mtx450
Member
Just applied at DCU and got 3.24% for 72 mo. The Chase rate (via Tesla) is much better at 2.49%!
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Best interest rate via Tesla financing?
- Thread starter rbaum0519
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I used it and opened/funded a savings account (donated $10 and deposited $5). Thank you. I am waiting to initiate the auto loan application closer to delivery. If Tesla will not match, then I will use DCU since it doesn't seem like there are better rates out there. Not including limited access credit unions.
An FYI for those interested in DCU. You must be a PLUS or Relationship Member to get the rate discounts (0.50% + 0.25%). I talked to a DCU representative and you have 90 days to open and initiate direct deposit into a new checking account upon completion of an auto loan application to keep the discounted rate as a PLUS Member. If after 90 days the direct deposit is not completed, then the loan will revert to the non-discounted rate. A Relationship Member in addition to direct deposit must also have 5 monthly transactions.
With a great credit score, I anticipate being able to obtain the current 1.99% rate plus the additional 0.25 discount for an energy efficient vehicle = 1.74%. I will go with 65 months if I use DCU and with Tesla if they match at 60 or 72.
mtx450
Member
I have not applied yet since the credit check will only be good for 30 days and I am more than 30 days away from delivery. I am just getting setup so I am not rushing around come delivery. Also the savings account gets 6.17% APY on the first $1,000. Therefore, I'm going to park a grand in there just in case I end up using them. I'll sign up for the free checking soon and then direct deposit like $20 a paycheck to activate the promo (I'll get $10 which covers the $10 donation I made) and if I end up going with Tesla financing anyway, then at worst I made 6% on the money I held in the savings account. I may just keep it open anyway since I can't find any high yield savings accounts any higher than 1-2%.
I'll report back once I apply.
I emailed [email protected] about my situation and they asked if they can shop around letting me know there would be additional credit checks. Got 2.24% for 72 month note with Chase.
I was able to get 72 months @ 2.49, but I am also banking/insured with them so I also value the convenience of having everything under 1 vendor.
Edit: with automatic payments enabled, it actually drops my rate down to 2.24 (save 0.25% by having automatic payments).
Wow, that's 1.24% with the 0.25% Energy Efficient vehicle reduction! I doubt this will hold for a couple more months when I take delivery, but at least it's going down and not up currently.
dc5itr888
Member
If you just applied, having them run it again wont affect your credit score too much.
It's understandable when someone is shopping for loans for an autoloan, multiple inquires are expected. If you do it multiple times every few months then that wouldnt be good.
I ended up asking them to run it multiple times via big banks and stopped when I had my lowest.
captainreynold
Member
Holy cow, I just got the 1.24% rate at 65 months from DCU. Holy crap! $2,000 of interest for a $60,000 car. I'm getting this thing for free! Plus, no payments for the first two months of ownership. So crazy
That’s crazy! I was given 1.74 in the phone a few days ago which I thought was pretty low. Then they just dropped to 1.49 on their website and I was aiming for that before loan finalized. But 1.24, Man! I’m in the process of finalizing the loan with DCU, but they do ask for VIN before I can proceed. Since I still do not have it in my Tesla account, I will have to wait. My preapproval is good for 45 days and hopefully I can get my VIN before that.
You just have to join an approved organization like "Reach Out for Schools". Scroll down to "Participating Organizations" Member Eligibility | DCUWish I lived, work or worshipped in that area
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