Nothing special (online digital credit union) they just give great rates on EVs, the lowest compared to any other bank. 1.24% for 65 months.
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Current Best Tesla Loan Rate?
- Thread starter Love2Run
- Start date
Oh wow, okay, good to know. Sounds like I should absolutely apply for credit soon then, I know the fed is raising interest rates in/by March!
Just noticed they have an organizational requirement for membership... looks like government isn't on that list. Ah well.
Take a look back through this thread as it looks like you can make a modest donation to certain causes DCU champions to qualify for membership. (Has that changed?) Also, there seems to be some uncertainty on just how large a Direct Deposit one needs to set up to qualify for the lowest rate.
The interest rate is really low, so people like that. They also offer a monetary referral incentive for referring others, which is another reason you will see a lot of chatter about it as people try to refer others to get that incentive.
I just made a donation to one of their charities during online signup. Really only about rates. In fact i think they are going through some growing pains and wait times to speak to someone are pretty long. I’ve been using their callback feature and they have been calling back within about an hour.
norcalbowler94
Member
Not clear if this affects the loan but it affects the checking account where we need to pay the loan from.
From DCU
You are currently receiving valuable Plus Checking benefits including:
- Up to $10 per month in non-DCU ATM surcharge reimbursements
- Special ½% consumer loan rate discount with electronic payment from a DCU account
- Free use of non-DCU ATMs &ndash otherwise $0.75 per transaction
Huh... I 100% do not make 5 payments and have happily had my low rate. I don't think that's important at all
norcalbowler94
Member
Last edited:
Are you certain that sending only a portion of your paycheck will work? I just refied both of my teslas with dcu and the paperwork said “net deposit”
Indeed, DCU is still 1.24% when you have a direct deposit; I just got my MY loan sorted. I started the direct deposit (whole paycheck, but not sure if it matters) about a month ago and I must say it’s a pain to get my money out of the account and into my usual Bank of America account. You can’t just Zelle your pay check and you also can’t simply “transfer” it via any method without incurring a charge. You also can’t go withdraw a typical paycheck out of an ATM (limits, fees, etc). Depending on what branch credit unions are local to you, you might be able to go inside a branch and withdraw your entire paycheck at once, but what a freaking hassle. I found somewhat of a work around… I complained to DCU and because I was direct depositing my paycheck they offered to send me a free book of checks (100 of them) and I just plan on cashing a check on my phone into my Bank of America account to avoid all the lame fees and the hassle of going to a branch and then to my bank.
Same, I'm not even sure if its worth 1% at this point. I love working with USAA.... 2.25% and have my car insurance with them. I feel like that would make things easier God for bid I do have to make a claim one day, especially something like a total loss or diminished value.
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