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Best interest rate via Tesla financing?

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

  1. wraithfive

    wraithfive Member

    Joined:
    Oct 29, 2020
    Messages:
    97
    Location:
    TN
    I had already accepted their financing terms for 2.25% with US Bank when I read in this thread that at the time many people were getting 2.00% with chase. They were more than willing to resubmit the financing at that point and I got 2.00% with Chase. Just remember that you might lose what you already agreed to if they resubmit things and it is possible you might come out with a higher rate.
     
  2. DaveRuns33

    DaveRuns33 New Member

    Joined:
    Jan 21, 2021
    Messages:
    4
    Location:
    USA
    Question: I applied and was accepted for Tesla financing with US National bank at the 2.45%. I was just thinking that I could apply at Navy Federal Credit Union and probably get a better rate (2.2%). Would Tesla be cool if I called and said I want to use my own financing? Would I still get my delivery ontime?
     
  3. imola.zhp

    imola.zhp Member

    Joined:
    Jul 13, 2020
    Messages:
    382
    Location:
    Memphis
    Of course they will be cool, they just want to make the sale. Finance through anyone you like. Shouldn't delay delivery so long as you can get everything done and bring the check.
     
  4. Mike-3

    Mike-3 Member

    Joined:
    Jan 20, 2021
    Messages:
    9
    Location:
    FL
    If you would like to still use Tesla financing you can email [email protected] to see if they will match the rate that Navy Federal gave you. I just did this earlier this week and Tesla matched the 2.29% rate I got from NFCU after initially receiving 2.34% from Tesla.
     
  5. thematson

    thematson New Member

    Joined:
    Jan 26, 2021
    Messages:
    1
    Location:
    Orlando
    This. I pick up tomorrow and inspired by this post and other posts, I went from 2.74 to 1.89 for 75 months in the matter of 8 hours.

    Love this thread.
     
    • Like x 2
  6. perryfromsoma

    perryfromsoma New Member

    Joined:
    Jan 26, 2021
    Messages:
    2
    Location:
    San Francisco, CA
    Got 1.99% for 36 months from Navy Federal Credit Union. Their best rate is 1.79% for 36 months for those that qualify.
     
    • Like x 1
  7. acarney

    acarney Active Member

    Joined:
    Jul 9, 2019
    Messages:
    2,313
    Location:
    Richland, WA
    Carolina Cooperative Federal Credit Union is 1.99% for up to 84 months (credit score 730 or better). I'm not suggesting people take a term that long, but in the uncertain economical climate right now I wouldn't be surprised if someone wanted the lowest monthly payment possible by stretching that term out a lot. (Obviously you could still personally treat that as a 36 or 48 month term and just pay more monthly... but with that safety net of if something goes wrong for awhile you might be able to afford the payments still)
     
    • Like x 1
  8. zhangwenteng

    zhangwenteng Member

    Joined:
    Jan 26, 2021
    Messages:
    8
    Location:
    Irvine, CA
    I emailed Tesla today and they convert my us bank 2.49% into chase 1.99% for 60 months.
     
    • Like x 1
  9. CapsEngineer

    CapsEngineer Member

    Joined:
    Nov 28, 2020
    Messages:
    28
    Location:
    Maryland
    I get the same rate and term from the Applied Physics Lab credit union. I’ve always gotten the max term they will give me, make the first payment a month early, and pay more when I can. Never had one go the full term, but it wouldn’t bother me if I did because I keep my cars at least 10 years.
     
  10. TitanLH

    TitanLH New Member

    Joined:
    Jan 19, 2021
    Messages:
    3
    Location:
    Raleigh, NC
    Just completed my Tesla finance application today. They initially came back with 2.49% 72 months with Wells. I wrote them back asking for a lower rate and within 10 mins, they came back with 2.14% with BMO.
     
  11. spbond0079

    spbond0079 Member

    Joined:
    Jan 30, 2021
    Messages:
    6
    Location:
    USA
    I applied for financing earlier this week. They initially quoted me 2.49% with BMO harris, then after emailing them within a couple of hours they got back with 2.09% with Chase for 60 months. I checked at my local CUs it seems the rate might be slightly better (i.e. less than 0.20%) but the convenience/ease of working with Chase / Tesla financing is worth avoiding CU's customer service.
     
  12. DanDi58

    DanDi58 Member

    Joined:
    Jun 22, 2020
    Messages:
    565
    Location:
    Dayton NJ
    So how does this work? Do you have to shop around for better rate then email Tesla? Or do you apply through Tesla first?

    I have to call them today because I accidently clicked 'Complete' with cash payment, not finance.
     
  13. spbond0079

    spbond0079 Member

    Joined:
    Jan 30, 2021
    Messages:
    6
    Location:
    USA
    I applied through tesla first. Got a rate. Then shopped around and emailed their financing department as well.
     
  14. dss33

    dss33 Member

    Joined:
    Apr 14, 2016
    Messages:
    329
    Location:
    Seattle
    What email address did you use?
     
  15. NCC81701

    NCC81701 Member

    Joined:
    Feb 28, 2020
    Messages:
    59
    Location:
    San Diego
    I accidentally did financing on my own last year when they sent out "prepare for delivery" email and my settings had been locked since. I decided to shop around on my own to see what I can get before trying to get a DA to change my Tesla account settings. I end up getting a 2.09% rate through BoA this morning and this looked pretty good compare to what others have gotten so I think i'm going to end up sticking with this instead of trying to get a loan through Tesla.
     
  16. DanDi58

    DanDi58 Member

    Joined:
    Jun 22, 2020
    Messages:
    565
    Location:
    Dayton NJ
    I got 2.29%, which is fine. The difference between 2.29% and 1.99% is $5/month. That's worth it to me to keep the process simple.
     
  17. ChrgdTeCHick

    ChrgdTeCHick Member

    Joined:
    May 7, 2017
    Messages:
    262
    Location:
    Florida
    1/31/2021: 2.49% from BMO, 72 Months
    2/1/2021: 2.29% from Chase, 72 Months

    Didn't inquire on 60 Months. But 72 provides the flexibility to treat the payments like a 60 to save on interest, or... not.

    Side note, they ran my credit twice, one with BMO, another with US Bank. It wasn't ran for Chase when I asked for a better rate.

    May rate shop closer to delivery outside of Tesla in case it's higher than my offer.
     
  18. PansYRL

    PansYRL Member

    Joined:
    Feb 2, 2021
    Messages:
    8
    Location:
    Brooklyn
    Received approved from Wells Fargo with 2.49% 72 month. I think Tesla works with 6 banks like Wells Fargo, US bank J.P. Morgan Chase. Etc...
     
  19. acacia

    acacia Member

    Joined:
    Oct 16, 2020
    Messages:
    69
    Location:
    Scottsdale, AZ
    I’m looking at DCU, it would be 1.74% for 65 months
     
  20. zhangwenteng

    zhangwenteng Member

    Joined:
    Jan 26, 2021
    Messages:
    8
    Location:
    Irvine, CA
    I just applied. They have a 0.25% discount on an electric car. we will see.
     

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