Current Best Tesla Loan Rate?

[jessepotter]

I'm also with USAA and their rate is not bad. I think I'll stick with convenience. I financed a vehicle last year through a local credit union and the process for payments was a mess. I'm not doing that again.

 

[thinktwice]

Just noticed Tesla 72mo is up .25 to 2.74 on the configuration page

Wow just realized this! My current 2.49 through Tesla (WF) expires 3/6, which I'm assuming Tesla knows since the latter date of my EDD range never goes past that. I will be pretty upset if I can't take delivery before that date and need to resubmit my application again for this higher rate.

 

[Nordo]

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.

Hi PCMike, I had the same complaint, but my main account is Chase. Within Chase I was able to set up a "pull" from my DCU account (basically I gave Chase my DCU routing and account number) to get money from DCU to Chase. That being said, I've had my DCU account for almost 6 months (when I ordered my car) and I was only depositing a percentage of my paycheck. They upgraded me to "Plus" checking which qualified for the .50 reduction in APR.

 

[BlueMYP]

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.

My exact thought as well. I secured USAA at 2.13% for 60mo's and already have other products with them. Not worth over optimizing rate for the psychological benefit of having the "lowest rate" in exchange for the pain of opening an account with another institution.

 

[pcmike]

Hi PCMike, I had the same complaint, but my main account is Chase. Within Chase I was able to set up a "pull" from my DCU account (basically I gave Chase my DCU routing and account number) to get money from DCU to Chase. That being said, I've had my DCU account for almost 6 months (when I ordered my car) and I was only depositing a percentage of my paycheck. They upgraded me to "Plus" checking which qualified for the .50 reduction in APR.

Good idea. I’m going to setup the same thing. Does DCU charge you any fees when that sort of pull occurs? I think I got all the reductions I can get as my rate is at 1.24%?

 

[Nordo]

Good idea. I’m going to setup the same thing. Does DCU charge you any fees when that sort of pull occurs? I think I got all the reductions I can get as my rate is at 1.24%?

I didn't see any additional fees, but I only started doing that pull a couple weeks ago. I'll double check that they don't charge anything after a month or so.

 

[acatwith12]

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.

If we run the calc, at 2.25% vs 1.24% at 60 months (5 years) on a $50k loan you're looking at paying $2,912.03 vs $1,591.84 in total interest. This isn't trivial...

 

[jessepotter]

This is true, but some of us pay more than the minimum and pay it off early depending on the rate we get. Also, $1400 over 5 years is $23 a month. For some, that's worth the peace of mind to keep things simple.

 

[solodogg]

If we run the calc, at 2.25% vs 1.24% at 60 months (5 years) on a $50k loan you're looking at paying $2,912.03 vs $1,591.84 in total interest. This isn't trivial...

Came to say exactly this. The extra $1400 over 5 years is better off being invested than it is paid out just for a slight convenience.

Those that think of $1400 as trivial over a 5 year time period either have way too much money and should have paid cash in the first place, or are probably living paycheck to paycheck as it is and don't realize that every dollar saved adds up in the long run. I'll rate chase all day everyday as it makes more sense to invest than it does to pay it out, but I want to make sure I'm investing every penny that I can.

 

[510storm]

I am not sure exactly what this means, but my BOFA rep told me that next Thursday is something called "Auto Days" at BOFA and you will likely get a lower rate if you apply that day. He was kind of vague about it and said he wasn't supposed to say anything. I dunno.

I got a 2.09 APR last year for my Model 3, I just applied for my model Y and it is coming in at 2.29. I put in a request to match the previous offer so we will see.

 

[acatwith12]

This is true, but some of us pay more than the minimum and pay it off early depending on the rate we get. Also, $1400 over 5 years is $23 a month. For some, that's worth the peace of mind to keep things simple.

I get what you're saying, but in the grand scheme of things (Long-run) you have a virtually free loan - it's better to NOT pay it off and keep it for the full 5 years and invest that money in the market. Your returns, even in worse case, should be greater than your interest payments

 

[pcmike]

At the end of the day, if you have excellent credit, why not leverage it to keep as much of YOUR money as you can.

 

[theocguy]

Just noticed Tesla 72mo is up .25 to 2.74 on the configuration page

that is right. I thought it was 2.4x% and thought it was pretty good. but i have not been looking into car loans for the last 8 yrs and have no idea on the current rate.

 

[theocguy]

I am not sure exactly what this means, but my BOFA rep told me that next Thursday is something called "Auto Days" at BOFA and you will likely get a lower rate if you apply that day. He was kind of vague about it and said he wasn't supposed to say anything. I dunno.

I got a 2.09 APR last year for my Model 3, I just applied for my model Y and it is coming in at 2.29. I put in a request to match the previous offer so we will see.

pls keep us posted.

 

[theocguy]

can I select finance with Tesla but later on change it to finance by 3rd party?

 

[510storm]

can I select finance with Tesla but later on change it to finance by 3rd party?

Yes, I actually always just select cash and handle/change everything after I get a VIN.

 

[faimui]

I live in the San Francisco Bay Area. My credit union gave me 2.09% for 66 months.

 

[theocguy]

I live in the San Francisco Bay Area. My credit union gave me 2.09% for 66 months.

do you mind to share which credit union you have worked with?

 

[faimui]

do you mind to share which credit union you have worked with?

Technology Credit Union. 2.34% but due to my association with my employer (they have a list of companies) , I am entitled to -0.25% reduction.

 

[faimui]

Technology Credit Union. 2.34% but due to my association with my employer (they have a list of companies) , I am entitled to -0.25% reduction.

One more detail that I need to add is that my model Y deliver date was to be March 2022 but I got a text for early delivery for Dec 2021. I had to take the default 2.5% from Tesla which uses US Bank. I took delivery in this manner. The following week , I called up my credit union and had them pay off my US bank loan and then moved my car loan over. It took 5 weeks due to my license plate to be mailed out which included the official DMV registration to make the transfer valid.