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.
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?
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.
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.
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.
Got 1.99% for 36 months from Navy Federal Credit Union. Their best rate is 1.79% for 36 months for those that qualify.
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)
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.
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.
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.
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.
I applied through tesla first. Got a rate. Then shopped around and emailed their financing department as well.
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.
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.
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.
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...