Best interest rate via Tesla financing?

[pjkad]

For those of you who got approved before SIP and factory closure. Wha happen to your order and Finance options? I was approved before closure. Still currently showing 2.2% APR, not sure if I will need to start a new application. I was originally told quote was good for 30 days. Well, it's more like 60 days now, but website still shows same info. Anybody in the same situation? And what was your outcome?

-ThinkMac-

Got this response from Tesla Credit team today:
"We normally advise for customers to wait until their VIN is assigned before reapplying/refreshing their application. We can certainly go back to Chase and have them re-run your application, but please note that approvals are valid for 60 days online.


If your delivery team has indicated that your scheduled pickup should be within 60 days, feel free to let us know that you’d like your application refreshed and we’ll work with the bank for you."

 

[ithinkmac]

Thanks.

-ThinkMac-

Got this response from Tesla Credit team today:
"We normally advise for customers to wait until their VIN is assigned before reapplying/refreshing their application. We can certainly go back to Chase and have them re-run your application, but please note that approvals are valid for 60 days online.


If your delivery team has indicated that your scheduled pickup should be within 60 days, feel free to let us know that you’d like your application refreshed and we’ll work with the bank for you."

 

[MrTuna]

Just submitted my info online.

MY AWD with FSD, 50k financed for 72 months, have about an 800 credit score. Came back in about an hour Wells Fargo @ 2.75%

will wait a few days and maybe try chase or something

 

[Croathlete]

Just submitted my info online.

MY AWD with FSD, 50k financed for 72 months, have about an 800 credit score. Came back in about an hour Wells Fargo @ 2.75%

will wait a few days and maybe try chase or something

No reason to wait. Ask for Chase and you'll be ~2.24%.

 

[Dre2390]

So, I had originally applied and had the immediate canned 2.99%. After reading this thread, I emailed and simply asked if there was a better rate as I had seen better advertised rates from local banks. 6 minutes later had an email back with 2.3% from Chase, updated on my profile. Couldn't have been easier, didn't even have to apply to other banks and have any offers to show them as proof.

 

[Picasso]

Those it seem getting the lower rates all had quotes pre-shutdown from what I've been reading so rates just ended up dropping for the most part.

 

[aronth5]

I typically use my credit union and have yet to apply but spoke with a BOA representative and they stated I should be able to get 2.19% which includes .50% off their regular auto lone rate as a preferred customer.

 

[MrTuna]

No reason to wait. Ask for Chase and you'll be ~2.24%.

Thanks for the heads up! Emailed last night, got an email today at noon that chase came in with 2.34. Not a huge deal, but saved me about $10 a month.

 

[Croathlete]

Thanks for the heads up! Emailed last night, got an email today at noon that chase came in with 2.34. Not a huge deal, but saved me about $10 a month.

Hey, that's $720 for more Tesla accessories!

 

[MrTuna]

Hey, that's $720 for more Tesla accessories!

or 10% of my questionable FSD purchase

 

[tornado]

Thank you for reaching out and I hope you are well.
Our lenders are offering rates at 2.99% at term length 36 to 72 months, so looks like Pen Fed has a better offer in this case.
Please feel free to reach out if you have any further questions.

It appears I wasn't as successful as the rest of you reaching out for a better rate...

 

[mbugbee]

Quick question... when I select Tesla Arranged Loan I'm presented with a button to submit a credit application through Alliant Credit Union, does that sound right or am I missing something?

 

[mbugbee]

Just answered my own question. Tesla Financing isn't available in Texas.

 

[Evoyager]

No recent experience, but Alliant was most competitive, and provided best financing rate when I purchased!
800+CS

 

[kigs]

given the rates, is anyone else here debating financing the vehicle instead of just paying it cash? curious to hear some thoughts from people who are also considering this

 

[DaveORD]

given the rates, is anyone else here debating financing the vehicle instead of just paying it cash? curious to hear some thoughts from people who are also considering this

I am. With rates so low and so much uncertainty with the economy I do not mind paying an extra $2-$3k to maintain a nest egg just in case... Had they delivered my MY before all this craziness, I would have paid cash. Now not sure that is the best idea, I'd rather keep that cash handy just in case things go south, so I would not have to dip into my retirement fund.

 

[Isakura]

So been sitting on a 2.59% interest rate from Tesla since mid-march before shutdown. Now that I have a delivery date, looks like they are redoing the financing (guessing the previous once expired) as I just received an alert of a credit check from the JPMCB like original. Interested to see what the change will be, if any.

 

[JasonVCM]

Got the text that they expect a mid-to-late June delivery. My APR was 3.25% with Wells Fargo. I emailed them last night and by this morning they re-ran my application through Chase, got 2.34% locked in and reflected in my account now. Not too shabby, impressed with the response time of their financing department.

 

[BreatheEasier]

Got the text that they expect a mid-to-late June delivery. My APR was 3.25% with Wells Fargo. I emailed them last night and by this morning they re-ran my application through Chase, got 2.34% locked in and reflected in my account now. Not too shabby, impressed with the response time of their financing department.

May I ask if that was with any money down, or are you financing the full amount? I didn't have a good exchange via email with Tesla to move my current 2.64% with Chase down to the 2.34% that everyone else seems to be getting. My credit is over 800, and I have a delivery date of 6/1.

 

[JasonVCM]

May I ask if that was with any money down, or are you financing the full amount? I didn't have a good exchange via email with Tesla to move my current 2.64% with Chase down to the 2.34% that everyone else seems to be getting. My credit is over 800, and I have a delivery date of 6/1.

I'm financing pretty much the full amount. I originally had 5k down on my initial application (with the 3.25% APR) but when Tesla Finance updated the APR and terms, they automatically took the full amount to be financed. I left it like that, will pocket the down payment and with the lower APR my monthly payments didn't go up a crazy amount.