Current Best Tesla Loan Rate?

[wiesert]

You can but then you increase the risk of DCU raising their rates (which will probably happen in the next couple weeks (assuming the Fed raises the rate in their meeting next week).

Oof... that puts me in a tough spot with a mid-May estimated delivery date. The DCU rates are only good for 45 days

 

[OCJeff]

Got it. So basically just DD a little more than the monthly loan payment will be.
Do you know if you can go with Tesla financing with a 72-month term just for easy delivery, then re-fi to a 65-month term with DCU? I've never refinanced a loan before. And are there any fees associated with refinancing?

This is exactly what I did. I financed through Tesla, kept it simple, put minimum down (taxes/fees only), and then when I had my Tesla loan, I paid the remainder of my intended true "Down Payment" into the Tesla loan, and then just re-financed into DCU for 65 months @ 1.24%.

DCU won't charge any fees, nor most major lenders, but I did see this in my Tesla Finance agreement:

I was not charged anything with US Bank (My Tesla preferred lender I guess), but you should be able to confirm with Tesla/Lender prior to taking delivery. I don't know if this refers to making a payment before it's due, or if it's referring to early pay off. This looks like standard lender language to me though.

 

[OCJeff]

You can but then you increase the risk of DCU raising their rates (which will probably happen in the next couple weeks (assuming the Fed raises the rate in their meeting next week).

This was my concern. I wanted to get the DCU loan rate locked in before the Fed made any rate changes (in their last meeting in February I think). They did not and rates were still 1.24% for me and look like they still are today.

 

[leoita]

I have the DCU account from the 2014 with the savings account still opened. Will I be able to get the 1.24% apr if I set up a direct deposit to that account or still need a checking account?

 

[OCJeff]

I have the DCU account from the 2014 with the savings account still opened. Will I be able to get the 1.24% apr if I set up a direct deposit to that account or still need a checking account?

You need to create a checking account. It's free, but the DD needs to go to checking from what I recall.

Published rate includes a 0.50% discount given when you maintain electronic payments and Plus or Relationship benefits on your DCU checking account.

 

[leoita]

You need to create a checking account. It's free, but the DD needs to go to checking from what I recall.

Ah, got it. Does the Zelle work or needs to be DD?

 

[OCJeff]

Ah, got it. Does the Zelle work or needs to be DD?

I think it needs to be an ACH transfer from your employer. They did reiterate that your NET PAY needed to be deposited when I said I did have a direct deposit already set up. They confirmed it needed to be my NET PAY. They also accept Social Security, and other income methods.

I ignored that and only did a partial (% to show some fluctuation) to cover the expected payment. If they eventually remove the .5% discount then I'll have my net pay sent there, and then pulled out the next day by my primary bank.

 

[leoita]

I think it needs to be an ACH transfer from your employer. They did reiterate that your NET PAY needed to be deposited when I said I did have a direct deposit already set up. They confirmed it needed to be my NET PAY. They also accept Social Security, and other income methods.

I ignored that and only did a partial (% to show some fluctuation) to cover the expected payment. If they eventually remove the .5% discount then I'll have my net pay sent there, and then pulled out the next day by my primary bank.

And what's the minimum amount that needs to be directed?

 

[theocguy]

I think it needs to be an ACH transfer from your employer. They did reiterate that your NET PAY needed to be deposited when I said I did have a direct deposit already set up. They confirmed it needed to be my NET PAY. They also accept Social Security, and other income methods.

I ignored that and only did a partial (% to show some fluctuation) to cover the expected payment. If they eventually remove the .5% discount then I'll have my net pay sent there, and then pulled out the next day by my primary bank.

Is the net pay = full salary amount?

 

[DLAv8r]

I bank with USAA and their rate is 2.24 as of today and discounted to 1.99 if you use autopay which I do. I will probably go this route. I would like to explore DCU, but I have zero experience with them and having to DD to get the rate turns me off.

 

[OCJeff]

Is the net pay = full salary amount?

Yes, Net pay = 100% of take home pay (after deductions, taxes are all taken out). Again, they may not know what your salary is, or if you work two jobs, net pay may be from one of the two (the way I see it).

I bank with USAA and their rate is 2.24 as of today and discounted to 1.99 if you use autopay which I do. I will probably go this route. I would like to explore DCU, but I have zero experience with them and having to DD to get the rate turns me off.

I used to use PedFed all the time. Last I checked rate was 1.99%, had nothing but goog experiences with them. TBH, the DCU DD works just fine as I'm only depositing 50% of what would be "payment" twice a month. So each month my net deposits are ready for auto-pay to the load within the DCU system. My employer makes it really easy to add banks for multiple deposits.

 

[phanone]

This is exactly what I did. I financed through Tesla, kept it simple, put minimum down (taxes/fees only), and then when I had my Tesla loan, I paid the remainder of my intended true "Down Payment" into the Tesla loan, and then just re-financed into DCU for 65 months @ 1.24%.

DCU won't charge any fees, nor most major lenders, but I did see this in my Tesla Finance agreement:

View attachment 778495

I was not charged anything with US Bank (My Tesla preferred lender I guess), but you should be able to confirm with Tesla/Lender prior to taking delivery. I don't know if this refers to making a payment before it's due, or if it's referring to early pay off. This looks like standard lender language to me though.

I did the exact same thing! Took two credit hits but worth the 1.24%

 

[Blubrown21]

1.29 with Navy fed for 72 months

 

[loan-potato]

1.29 with Navy fed for 72 months

How did you get that rate? I’m seeing 2.29 for 72 months on their site

 

[Blubrown21]

I applied last month maybe things changed since then. Also I they give lower rates for senior ranks.

 

[jjrandorin]

I applied last month maybe things changed since then. Also I they give lower rates for senior ranks.

I bank with navy federal, and also applied last month, and have not seen 1.29. Perhaps you ment 2.29 since that is the rate they charge. I know I qualified for the lowest rate they offer, I have banked with them for several years, and have an 840 credit score.

EDIT:

Ahh let me retract that.. I am not a retired officer or anything, perhaps you get lower rates because of that. Their rates available for "non military" are not that low.

 

[Blubrown21]

I bank with navy federal, and also applied last month, and have not seen 1.29. Perhaps you ment 2.29 since that is the rate they charge. I know I qualified for the lowest rate they offer, I have banked with them for several years, and have an 840 credit score.

EDIT:

Ahh let me retract that.. I am not a retired officer or anything, perhaps you get lower rates because of that. Their rates available for "non military" are not that low.

I'm still active maybe that's why.

 

[jjrandorin]

I'm still active maybe that's why.

Yeah I always knew there were some differences there for military vs non military. I have an account there through my sister, who at one point was married to a man who was the son of a fairly high ranking military person who banked there (6 degrees of separation lol).

What I mean is, I am not related to an active duty person, nor did I ever serve (thank you for your service).

As I was typing my last post, I remembered that there was likely a difference here because of that, but didnt just delete my post because I said it, so just edited it and put a retraction there.

 

[OCJeff]

Looks like rates just inched up a bit. DCU rate is now 1.74% for Plus members with EV discount. (1.99% - .25% for EV).

 

[Jayy12]

Yeah I always knew there were some differences there for military vs non military. I have an account there through my sister, who at one point was married to a man who was the son of a fairly high ranking military person who banked there (6 degrees of separation lol).

What I mean is, I am not related to an active duty person, nor did I ever serve (thank you for your service).

As I was typing my last post, I remembered that there was likely a difference here because of that, but didnt just delete my post because I said it, so just edited it and put a retraction there.

Separated a few months ago so I am not active anymore and applied with NFCU. Applied for a 72 auto loan and got a rate of 1.99 even when they advertised it at 2.29. I was a bit surprised as I thought they made a mistake lol credit score is at 800 right now.

So yeah maybe they don't advertise their best rates, not sure why.