Credit Union may have lower rates than Tesla

[MrKool]

I saw Tesla was offering 3.5% APR which is good so I applied for it. When I got the approval it was for 3.19% for 72 months. Than today I found out my credit union signal financial is offering 2.49% for up to 84month which is a great deal.

 

[ilyak]

Tesla Financing lenders are several major banks that aren't known for having the lowest interest rates. If you're interested in what else is out there in terms of financing, check out this thread: Tesla loan comparison spreadsheet - auto updates hourly

edit: now that’s a much better title

 

[Dsancho]

I saw Tesla was offering 3.5% APR which is good so I applied for it. When I got the approval it was for 3.19% for 72 months. Than today I found out my credit union signal financial is offering 2.49% for up to 84month which is a great deal.

I’d calculate the difference in interest paid between terms. I originally wanted a lower monthly but opted for a shorter term due to amount paid over the life of the term.

 

[ewoodrick]

Go for whatever you want, remember that Tesla financing makes the pickup process no big deal. You don't have to worry about getting checks from other lender who then requires paperwork that may be hard to get from Tesla.

 

[GoodFella2K]

If you live in California, EECU is offering 1.99 @ 72 months.

 

[r1200gs4ok]

If you live in California, EECU is offering 1.99 @ 72 months.

I called them and they told me I was not an employee and did not quality,,,,,,.......how did you go about getting their loan?

 

[chrone]

Go for whatever you want, remember that Tesla financing makes the pickup process no big deal. You don't have to worry about getting checks from other lender who then requires paperwork that may be hard to get from Tesla.

That's what I did. I just wanted the purchase process to go as smooth as possible so I went with Tesla financing. I refinanced with a local credit union for a lower rate almost immediately after getting my loan paperwork (which ended up being through Wells Fargo).

 

[GoodFella2K]

I called them and they told me I was not an employee and did not quality,,,,,,.......how did you go about getting their loan?

They said you can make a $10 donation to their local PTA to become a member.

 

[r1200gs4ok]

They said you can make a $10 donation to their local PTA to become a member.

did they also add .5% interest increase

 

[GoodFella2K]

did they also add .5% interest increase

No, if you choose to pay the loan through their account you get the 0.5% discount which makes the rate 1.99%.

 

[r1200gs4ok]

No, if you choose to pay the loan through their account you get the 0.5% discount which makes the rate 1.99%.

ok....got it....I'll call them tomorrow and try again

 

[SoCalMike]

This is a very interesting topic. Tesla’s floor rate is advertised at 3.49% currently. If you apply and they first submit you to US Bank, you will get 3.49% if approved. If they run you through Chase first and you’re approved, they will offer you a rate often closer to 3% I have seen across many forums. With Tesla there is no rhyme or order I have noticed. I applied through Tesla and got 3.49% via US Bank but just applied for EECU, waiting for an approval at 1.99%. Tesla will match their rate, I just need to decide if I will stay with Tesla Finance or go with EECU. The difference in interest for my configuration saves me $65 a month and almost $5K in interest over 72 months! I don’t like inquiries but it’s well worth rate shopping to save! Multiple inquiries anyway will be treated as 1 if ran in a short time period of a few days. Hopefully this helps someone. Best Rate Guarantee

 

[geoffmanley]

Credit unions probably always lower than major banks. Reason: Credit unions are non-profit.

 

[ucmndd]

EECU is my local bank, I’ve used them for years for everything from regular personal banking to auto loans to a mortgage. Great rates, great people.

 

[SoCalMike]

EECU is my local bank, I’ve used them for years for everything from regular personal banking to auto loans to a mortgage. Great rates, great people.

Good to hear, they are closed now so I will call them Monday morning.

 

[MrKool]

once a credit query has been made you get free queries with no point deduction for 7 days so go ahead apply every where also they don't really match the rate the way they do it is lowest rate guarantee is that if you have an "APPROVAL" for a lower interest rate they will get the difference in total interest paid and send you a check for the difference which in your case will be around 5k.

 

[Jard]

I did the rate match before delivery.

Applied and was approved at local CU for 2.99% for 60 months. Then applied and was approved by Tesla for 3.49% for 60 months.

I emailed documentation to Tesla’s Rate Match program and they promptly lowered the Tesla rate to 2.99%.

 

[SoCalMike]

I submitted my app to EECU (Fresno branch) and was approved for 1.99% for 72 months on a MS. If you’re not a member you have to open an account and pay $10. They will mail you docs to sign. Super professional and easy. Highly recommend if you live in California. www.myeecu.org