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Best interest rate via Tesla financing?
- Thread starter rbaum0519
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Correct. I just got done talking to them; you must have a free checking and indicate intent for direct deposit at time off origination. I’m not certain that they have a claw back provision, however. It may be possible to remove the direct deposit later with no penalty, and just have it autopay directly out of the checking account. In that case, you just set up a transfer to your checking account each month and then it pays right out of the account.
:-D
I’m looking at it from that dimension. A 56k loan for 65 months at 1.74% costs 2721 over the term.
The same loan at 2.09 costs 3278 over the term.
I just went through Tesla credit application today and got 2.49% (72mo) from US Bank, emailed Tesla requesting for a lower rate and was pleasantly surprised to receive 1.84% from Chase! The whole process took less than an hour.
Total amount 50k 72mo term at 1.84%, both US Bank and Chase ran my TransUnion report, score was about 798 with prior auto history.
Total amount 50k 72mo term at 1.84%, both US Bank and Chase ran my TransUnion report, score was about 798 with prior auto history.
I'm seeing 2.99% with excellent credit on the Chase website. How were you able to get such a low rate?
I emailed Tesla for rate match and that's what they gave me, i did not apply the loan through any 3rd party.
[email protected], you can check earlier posts talking about requesting for better rates. All i did was email them asking if there are better rates available and 30 mins later, i saw one more credit pull from Chase (first one was from US Bank). I logged into my Tesla account and saw 1.84%, which dropped about $15 per month on payment.
That's great! I initially got 2.49% from Wells Fargo. E-mailed finance, and was told 2.29%, through Chase, was the best offer for me. Even if I was somehow able to get a 1.84% loan (and even if I obtained a lower rate through a third party), the difference would be less than $4/month, so I just accepted the 2.29% offer.
FYI - I financed $20K for 48 months, and my credit score was over 760.
Wow. What exactly are you all "emailing them"? DCU is as low as 1.74% but in order for Tesla to match that, I need to go and complete DCU's loan process which means I need to open an account before they will get me an approval letter which Tesla wants to see.
How are you simply "emailing them" and get an approved lower rate?
How are you simply "emailing them" and get an approved lower rate?
I asked my Advisor to check for a lower rate and this is the response I got:
"...we take the best offer from our partners and that's what we present to you. 2.49% is the lowest APR you'll see taking this route. If you wanted to apply directly with another bank, you can do that"
Am I asking the wrong person? Who is everyone e-mailling for this?
After I got the 2.49 rate for Wells Fargo, I just e-mailed [email protected] and asked them to run my application through Chase, as I had been told people were getting a sub-2% rate. Within an hour or so, I received a response with a 2.29% rate.
When I asked if the rate could be improved further, I was told this was the lowest Chase would go for me. While I could have asked them to run the application again through other banks, I was okay with the rate, and the difference at that point was less than $4/month.
Yeah, sometimes you have to bypass the SA. I'm not saying anything bad about yours, they have a touch job really considering the number of deliveries they are often expected to manage while having zero control over any of the teams/people who make a delivery possible. [email protected] for any financing concerns is the way to go. I also found it much easier to just go talk to Tesla support on the website or via phone than calling my SA directly during my order process. Again, she was not bad, just very very busy since it was during the end of year 2020 push.
Thanks for the help, all. After e-mailing teslafinance, they re-ran the application with Chase and my rate came in at 1.89% for 60 months.
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