive

Member
Oct 29, 2020
204
169
TN
Thanks everyone for posting rates in this thread. I was originally approved for 2.49 with Tesla finance through US Bank. I checked a local credit union and got 2.25 which Tesla rate matched with US Bank. After seeing reports in this thread of requests them to try Chase I asked my advisor to put my request through again to Chase and they came back with 1.99%. So thanks everyone!
 
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You had a quote from Navy Fed for 2.19%, and then got a quote from Chase for 2.29%? Your post made it sound like you went with Chase? If that's true, why? If you went with Navy Fed, I get it. Thanks!
I did go with Chase because Tesla handled the paperwork. The amount of interest saved by doing legwork to go through NFCU was negligible then chase based on the amount I was financing.
 
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