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Finance Rates - June/July 2018

Discussion in 'Model 3: Ordering, Production, Delivery' started by remlemasi, Jun 28, 2018.

  1. remlemasi

    remlemasi Member

    Joined:
    May 30, 2018
    Messages:
    73
    Location:
    SoCal
    I'm trying to see what the best rates are and hoping everyone with delivery in June / July 2018 can post their finance terms for all to compare.

    At a minimum*, please put:

    • Lender (Tesla**, bank, or credit union)
    • Your location (state)
    • Downpayment above the $3500 deposit
    • Interest rate or APR
    • Number of months
    • Credit score range** (700-750, 750-800, >800, etc.)

    *Feel free to leave off any info if it's getting too personal, but I think all the info here helps complete the picture.
    **If Tesla, state the bank that is backing the loan. I've heard it was Chase but not sure if it has changed over time.
     
  2. Kirby64

    Kirby64 Member

    Joined:
    Jun 28, 2018
    Messages:
    27
    Location:
    Austin, TX
    Figured I'd create an account to share...

    Just finished financing a few days ago. This seems to be the best rate I've found, but it's limited strictly to ATX area. They haven't jacked up their rates unlike some of the other Texas financing folks (RBFCU... looking at you).
    • Car Config: Black, Aero Wheels, EAP
    • TCCU (Travis County Credit Union)
    • Austin, TX
    • Downpayment of 6300 + 3500 (9800 total)
    • 2.49% APR
    • 66mo
    • ~770 credit score (according to the report I got per loan docs...)
     
    • Helpful x 1
  3. ponzu

    ponzu Member

    Joined:
    Apr 19, 2018
    Messages:
    283
    Location:
    Southern California
    #3 ponzu, Jun 28, 2018
    Last edited: Jun 28, 2018
    Fingers crossed, but I think I am getting 2.24% for 72 months from Financial Partners CU in CA with $11000 down total at FICO >800. As you probably know there is no such thing as a rate lock with car loans, at least that's what the CU has told me. I am in the final stages of signings, so whenever the loan goes through, which could be today or tomorrow, that's when I'll know if I got 2.24% or not.

    Or to follow the format
    • Lender: Financial Partners CU
    • Location: CA
    • Total down payment: $11000
    • Interest rate or APR: 2.24%
    • Number of months: 72
    • Credit score: >800
     
    • Helpful x 2
  4. remlemasi

    remlemasi Member

    Joined:
    May 30, 2018
    Messages:
    73
    Location:
    SoCal
    Wow, that's a phenomenal rate. I'll have to look into this. Did they require a large downpayment? With the rate so low, I'm tempted to put zero down if possible. Any requirements for joining the CU?

    EDIT: Best part is there is a branch office 0.5 miles from my office :)
     
  5. ponzu

    ponzu Member

    Joined:
    Apr 19, 2018
    Messages:
    283
    Location:
    Southern California
    That is a good rate. I qualify as a member because the CU has relationship with my company, they were basically my default choice, I did not do any research other than checking Tesla's rate and then knocking on FPCU door in the building. They do have a loan to value ratio requirement for this rate, and my 15% downpayment satisfied them. I did it willingly as I expect to get $10K back from federal+state. And the first $1000 is long forgotten.
     
    • Helpful x 1
  6. remlemasi

    remlemasi Member

    Joined:
    May 30, 2018
    Messages:
    73
    Location:
    SoCal
    I was approved yesterday for the same 2.24% but they would only let me do 60 months. Will probably go with them as it's the lowest I've seen.
     
  7. psyrob

    psyrob Member

    Joined:
    Apr 23, 2018
    Messages:
    53
    Location:
    Sherman Oaks
    Tesla ISA told me their rates start at 3.74%. I went with BofA in California, got 3.99%. I have a 755 credit score but a ding on my credit with a past loan settled for less than full amount. I had to take a hit with interest rate because of that. 60 months
     
  8. calvinvle

    calvinvle Member

    Joined:
    Mar 15, 2018
    Messages:
    58
    Location:
    San Leandro
    • Lender - Tech CU
    • Bay Area, CA
    • $25K Down payment on top of $3.5K deposit
    • 2.99%
    • 48 Months
    • Credit score 780
     
  9. ponzu

    ponzu Member

    Joined:
    Apr 19, 2018
    Messages:
    283
    Location:
    Southern California
    Congrats.
     

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