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Current Best Tesla Loan Rate?
- Thread starter Love2Run
- Start date
Can you send me a link of CEFCU? Do they have restriction to join their membership, such as they must live in their serving areas?
I am based in OC, ca and look to apply loan.
Eeeeeeeek love my 1.74% for 72 monthsI just got quoted 4.99 for a 40K loan for Model 3 when I applied with my wife. Applying alone, the APR was 4.79 and applying together with her additional income, it became 4.99 through Tesla (Wells Fargo)I have excellent credit history and my wife's credit history is average.
Go to FedChoice Credit Union. Advertised best rates the other day was 3.49% @ 72 months. Membership requires donation to their foundation/charity of $5 but they'll do this for you. Here's a hint, if you get a new auto loan within 90 days of account opening (approvals are good for 60 days), then they apply a 1% discount to your rate subject to the rate floor which is 2.74%. Takes about a week to go through entire process. Finalized today and they're wiring tomorrow to Tesla in advance of my Saturday pick up. Another option that I read about is Adelfi. Apparently, they're easy to work with and the rate is like 2.8% @ 72 mo. Of course with both, rates could be lower for less months financed.I just got quoted 4.99 for a 40K loan for Model 3 when I applied with my wife. Applying alone, the APR was 4.79 and applying together with her additional income, it became 4.99 through Tesla (Wells Fargo)
Edit: If you're curious about the 1% rate reduction and need to see it in writing, it's part of their Thrive program. Here's a link.
Also, as a bonus with your $5 minimum to open a savings account, they credit you an additional $25 as part of the Thrive program.
Thank you. To add insult to injury, the credit union that I’ve done business with for the last 18 years and have my current car loan and a mortgage through, quoted me 5.65% :/Go to FedChoice Credit Union. Advertised best rates the other day was 3.49% @ 72 months. Membership requires donation to their foundation/charity of $5 but they'll do this for you. Here's a hint, if you get a new auto loan within 90 days of account opening (approvals are good for 60 days), then they apply a 1% discount to your rate subject to the rate floor which is 2.74%. Takes about a week to go through entire process. Finalized today and they're wiring tomorrow to Tesla in advance of my Saturday pick up. Another option that I read about is Adelfi. Apparently, they're easy to work with and the rate is like 2.8% @ 72 mo. Of course with both, rates could be lower for less months financed.
Edit: If you're curious about the 1% rate reduction and need to see it in writing, it's part of their Thrive program. Here's a link.
Also, as a bonus with your $5 minimum to open a savings account, they credit you an additional $25 as part of the Thrive program.
I love my 0.9% @ 72 months with BMW Financial but those days are gone. Did you recently get the 1.74% or just being cheeky?
Look @ my previous post re: FedChoice. Stupid-easy to join and rates are lower than advertised (refer to their Thrive program). Rates just increased as of today, 11/01/22. 0-60 mo is 4.24% (less 1% for Thrive) and subject to floor rate (which was 2.74% but may have also changed as well). 61-72 mo is 4.39% (less 1% for Thrive) and likely subject to floor rate as well. Don't focus on a local bank or credit union necessarily.
Mine, 10+ years with them, quoted me 4.64% Told me rates went up and I should look around to verify. I did, and got nearly 2% less.
Thank you again. Applied to FedChoice. So far all loans that I applied for are for a 40k @ 48 months. May even do 36 as I freaking hate car loans.
Do you need to work in fed govt to qualify for membership?Go to FedChoice Credit Union. Advertised best rates the other day was 3.49% @ 72 months. Membership requires donation to their foundation/charity of $5 but they'll do this for you. Here's a hint, if you get a new auto loan within 90 days of account opening (approvals are good for 60 days), then they apply a 1% discount to your rate subject to the rate floor which is 2.74%. Takes about a week to go through entire process. Finalized today and they're wiring tomorrow to Tesla in advance of my Saturday pick up. Another option that I read about is Adelfi. Apparently, they're easy to work with and the rate is like 2.8% @ 72 mo. Of course with both, rates could be lower for less months financed.
Edit: If you're curious about the 1% rate reduction and need to see it in writing, it's part of their Thrive program. Here's a link.
Also, as a bonus with your $5 minimum to open a savings account, they credit you an additional $25 as part of the Thrive program.
I am going to check my local credit union which I just took a loan with them to see if the credit pull is good for 45 or 60 days as i won’t want to have a hard pull again if I can avoid.
Looks like the bank you get the loan from has lower rate I see.
I think that's the worst part of the process, the waiting game to lock in a rate and not knowing when the delivery date/vin is going to be. I literally had only 3 days before I received my vin and the delivery being automatically scheduled to get financing, insurance in order.
Not a bad rate, actually. Shows 80% LTV with max term @ 60 mo.
| Loan Type | Maximum Financing | MAX TERM | APR |
| New Auto (5) (6) | 80% of Purchase price | 60 mos | 1.90% |
| 80% of Purchase price | 72 mos | 2.90% | |
| | ||
| 90% of Purchase price | 60 mos | 2.90% | |
| 90% of Purchase price | 72 mos | 3.90% | |
| | ||
| 100% of Purchase price | 60 mos | 3.90% | |
| 100% of Purchase price | 72 mos | 4.90% |
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