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Financing a Tesla in Australia

D1000

New Member
Aug 10, 2021
2
0
MELBOURNE
Hi Guys,


I am trying to investigate the process of financing a Tesla in Australia. Apologies, of this has been done before but all searches only came up with mostly North American financing related queries.

For those in Australia if you8 have been bought a Tesla via financing/auto loans can you give their experience on how it is done. If possible, kindly share your experience on
Type of interest rates they got – (I am not to familiar on interest rates for car loans and how varied they can be)

Tips on getting better rates i.e using Telsa own financing or any other 3rd party financiers.



Any fees that I need to consider ; that might increase the upfront cost (So I can keep a buffer amount for admin fee etc.)



Just trying to do my due diligence, as I never bought a car for myself before and mostly using public transport and ride sharing services. I however have a went through a process of buying house with a mortgage and was wondering how similar it is. I can buy a Model 3 in Australia with cash but having been through the process of buying a house I have now know that I need better cashflow for things like unexpected repairs/ insurance works etc.
 

alyuan

Member
Jul 13, 2021
53
43
Melbourne
I weighed between cash and financing and proceeded with the latter. The compelling rate (2.99%) was the main decision to finance.

I went with Mac Leasing. Process was smooth. I’m servicing the loan for 2 years (with 25K deposit) and the total interest is $1300. No other fees except early termination at $800 pro-rata.
 

D1000

New Member
Aug 10, 2021
2
0
MELBOURNE
Hi Alyuan,

Thanks for the reply.

Was this through when you apply via Tesla website and they gave you a list of recomended companies/ products? Or did you search for a prduct outside of Tesla. Also when roughly this happened and was the rates fix the entire time of the loan thus far?
 

alyuan

Member
Jul 13, 2021
53
43
Melbourne
Fixed rate throughout.

Tesla has 2 lenders, pepper and Mac so yes, I applied with Tesla. There is a buying process to follow through, financing is part of it. your Tesla account (you will create one when you place the $150 deposit) will prompt you when it’s time to decide cash or finance.

I did the loan in end July and picked up my car last week, so it is very recent!
 

muddie

Member
Jul 12, 2021
120
75
Sunshine Coast, Qld
I went with Pepper through Tesla. Started the process on 1 July and recently took position of the car.
The process was very straight forward. I had approval on the finance after answering a few question over the phone within an hour of starting the whole process. I didn't have to provide payslips or anything. I have a mate who does finance broking and he couldn't find better rates anywhere, even going direct to the same providers that Tesla offered. Fixed rates and no fees at all. Couldn't be happier.
 
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Reactions: 1001

gm12

New Member
Aug 10, 2021
1
3
Sydney
check out a 1 year novated lease if your company offers it. For me it saved a few thousand (mostly GST, but also dealer delivery was waived), and means I only need to find $48k for me M3 LR in 1 years time to buy out the balloon payment. I dont think a novated lease beyond 1 year is worth it in an EV, as there is no fuel or running cost to claim.
 

mrpseudonym

Member
Aug 14, 2016
172
75
Sydney
I did my X through Macquarie for one reason only .. they had a guaranteed buy back at the end. That was back in 2016 and the longevity of the car was unknown. Right now money is cheap, so if I was buying now I would lease again. No complaints with Mac, easy straightforward process. I ended up paying out the lease at the end and keeping the X.
 

1001

Member
Jun 10, 2021
46
34
Australia
Tesla finance partners Pepper and Macquarie offer some of the best rates on the market in Australia at the moment.

I went though Pepper and found the process could have been improved compared to other finance companies I have used previously.
 

Chuq

Active Member
Jan 1, 2015
3,525
4,298
Hobart, Tasmania, Australia
Just playing about with the Tesla finance calculator... tried this for a laugh... do the lenders hate it when you do stuff like this?

1638081659494.png



(Yes, 45% is the highest percentage of balloon payment allowed, and is only available at 36 months... longer periods have lower max balloon amounts).

I don't think I would really do this, but any money not paying the loan payment is offsetting my mortgage... so I'd rather have the balloon $ amount doing that for the next few years.
 

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