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Best interest rate via Tesla financing?
- Thread starter rbaum0519
- Start date
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Had to forgo 3rd-party financing since I received VIN on Friday and they had auto-assigned me Sunday delivery (which was ultimately delayed). Initial offer was 72 mo, 2.49% from US Bank. Thanks to you fine folks, I emailed Tesla Finance today and asked them to review and look at Chase etc. Received response within 20 minutes for 72 mo, 2.14% through Chase. That seems very competitive with the rates pulled by the Tesla Financing Comparison spreadsheet.
I think so. It's not a done deal so rates can still be changed. Worth a try. Also, if you find a better rate at a different bank, you can apply for a rate match: Best Rate Guarantee
ssv22
Member
Just curious here: when you folks email [email protected], what sort of information do you include in order to get a quote?
You should select Tesla Financing in your account. They should give an initial offer based on your credit and application. Then, you would email autofinance for improved terms.
I sent them email at 8am. Guess what.
I am down from 2.49% to 2.19% within 30 minutes.
Thanks for the information in this forum.
I am getting the car today.
Glad I read the post here.
ssv22
Member
You don't need to write anything complicated. This was my email:
Tesla Finance:
Please review the current finance offer for 72-mo financing at 2.49% with US Bank and check rates against Chase. I am aware of very recent Chase offers of 2.19% and 2.24% as well as Digital Federal Credit Union offer of 2.24%. With a current FICO of X, annual income > $Y and a downpayment > 20%, I would expect to qualify for any of these offers.
Thank you kindly.
Please review the current finance offer for 72-mo financing at 2.49% with US Bank and check rates against Chase. I am aware of very recent Chase offers of 2.19% and 2.24% as well as Digital Federal Credit Union offer of 2.24%. With a current FICO of X, annual income > $Y and a downpayment > 20%, I would expect to qualify for any of these offers.
Thank you kindly.
ssv22
Member
myblubu
Member
I just decided to pull the trigger on a MY so started to look at financing rates. I’ve used Delta Community Credit Union and always got good rates in the past (4 loans). They’ve been outstanding to work with and I’ll likely go with them again. They usually run a loan special every April and September, But the current rates they’re offering seem good.
1.98% for 12-60 months
2.38% for 72 months
2.78% for 84 months
Rates: https://www.deltacommunitycu.com/personal/loans/vehicle-loans/car-loans.aspx#overview
You can even get $50 for signing up with a referral from a member:
The way it works:
1) join the referral program,
2) open an account,
3) apply for the loan.
Note: Joining the referral program FIRST is key to getting the $50.
So if you are planning on using Delta Community CU and need a referral, feel free to use mine below:
Referral link: Earn great rewards!
Just PM me if you have questions on the process or dealing with them. I’ve done loans for new Teslas and transferred Tesla loans from other banks to them because their rates were lower even for ‘used’ cars.
To check to see if you qualify to join, check the link below:
Member Eligibility: Eligibility for Membership at Delta Community Credit Union
Hope it helps!
1.98% for 12-60 months
2.38% for 72 months
2.78% for 84 months
Rates: https://www.deltacommunitycu.com/personal/loans/vehicle-loans/car-loans.aspx#overview
You can even get $50 for signing up with a referral from a member:
The way it works:
1) join the referral program,
2) open an account,
3) apply for the loan.
Note: Joining the referral program FIRST is key to getting the $50.
So if you are planning on using Delta Community CU and need a referral, feel free to use mine below:
Referral link: Earn great rewards!
Just PM me if you have questions on the process or dealing with them. I’ve done loans for new Teslas and transferred Tesla loans from other banks to them because their rates were lower even for ‘used’ cars.
To check to see if you qualify to join, check the link below:
Member Eligibility: Eligibility for Membership at Delta Community Credit Union
Hope it helps!
I'm a bit disappointed. Initial interest rate came back at 3.49%, 72 months. When I asked 'why?' I was told it was due to "no previous auto loan history". Seriously? Is this likely to be an issue with most lenders?
The new offer is 2.99% from TD bank. Still seems pretty high compared to numbers I am seeing here.
The new offer is 2.99% from TD bank. Still seems pretty high compared to numbers I am seeing here.
Credit history most certainly matters when lending money. If you have no credit history, then, I think, a rate of 2.99% is a great rate.
It's not that I don't have a credit history, I just haven't had a car loan in the past 20+ years. Credit score is excellent.
understood, no problem. But the rationale remains the same.
I am not saying you are high risk, but what I am saying is that lenders make decisions based on certain variables. These variables have proven themselves to be good indicators (to the lending community) of debt repayment. Some variables are better suited towards repayment on revolving debt (credit cards, lines of credit, etc.)...and other variables are better indicators for term loans (car loans, personal loans, home loans, etc.)
One of them being a history of borrowing money, and paying them back on-time, over a certain length of time.
if you don’t have that, then the risk (to them) is higher. Hence, the high rate. The difference in rate that you mention is not extraordinary. It’s roughly $15 more a month.
Yes, it would be preferable to get the lower rate and payment, but the rate you are being offered is still cheap.
Thank you to everyone in this thread, I didn’t realize how easy it was to request a competitive rate. Originally approved for 2.69% through Chase and emailed Tesla finance last night asking why I wasn’t approved for 2.49% as advertised..got an email this morning with an email from Tesla to review updates to my loan. Logged in and there was the 2.49% through US bank.
Now if we could just get our car.. ha
Now if we could just get our car.. ha
Hi guys
first post. Here's my exp on how I got 1.86%.
I ordered MY late July 2020. Tesla offered me 2.5% and I accept it from Wells Fargo. A couple weeks later, Watching some youtube videos on MY. This couple mention about EECU and they were offering 1.86% for a new auto loan. So I email my SA and she said, just get a full approval by them and Tesla will match it. Ok, I google EECU and went on their site. I called them and apply. They submit my info and got approved for 1.86. They mail me a membership package and I need to return it for a $5 check and another $10 for fee to be a member. Then I had to email them my pay stub, mortgage info and Tesla invoice. After I did all they ask me to do, they email me my pre approval letter stating 1.86% and I met all requirement. I email my SA that info and a day later on my Tesla account, 2.5% drop to 1.86 from Wells Fargo. Take a good week to finish the process but I got it to 1.86.
FYI, 1.86 is aug rate. SEPT rate is 1.99. If you willing to go thru those trouble. GL. I tried emailing my SA but she told me this is the only way for Wells to match it. Maybe your SA is more willing to help and not needing u go do what I did.
Btw. Bay Area CA guy still waiting on delivery. NO vin yet too. Ordered late July. Got a text 2 week ago, car will be ready within 1-2 weeks. So still waiting....... Seem liked all CA buyers are in the same boat. LOL
hope this help.
first post. Here's my exp on how I got 1.86%.
I ordered MY late July 2020. Tesla offered me 2.5% and I accept it from Wells Fargo. A couple weeks later, Watching some youtube videos on MY. This couple mention about EECU and they were offering 1.86% for a new auto loan. So I email my SA and she said, just get a full approval by them and Tesla will match it. Ok, I google EECU and went on their site. I called them and apply. They submit my info and got approved for 1.86. They mail me a membership package and I need to return it for a $5 check and another $10 for fee to be a member. Then I had to email them my pay stub, mortgage info and Tesla invoice. After I did all they ask me to do, they email me my pre approval letter stating 1.86% and I met all requirement. I email my SA that info and a day later on my Tesla account, 2.5% drop to 1.86 from Wells Fargo. Take a good week to finish the process but I got it to 1.86.
FYI, 1.86 is aug rate. SEPT rate is 1.99. If you willing to go thru those trouble. GL. I tried emailing my SA but she told me this is the only way for Wells to match it. Maybe your SA is more willing to help and not needing u go do what I did.
Btw. Bay Area CA guy still waiting on delivery. NO vin yet too. Ordered late July. Got a text 2 week ago, car will be ready within 1-2 weeks. So still waiting....... Seem liked all CA buyers are in the same boat. LOL
hope this help.
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