Yeah, exactly what I did. And I used a referral code (see several posts back) and net net it's $0 to join if you use them for the loan. And only $10 if you are getting Tesla to match. Definitely worth it to save all that interest.
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Best interest rate via Tesla financing?
- Thread starter rbaum0519
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Fyi, if anyone has a pre-approved loan from DCU and is waiting on their purchase agreement and VIN, they'll update your loan to the new 1.24% rate (if you still plan to do the direct deposit). Just confirmed with a DCU service rep.
Are you be able to get pre-approval document from them to ratematch with Tesla? In my case they ask me to provide VIN first.
mtx450
Member
Wow
Did you apply for the full blown membership with direct deposit, etc? My wife just got quoted 1.99% for 65 months. If we open the full blown account, it drops down .5% (so 1.49%). 72 months wasn't worth it at 2.99%.
captainreynold
Member
Yes I opened a full account, and I called in to a loan servicer for my application. They applied the .5% discount to my loan with the caveat I have to start producing direct deposits into the account within 90 days.
mtx450
Member
Okay cool. Yeah, I might go with them as well. I was trying to get them to email me the info so I could send it over to Tesla's rate match team but they won't put any of it in writing. So for that reason, I might bail on Tesla's financing and go with DCU.
Surfit34
Member
I was able to get 2.19% at 60 months but it expires on 8 May and no idea when I'm actually getting my car..
No, they said they would only proceed with the loan application once they get the purchase agreement that Tesla sends once you have a VIN. Maybe there's a way to get documentation of the loan before that point, but I haven't found it.
swheat6345
Member
Just chatted with DCU you are correct. 1.24% for 65 Months. Tempting - even with the direct deposit criteria and a few other things I think. But it does save a chunk of cash.
My SA called me today asking to complete my payment info even though the delivery date is in june. Only the credit check of my app was pending, which I completed. I got 2.49% with TD with 1000 down. Chase and Wells Fargo gave me the same rate but with 4.5k down.
I guess I would rather prefer going with DCU. I'm wondering how to navigate this... Should I apply for a loan at DCU right away? I don't have a VIN so I won't be able to get any documentation from DCU as per the comments I read on this forum. Should I change my payment option to cash so that I can complete my profile and change it to financing later if DCU doesn't give me a good deal?
Right now I see a Confirm button on my profile with the message "By confirming, I acknowledge that I am accepting my terms with TD Auto Finance LLC and I will be unable to change my payment method."
I guess I would rather prefer going with DCU. I'm wondering how to navigate this... Should I apply for a loan at DCU right away? I don't have a VIN so I won't be able to get any documentation from DCU as per the comments I read on this forum. Should I change my payment option to cash so that I can complete my profile and change it to financing later if DCU doesn't give me a good deal?
Right now I see a Confirm button on my profile with the message "By confirming, I acknowledge that I am accepting my terms with TD Auto Finance LLC and I will be unable to change my payment method."
DCU was pretty quick in their pre-approval process for me. All documents uploaded online and some details confirmed over the phone. The credit check for the application lasts for 45 days before they need to check it again. I would ask a Sales Advisor to switch your payment method to cash and apply for DCU closer to the expected delivery date, maybe even when you get a VIN. If you have want DCU to send you documentation of the loan offer, in order to rate match with Tesla, you'll need to have your purchase agreement (which shows up when you get your VIN).
Thanks for the quick reply. If I ask my SA to switch my payment to cash and then the DCU loan turns out more expensive(for whatever reason), will I be able to switch back to the best Tesla offer without a hit to my credit?
When you say "entire process", did you finalize the loan with DCU before they sent you the loan agreement? I've uploaded my purchase agreement and I was approved for the loan. However, after talking with a couple of rep there, the only way they would send me any kind of loan document is if I finalize the loan with them. Otherwise they will only do verbal approval.
I assume the previous offer should still hold since Tesla is only a middle man between you and banks. Before the previous offer expires, the bank shouldn’t need to check it again. I was in a similar situation with you but I eventually chose loan option from Tesla. I think they promised rate match, so I will just push them to match the better rate from DCU.
Wshowell
Member
When we bought our Y last June we got 2.49% through Tesla and US Bank. I was pleased at the time. Spent an hour on the phone with DCU yesterday and today locked in a 65 month refi at 1.24%. Astonishingly good and easy. Saves us @ $47/month so $2999 Over the life of the loan. not a bad ROI for an hour on the phone..... we did have a DCU account so that made it move more quickly. Zero charge to refi. Did have to do an auto deposit to my checking account there and autopay and remind them it’s an EV. So three small things to get this rate but these are all things I’d do anyway (autopay and auto-deposit) so I was happy to set those up. Www.DCU.org
Also my
Is there something like a referral link for DCU that you can share with me?
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