Navy Federal offered me 2.04% APR on a 72 month loan, but it doesn't include gap insurance; that will be another $299.
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Best interest rate via Tesla financing?
- Thread starter rbaum0519
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If you applied for several kinds of loans it would likely have a negative affect on your credit rating, but repeated inquires for the same kind of loan shouldn't affect your credit - you are expected to shop for your loan, but you're not obligate to accept the offer.
onlymovies
Member
1.49% includes the discount for being a DCU member and a Tesla is an energy efficient vehicle, which qualifies for an additional 0.25% discount.
onlymovies
Member
I called DCU and the confirmed for EV vehicles they have additional 0.25% off.
onlymovies
Member
I had to call DCU and discuss with them. I wanted to put a down payment down, but the loan wasn't approved because the amount I requested differed from Tesla's MVPA document since I told Tesla I was paying "cash" and the total amount for the car was listed with no down payment.
So DCU updated my loan application and increased the amount to cover the full cost of the car. I was then approved for the 1.24% @ 65 months. She said I will receive a document with the terms and agreements later today to sign via DocuSign. I intend to use this document to first ask Tesla to rate match for 72 months. And I'll take it from there.
So DCU updated my loan application and increased the amount to cover the full cost of the car. I was then approved for the 1.24% @ 65 months. She said I will receive a document with the terms and agreements later today to sign via DocuSign. I intend to use this document to first ask Tesla to rate match for 72 months. And I'll take it from there.
Let us know how it goes, what I have heard is that, the banks behind Tesla wouldn't match that low rate.
They won't take the order agreement (MVOA). They want to see the Motor Vehicle Purchase Agreement (Mvpa). DCU accepted my Mvpa, but be mindful if it correctly lists your down payment or lack thereof.
They need MVPA, you get that after you get a VIN assigned and MVPA generated on the Tesla portal. After you upload the MVPA call back DCU.
ejfirestar
Member
Damn, nice. Now I want to see if DCU will offer me the 1.24% rate if I switched the term to 65 months. I applied for 72 and they offered 2.99% (lol).
I currently have Tesla ratematched to 1.99%.
I had seen on the forums that someone in the past had applied for DCU 65 months and Tesla matched it for 72 months. That's why I went that route on the onset since I was confident it was possible. I would have done what you did not knowing otherwise. Yes, I'd recommend calling DCU and asking to change the terms so you can get the lower rate for 72 months with Tesla.
onlymovies
Member
During order placement, I selected option to pay by Cash, My idea is to get loan from DCU.
If I want to match DCU 1.25 rate with Tesla, what I have to do? I dont have VIN or MVPA in tesla account, so should I wait, or start the process of applying loans now?
please suggest.
If I want to match DCU 1.25 rate with Tesla, what I have to do? I dont have VIN or MVPA in tesla account, so should I wait, or start the process of applying loans now?
please suggest.
I also started out with Tesla as paying by Cash. I then asked my SA to change to financing after I had a VIN. Once you have the VIN, you will be able to download a MVPA. Do not start the DCU loan application until you have a MVPA.
I actually signed up for a DCU checking/savings account a couple months ago anticipating I was going to apply for the car loan with them. This way, it made the auto application quicker. I believe you need to be a DCU member to apply for a loan and qualify for the additional 0.5% rate discount. You can sign up to be a DCU member and auto loan app at the same time, it just may take longer to complete (a few days vs. 0-1 days).
Since you are on the east coast, don't stress out about timing. Delivery will be about 2 weeks after a VIN is assigned. Giving you plenty of time to obtain financing, rate matching, and trade-in. If you live in California, then delivery can be pretty quick after VIN assignment.
I was on vacation when I received a VIN on June 2nd and 6 days later I have completed all of the needed steps with over a week to spare before delivery later next week.
onlymovies
Member
Thank you for the detailed explanation. I am a DCU member from last 10+ years, so that's taken care of.
So I will wait for the PIN, and then I will apply for DCU and tesla loan simultaneously.
Thanks once again for your help.
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