So you can call DCU have them pull credit and send you a quote before you become a member? My understanding is that Tesla matches if you have a written approval with the interest rate.
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Best interest rate via Tesla financing?
- Thread starter rbaum0519
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For anyone chasing the lowest rate, I saw mentioned somewhere(maybe it was earlier in this thread) that New York federal credit union had .99% rate (yes that’s not a typo, a sub 1% loan). Not sure the terms or conditions of that rate, but I did find this credit union https://www.firstnewyork.org/home/borrow/auto offering 1.74 with a .5% discount for hybrids so maybe there’s some other way to get that extra .25% off for electrics or with direct deposit or autopay or something.
Didn’t look into it personally but hopefully this helps others here
Didn’t look into it personally but hopefully this helps others here
mtx450
Member
mtx450
Member
Awesome, this looks promising. Thanks for the heads up!
EDIT: Bah, they don't "service my area". :-(
What a joke. I live in nyc and I put in Zip code in. It shows Can't get loan in current area. First new York Credit Union lol
It's 1.24%, not .99. The 1.74% already has the .25% auto pay and you take another .5% for EV so it comes out to 1.24%. Source: my MR3 and upcoming LRY is through FNY. BTW, you need to live, work, or worship in the Albany, NY area to qualify.
OCJeff
Active Member
I’ll say again, PenFed CU has 1.99% but for 60 months. Only costs $5 deposit to join/open an account. Not the best but definitely one of the easier options.
Yea, noticed that after I’d posted. No clue how this other person got it down to 1%. To be clear, they said “New York credit union has .99%”. My googling turned up this one in Albany but no clue if he meant NYU credit union or some other one in NY.
if that last .5% or .74% is that important to folks I wonder if nyfcu provisionally approves you for a loan, without proving yet that you worship in Albany NY, then take that provisional loan approval to Tesla ratematch. Seems like a lot of hoops to me personally, I’ll just go with Tesla or DCU personally, but maybe it’s worth the try for others to get that 1.24 or .99 rate
rcsting
Member
It looks like the default down payment is $4500. Wondering how some people are posting 100% loan without the down payment. Is that through Tesla finance ?
I found it, it was on a Reddit thread :
I don’t see it listed on their website but apparently First New York credit union offer[ed] 1% discount for evs, at least at some point. So in theory you could get the rate to 1% or lower if you can get a loan letter stating that from them, then ratematch Tesla.
It is. Ratematch just deals with rate matching while autofinance deals with the entire loan process.
mtx450
Member
How did you guys get the DCU approval to Tesla, I am on the phone with DCU, the loan is approved for 1.74% but they are saying that they cannot give me any terms in writing or email until they have the purchase agreement with the VIN and mileage. Therefore I have nothing to send [email protected].
See my post back at the end of March below OR TL;DR:
TL;DR: Go through the ENTIRE process with DCU. Apply for the loan with DCU, Open the free checking/savings with DCU. Once approved for the loan w/ DCU, send over your Purchase Agreement to DCU, they'll then send you over the loan doc to sign electronically. Save the PDF and fwd over to [email protected] and they'll match it with no problem.
"So I was able to get Tesla to finally match DCU's 1.74% at 60 months (instead of 65) with Chase. Long story short, if you got approved by DCU, pay the $5 minimum to have in the account and $10 to donate to be applicable for DCU, to open the checking/savings account.
Once you do so, so long as you send DCU the purchase agreement, they'll finally email you the loan doc electronically. Email that loan doc to your SA and Tesla Rate match and they'll be able to match it.
At the end of the day DCU was still really helpful and we're going to keep the checking and savings account but don't have to worry about any type of direct deposits for the life of the loan in order to get that 1.74% rate. Since Tesla didn't offer a 65 month term, it was 60 months instead.
Just thought I'd report back if this helps anyone else. We took delivery of our MY AWD LR today!"
Thank you for your help!
Someone mentioned the other day that Tesla just extended the 65 months to 72 months for them, I hope I can do the same.
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