Financing a Tesla in Australia

[D1000]

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]

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]

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]

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]

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.

 

[PC__LoadLetter]

As a general rule, use Macquarie if you’re a millionaire or it’s a business purchase. Use Pepper for individuals and microbusinesses.

 

[gm12]

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]

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]

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.

 

[Nobody Famous]

Do you have a 100% Offset Account with your mortgage? Chances are that may be the cheapest finance available.

 

[paulp]

Do you have a 100% Offset Account with your mortgage? Chances are that may be the cheapest finance available.

Only if you have the discipline to pay it off over 4 years like car finance, rather than 25 years like house finance.

 

[Chuq]

Just playing about with the Tesla finance calculator... tried this for a laugh... do the lenders hate it when you do stuff like this?

(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.

 

[Quickst]

What's people experience and offers with Macquarie and Plenti - the Tesla preferred loan companies

 

[evbee]

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.

Dealer delivery waived, did you mean the Tesla delivery fee? My novated lease included the Tesla delivery fee.

 

[gm12]

Dealer delivery waived, did you mean the Tesla delivery fee? My novated lease included the Tesla delivery fee.

Yes. I went through orix. My lease is coming to an end soon. After 2 years (extended an extra year,), the baloon is $45k (inc GDT).

 

[ambishop]

Check out Alliance Leasing for purchase of an EV for a NO Novated Leasing Fee Promo for all EVs

This is the best deal going on Novated Leasing of a Tesla at the moment

Alliance Leasing | Novated Leasing Specialists

With a novated lease you can pay less tax and drive your dream car. At Alliance Leasing we take the stress out of salary packaging a car.

www.allianceleasing.com.au