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Better financing rates than via Tesla?

Discussion in 'Model X: Ordering, Production, Delivery' started by ModlS3XY, May 16, 2018.

  1. ModlS3XY

    ModlS3XY Member

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    I am getting a Model X 100D in June and looking for financing options. The previous quarter, financing through Tesla seemed attractive with a 1.49% APR for the MX100D. This quarter however, the rate has been bumped up to 2.49% APR.
    has anyone recently financed elsewhere for better rates closer to the 1.49%?
     
  2. blkpantha

    blkpantha eddiek69mlw

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    I got really lucky, I think seeing the numbers above, with Alliant credit union. If March 2018 is recent enough pm me for the contact at Alliant.
     
  3. Sonic_78

    Sonic_78 Member

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    Have Tesla shop it out, and do some shopping yourself. Go from there...
     
  4. Plan B

    Plan B Active Member

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    That 1.49 was a promo, rates are not that low anywhere anymore. My used loan rate with excellent credit is 2.94 for 84.
     
  5. Cynomin

    Cynomin New Member

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    Tesla's 2.49 is the lowest I have found, Alliant was higher than Tesla, they quoted me 3.49 for 72 months.
     
  6. ashu9900

    ashu9900 New Member

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    Try out digital credit union. They have 2.74
     
  7. ashu9900

    ashu9900 New Member

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    I got 2.99 from Tesla vs 2.49
     
  8. ModlS3XY

    ModlS3XY Member

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    Tesla is currently offering 2.49 on MX100D. I am just trying to see if there are better rates available elsewhere.
     
  9. Jayrod

    Jayrod Member

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    USAA gave me 2.29 but they did a competition adjustment the starting bid was 2.49.
     
  10. ModlS3XY

    ModlS3XY Member

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    Good to know! I didn't know banks beat financing rates like car dealers beat other dealers' prices.
     
  11. Jayrod

    Jayrod Member

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    Yeah the people on the phone have an adjustment boundary to keep you with them, however it’s only so much.
     
  12. MidwestMX

    MidwestMX Member

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    LightStream beats any competitor rates by .10% and they are unsecured auto loans so you don’t have to deal with the title docs as car is in your name day 1 vs the lenders name. Super simple process as well.
     
    • Disagree x 1
  13. MidwestMX

    MidwestMX Member

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    ModlS3XY not sure what the disagree is about but feel free to let me know if you know of any issues with LightStream or the fact that they will be any competitors rate by .10%.
     
  14. bairesman

    bairesman Member

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    I got approved for 2.49% from Tesla as well, I was disappointed they did not keep the 1.49% offered when we ordered the deal...
     
  15. ModlS3XY

    ModlS3XY Member

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    I think I am gonna do that as well unless I find a 2% elsewhere
    Checked rates around. So far nada.
     
  16. ModlS3XY

    ModlS3XY Member

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    And yes, very disappointing that the 1.5 is gone. What frustrates me is that the 1.5 still exists for Model S 100D.
     
  17. tagueja

    tagueja Member

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    Just got approved yesterday for my X100D with Alliant at 2.49%. That's their "special" rate for X100D....other models are different. All banks and CU's that I checked in my area are 4%+ for 100k+ at 72mo, so I think it's a good rate especially with prime rates increasing steadily. They also do tons of business with Tesla, so it was super simple, and my delivery specialist knew the Alliant guy and vice versa. 5-8 mins on the phone giving some details, approval email 5 minutes later. Boom. All info/funds transferred automatically down the road, no more work from me.

    In the grand scheme of things, by all means shop for the best rate, but 0.1% or even 1% doesn't make that much of a difference. More importantly, you'll want to put as little down as possible with the low rates so you can use your cash for other investments that will make you money. (Assuming you can manage the higher monthly payment)
     
  18. toonman

    toonman Member

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    Best I could get is 2.69 for 66 months from my local Credit union.
     
  19. ModlS3XY

    ModlS3XY Member

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    Thanks for all the recommendations. I just applied through Tesla financing and was approved within 10 minutes for the 2.49 72 months. Couldn't find better rates elsewhere and Tesla couldn't have made this simpler.
     
  20. DinoJuice

    DinoJuice Member

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    Couple questions for you.
    1) Did it ask how much you plan to put down? Or does it always default to ~100% financing.

    2) Did the result give you any other options (lower rates for more down, or shorter terms)?

    3) Does the Tesla finance loan include any extra features (ex: gap insurance) as part of the promotional terms?

    I keep debating whether 2.5 is attractive enough, or whether I'd prefer the piece of mind of being paid in full.

    Nick
     

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