Best interest rate via Tesla financing?

[Hustle]

I also emailed finance and requested to have them review the rate again with Chase. Rate is 2.04% now from 2.49% with US Bank, pending approval. Thanks for the tip guys!

 

[zeusdo]

I was just approved for 2.75% @ 72 months no down payment. Not sure if I'll keep that but it does appear to be a competitive rate

I ordered 3/1/2020

Blue performance, Black Int, FSD, standard wheels

In the " drafting contract " status as of yesterday

I got 1.9% from Tesla. 72 months

 

[LCS67]

I just got 2.49 /72 with Wells Fargo. Only took about an hour to get approved.
MYLR, white, induction wheels, tow, no FSD
Got a VIN in 10days

 

[dyau]

just got 48 months, 2.04% APR with JP Morgan Chase. is this a good rate? should i shop around with the CUs?

 

[Gcklo]

just got 48 months, 2.04% APR with JP Morgan Chase. is this a good rate? should i shop around with the CUs?

I got 1.6% (1.74 APR) with Bank of America for 48 months.

 

[captainreynold]

I got 1.6% (1.74 APR) with Bank of America for 48 months.

Can you get more information on this? Did you buy down the rate at all? Did you use Tesla to get Bank of America financing, or go to them directly? Did you go into a bank or just use the Bank of America website? 1.6% is pretty unprecedented. Do you mind sharing your credit score and/or income?

 

[dinkoh]

Can you get more information on this? Did you buy down the rate at all? Did you use Tesla to get Bank of America financing, or go to them directly? Did you go into a bank or just use the Bank of America website? 1.6% is pretty unprecedented. Do you mind sharing your credit score and/or income?

I think it depends on where you live. Here in the Bay Area, you can find even lower rate for 48 month term loan. Usually local federal credit unions have the best rates.

 

[bryan995]

Dave ramsey aside, and assuming you can cash flow the payments without any issue... In this climate, I'd try to get the most possible months and the lowest possible rate you can. #inflation

 

[captainreynold]

Dave ramsey aside, and assuming you can cash flow the payments without any issue... In this climate, I'd try to get the most possible months and the lowest possible rate you can. #inflation

I agree and am going to be shopping around with this as my plan. I'm curious where the best place to go for the lowest rate/longest term would be - curious about 84 - 96 month terms

 

[dyau]

just got 48 months, 2.04% APR with JP Morgan Chase. is this a good rate? should i shop around with the CUs?

emailed finance@tesla. they are saying this is the lowest rate unless i am willing to try shortening the term to 36 months.

 

[bryan995]

I agree and am going to be shopping around with this as my plan. I'm curious where the best place to go for the lowest rate/longest term would be - curious about 84 - 96 month terms

I didn’t look super hard, but settled on 72mo @ 2.04% via chase. May spam a few credit unions once I am assigned a VIN.

 

[AKL215]

Just finished my payment method today and opted to finance at 72 months, received 2.49% from US Bank. With the helpful suggestions from this thread, I emailed [email protected] and within 2 hours received an updated rate of 2.09% through Chase. Thanks for the awesome tip!

 

[justcaro]

Just got our loan terms for 72mo, got a 2.49% through Wells Fargo and a required downpayment of 15k (loan max of 40k). Credit scores for both are 770+. Why would they get back to us with such a low max? Would be annoyed to put that down considering how low the APR is - would rather keep it invested.

 

[bryan995]

Just got our loan terms for 72mo, got a 2.49% through Wells Fargo and a required downpayment of 15k (loan max of 40k). Credit scores for both are 770+. Why would they get back to us with such a low max? Would be annoyed to put that down considering how low the APR is - would rather keep it invested.

Must be income or other debt?

 

[acdavis123]

Tesla offered 2.49% this morning through Wells Fargo within a couple minutes of me applying. Emailed to hopefully get it lower. Credit score is over 800.

 

[justcaro]

Must be income or other debt?

Joint income of 180k and 4k in a student loan, so maybe since we're both young (<25)? Super weird - asked them to run it through Chase, now my credit monitoring is showing pulls from Chase, TD, BMO, and US Bank, and they're saying the credit application was denied. Will have to reach out to my tesla advisor, I guess.

 

[Gcklo]

Can you get more information on this? Did you buy down the rate at all? Did you use Tesla to get Bank of America financing, or go to them directly? Did you go into a bank or just use the Bank of America website? 1.6% is pretty unprecedented. Do you mind sharing your credit score and/or income?

Just applied directly with B of A. I didn’t pay any point to buy down. I actually don’t really need the loan but the rate is low so decided to take it.

 

[acdavis123]

Tesla offered 2.49% this morning through Wells Fargo within a couple minutes of me applying. Emailed to hopefully get it lower. Credit score is over 800.

No response yet from Tesla Finance but I just got notified that Chase pulled my credit so they are working on it.

 

[bryan995]

Joint income of 180k and 4k in a student loan, so maybe since we're both young (<25)? Super weird - asked them to run it through Chase, now my credit monitoring is showing pulls from Chase, TD, BMO, and US Bank, and they're saying the credit application was denied. Will have to reach out to my tesla advisor, I guess.

Yeah not sure. Maybe it’s just rates in general? Timing may matter here. Our income is 2x and we have no debt besides a mortgage. I think ours was like 3k down with a 46k loan at 2.04%, 72 mo via chase.

 

[captainreynold]

Applied directly with Bank of America, got 72 months at 2.24% with APR. So in actuality closer to 2% rate for my MY. I've asked my SA if the quote I received from Tesla (thru Wells Fargo) for 2.49% APR at 72 months can match what Bank of America has offered or beat it, so we'll see.