Best interest rate via Tesla financing?

[Isakura]

Tesla reran my loan application today (expected since it was from 3/2020) and it came back originally at 2.79% Sent them an email indicating I had a lower rate and others had a lower rate, they came back with 2.49% which is lower than my previous with full financing. I'm pretty okay with that to be honest, and will use the original downpayment in investments instead. Less than 2 weeks till delivery!

 

[Scribby]

Tesla reran my loan application today (expected since it was from 3/2020) and it came back originally at 2.79% Sent them an email indicating I had a lower rate and others had a lower rate, they came back with 2.49% which is lower than my previous with full financing. I'm pretty okay with that to be honest, and will use the original downpayment in investments instead. Less than 2 weeks till delivery!

Was everything submitted and you were in the drafting contract phase when they reached out to your for delivery? Was it at that point, they redid the loan?

Reason I ask, I put in my credit app the same time you did and have been in draft contract phase ever since. The loan approval has expired and I've been wondering if that is what is holding me up getting a VIN even though when I look online, all systems seem to be a go.

 

[St☰v☰]

I'm still trying to understand what the BFD is when you're only talking a fraction of a percent. For instance a $60k loan for 60 months at 2.79% is $1,073 per month and at 2.49% it's only a whopping $8 less per month at $1,065. If some of you folks are quibbling over $8 per month, you shouldn't be buying a $60k vehicle. Even at a half percent difference it's still only $13 more (or less) per month.

 

[DDrawer]

Why not save $13 a month if it's as simple as sending an email to get it done?

 

[MrTuna]

I'm still trying to understand what the BFD is when you're only talking a fraction of a percent. For instance a $60k loan for 60 months at 2.79% is $1,073 per month and at 2.49% it's only a whopping $8 less per month at $1,065. If some of you folks are quibbling over $8 per month, you shouldn't be buying a $60k vehicle. Even at a half percent difference it's still only $13 more (or less) per month.

13 * 72= $936.

At my dayjob, I bill my consulting at $250 an hour. To get near 4 hours pay (tax free) for 5 minutes work? HUGE WIN. Is it worth 16 hours work? No, but for 5 minutes it is a big win.

(If you are bill gates and make $20,000 an hour, it won't be worth your 5 minutes. But I am not bill gates)

 

[St☰v☰]

Why not save $13 a month if it's as simple as sending an email to get it done?

13 * 72= $936.

At my dayjob, I bill my consulting at $250 an hour. To get near 4 hours pay (tax free) for 5 minutes work? HUGE WIN. Is it worth 16 hours work? No, but for 5 minutes it is a big win.

(If you are bill gates and make $20,000 an hour, it won't be worth your 5 minutes. But I am not bill gates)

$13 is at a full half percent off, the scenario above was only talking < a 3rd of 1% reduction at $8 per month. I'm thinking that at 72 months or 84 months, he's unlikely going to get 2.49%, he might, I just doubt it. So if a savings of $8 means that much to your budget, you probably shouldn't be buying a Tesla.

 

[DDrawer]

It doesn't mean that much to the budget. The point is why would you not take 5 minutes to save that money? If I said hey if you like my next message I will send you $500 in the mail absolutely no strings attached, would you say, "No, I don't need that free $500", or would you just click the like button because "Why the heck not" ?

Plus Tesla Finance is the only part of Tesla who is actually responsive, so it gives us something to do while we wait endlessly with no information about our cars lol.

 

[Isakura]

Was everything submitted and you were in the drafting contract phase when they reached out to your for delivery? Was it at that point, they redid the loan?

Reason I ask, I put in my credit app the same time you did and have been in draft contract phase ever since. The loan approval has expired and I've been wondering if that is what is holding me up getting a VIN even though when I look online, all systems seem to be a go.

I had my VIN#, delivery date, and insurance info submitted when they reran my loan today.

 

[Isakura]

$13 is at a full half percent off, the scenario above was only talking < a 3rd of 1% reduction at $8 per month. I'm thinking that at 72 months or 84 months, he's unlikely going to get 2.49%, he might, I just doubt it. So if a savings of $8 means that much to your budget, you probably shouldn't be buying a Tesla.

A bit of a presumptuous comment, IMO, considering I never mentioned anything about a budget. Why would I toss 8$ per month out the window when all it took was literally less than 60 seconds of writing an email to get a lower rate? I think it's rather lazy *not* to do something so simple, to be honest. Plus, others are always looking for lower rates (to deny banks any extra money) if possible, so sharing my experiences are hardly a negative and do, in fact, contribute information to this forum, wouldn't you think?

 

[St☰v☰]

I hear ya, DD, but this isn't the only post I've read dedicated to how people were able to shave a quarter percent off their interest rate, some are going from finance company to finance company and back and forth to get a fraction lower. I don't know whether it's really a money issue or just post braggin' rights, "look at me, I got 1/3rd of 1 percent off loan"... And it doesn't mean squat to me, I'm not financing mine. It's just interesting to see how many are posting how they saved a 1/4 to a 1/3 or maybe ever a half percent off, and it seems to mean a lot to them. Again, getting back to my statement, if $8 means that much, you probably shouldn't be buying a Tesla. That said, if I could get a zero percent interest rate, like F**d and C***y are offering, I'd likely finance mine.

My apologies, @Isakura, I wasn't picking on you, just using yours as a spring board for my comment.

 

[Croathlete]

Even at 2.5%, it would make more sense to finance if you can invest it or put the money into higher interest mortgage.

 

[tornado]

FYI I did a 36 month 2.14% rate with PenFed for my recent Model Y purchase.

 

[Kermy]

Just went through Tesla to get financing for my MY. Got 72 months 2.39% through Chase.

 

[looseygoosey]

Went through Tesla and received 2.24% from Chase for 72 mo 49k.

 

[Croathlete]

Went through Tesla and received 2.24% from Chase for 72 mo 49k.

Same!

 

[thegdgteer]

Went through Tesla and received 2.24% from Chase for 72 mo 49k.

That seems like a very good rate. Do you mind sharing (here or PM) your approximate credit score? I'm trying to determine when to submit my app while in the process of optimizing my score (it's good now but should get a slight bump in a couple weeks).

 

[artnalex]

Went through Tesla and received 2.24% from Chase for 72 mo 49k.

Did you get this quote when you picked-up your car? or did you get it beforehand? (I pick-up my Model Y this Friday, but have not yet been able to speak with a "live" person yet.)

 

[DennyL]

Did you get this quote when you picked-up your car? or did you get it beforehand? (I pick-up my Model Y this Friday, but have not yet been able to speak with a "live" person yet.)

Have to get it done beforehand. Email Tesla financing for better rates.

 

[dipanjan2007]

i got 2.24 from DCU . Called tesla rep and they said it would be very difficult to beat that . So i guess i will stick with DCU for now . Did anyone get better rate than 2.24 from tesla finance ?

 

[DennyL]

i got 2.24 from DCU . Called tesla rep and they said it would be very difficult to beat that . So i guess i will stick with DCU for now . Did anyone get better rate than 2.24 from tesla finance ?

Don't call Tesla rep, they don't known anything telling you its hard to beat. Email Tesla Finance proof of your approval letter and they will gladly match. They matched my credit union rate at 2.20%. The email is somewhere here in this thread.