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Financing options

No2DinosaurFuel

Active Member
Apr 16, 2015
1,407
860
San Diego, California
Not sure if some know, but the 0.99% PenFed loan is back. Same terms again 48 months.

Not sure how long it will be valid for though. Damn tempting again. Not sure if 0.99% will be around again but 48 months is a bit too short for me. I need at least 60 to comfortably afford one now. I don't want to be scrapping for every penny. LOL

EDIT:
BTW, anyone have good experience with PenFed? I hear a lot of horror stories about PenFed.
 

bjwModelS

Member
Dec 27, 2013
194
39
United States
EDIT:
BTW, anyone have good experience with PenFed? I hear a lot of horror stories about PenFed.

I spent 20 minutes with them on the phone the Friday before Memorial Day Weekend and the check was in my mailbox the following Tuesday. Easiest financial transaction I've ever done. However... I financed a relatively small amount compared to most pursuing a Model S, and have a strong credit score, so they really didn't need much from me.
 

kirkbauer

Member
May 31, 2015
623
254
Atlanta, GA
I just wanted to share a good financing option I had. I went with Lightstream (division of SunTrust) which is a streamlined online auto loan option. I received $100k (the max) at 1.99% for 5 years. The cool thing is they don't want any security, so it is an unsecured auto loan. I have scheduled for the $100k to be deposited into my checking account a week before delivery. It does require auto-pay.

It will be convenient not to have to deal with somebody else on the title. I have excellent credit so YMMV.
 

ahurst

Member
Aug 24, 2013
479
96
Hot Springs, Arkansas
I just wanted to share a good financing option I had. I went with Lightstream (division of SunTrust) which is a streamlined online auto loan option. I received $100k (the max) at 1.99% for 5 years. The cool thing is they don't want any security, so it is an unsecured auto loan. I have scheduled for the $100k to be deposited into my checking account a week before delivery. It does require auto-pay.

It will be convenient not to have to deal with somebody else on the title. I have excellent credit so YMMV.

Their website shows the lowest rate for 60 months with autopay at 2.39% for $100k based on excellent credit.
 

pedriscoll

Active Member
May 30, 2015
370
210
Indianapolis, Indiana
I have been preapproved by Alliant Credit Union who were recommended by my DS at 2.49% for 72 months. This is a half percent better than my local credit union. I applied on line and was approved in 4 hours.
 

travwill

Active Member
May 1, 2015
1,775
1,408
Marble Falls, TX
Still promoting Alliant here as well. They are offering 1.9% for up to 72 months, through July even. I've gotten quickly approved and setup by then, just had to send in a couple W2s/check stubs and they did a credit pull. Now they just need the final MVPA a few days before delivery and they said it'll be a super easy thing to wrap up within a day. Nice to work with.

They event stated if you want they could finance 100% of the car. Not the best idea IMHO but possible.

-T
 

No2DinosaurFuel

Active Member
Apr 16, 2015
1,407
860
San Diego, California
DCU credit union has 1.74% for 65 months which is essentially 72 months in all respect. Moreover, they offer 0.25% discount on fuel efficient cars which the Tesla qualifies for. Essentially 1.49% for 65 months. I say if you need more than 48 months, DCU is the best bet.

If you got the monthly cash and live near LA/OC area, then Western Federal Credit union has 0.74% for 36 months. The best I have seen.

All these auto loans require auto-pay.

The 0.99% for 48 months from PenFed is tempting, but I am waiting until the Model X comes out and hopefully then, more people will trade up and I can snag a cheap 85D!
 

travwill

Active Member
May 1, 2015
1,775
1,408
Marble Falls, TX
DCU credit union has 1.74% for 65 months which is essentially 72 months in all respect. Moreover, they offer 0.25% discount on fuel efficient cars which the Tesla qualifies for. Essentially 1.49% for 65 months. I say if you need more than 48 months, DCU is the best bet.

If you got the monthly cash and live near LA/OC area, then Western Federal Credit union has 0.74% for 36 months. The best I have seen.

All these auto loans require auto-pay.

The 0.99% for 48 months from PenFed is tempting, but I am waiting until the Model X comes out and hopefully then, more people will trade up and I can snag a cheap 85D!

Yes, I shopped around both too. One thing to realize again:

DCU to get the 1.74% rate, you seemed to need to do auto withdrawal/payment from a new DCU account. Thus you will have to move money into that, switch banks, add direct deposit for it, etc. Allianz allows you to get the 1.9% and auto withdrawal from your existing external account, but does require auto scheduled payment too.

-T
 

No2DinosaurFuel

Active Member
Apr 16, 2015
1,407
860
San Diego, California
Yes, I shopped around both too. One thing to realize again:

DCU to get the 1.74% rate, you seemed to need to do auto withdrawal/payment from a new DCU account. Thus you will have to move money into that, switch banks, add direct deposit for it, etc. Allianz allows you to get the 1.9% and auto withdrawal from your existing external account, but does require auto scheduled payment too.

-T

I cant see why just move money into the account monthly? Or even setup a direct transfer into dcu account monthly to have it auto pay from the dcu account.

Seems a little bit of a hassle intitally to setup but potentially saving $1-2K over the life of the auto loan of $100K.
 

JMG

Member
Feb 26, 2015
386
264
NE Texas
I cant see why just move money into the account monthly? Or even setup a direct transfer into dcu account monthly to have it auto pay from the dcu account.

Seems a little bit of a hassle intitally to setup but potentially saving $1-2K over the life of the auto loan of $100K.

Mine is with DCU and this is exactly what I do. Their online interface is pretty nice. My due date is the 13th of the month. I have everything on auto pay. Right about now, the payment is withdrawn out of my account into my DCU checking account. A few days later (around the 10th-11th) it is then automatically posted to the loan.
 

Max*

Charging
Apr 8, 2015
6,672
3,835
NoVa
I cant see why just move money into the account monthly? Or even setup a direct transfer into dcu account monthly to have it auto pay from the dcu account.

Seems a little bit of a hassle intitally to setup but potentially saving $1-2K over the life of the auto loan of $100K.
The difference in a 60-month loan of 1.74% vs. 1.9% is about $400...
 

Max*

Charging
Apr 8, 2015
6,672
3,835
NoVa
The rate at dcu is 1.49% not 1.74% after the EV vehicle discount. This is a 5 years loan. Not a 1 year loan.

Huh? I did 5 years in my example.

For a 5 year loan, the difference between 1.49% and 1.9% is a little more, roughly $1,000 over the life of the loan.

Loan is $100K. 1st year interest differenct is roughly 400 already. 1% of 100K = 1K.

Again, huh? It's only a 0.5% difference, and you can't do 0.5% * 100k to get the interest paid for the first year. That's not how math works.

Each month you pay off ~$1,500 in principle. So on the first month of a 60-month loan at 1.49% you're paying $124 in interest, but on the 12th month you're paying $102 in interest.
 

No2DinosaurFuel

Active Member
Apr 16, 2015
1,407
860
San Diego, California
Huh? I did 5 years in my example.

For a 5 year loan, the difference between 1.49% and 1.9% is a little more, roughly $1,000 over the life of the loan.



Again, huh? It's only a 0.5% difference, and you can't do 0.5% * 100k to get the interest paid for the first year. That's not how math works.

Each month you pay off ~$1,500 in principle. So on the first month of a 60-month loan at 1.49% you're paying $124 in interest, but on the 12th month you're paying $102 in interest.

My point about the $400 is even in 1 year at the 0.4% difference you are looking at $400 roughly already in interest difference. Hence your $400 is definitely not right. Look at what i wrote: "roughly"

Btw, the math is right 1% of 100K is 1K. What you are refering to is the way interest is calculated. Two different things.

Just do the calculation yourself on the loan interest.

Total interest for 100K at 1.49% for 60 months: $3833.
Total interest on 100K at 1.9% for 60 months:
$4904

4904-3833=$1071

1000 < 1071 < 2000

Look i am not trying to say who is right or wrong. I just want to show people the amount of money they will pay over the life of the loan if they went with dcu or alliant. Point is i rather put up with the little hassle in the beginning to save $1000 over the life of the loan.
 
Last edited:

Max*

Charging
Apr 8, 2015
6,672
3,835
NoVa
My point about the $400 is even in 1 year at the 0.4% difference you are looking at $400 roughly already in interest difference. Hence your $400 is definitely not right.

The difference in a 60-month loan of 1.74% vs. 1.9% is about $400...

Apparentlly there's a reading comprehension or math error. I highlighted the important parts. 1.9% - 1.74% = 0.16%, over 5 years = ~$400.

Btw, the math is right 1% of 100K is 1K.

Sure, and 10% of $1.90 = $0.19, but that's irrelevant to the thread.

Look i am not trying to say who is right or wrong.
Hence your $400 is definitely not right.
I guess I need to get my eyes examined.
 

No2DinosaurFuel

Active Member
Apr 16, 2015
1,407
860
San Diego, California
I guess I need to get my eyes examined.

Yup you definitely need to get your eyes checked or better yet, just read better and be a bit more open minded.

1) You missed the part about "roughly."

2) You missed the part about the 1.49% in my original post about interest rates at DCU.

3) Your response to my initial response post about the $400 was totally irrelevant because the difference is indeed $1K -$2K if you used the original 1.49%.

All would've been settled if you just said: "O i missed the part about the 1.49%. Yup the difference between the 1.49% and 1.9% is indeed $1-2K on 100K loan at 60 months."

This will be my last post on this. Perpetuating this conflict misses the point about financing options.
 

Max*

Charging
Apr 8, 2015
6,672
3,835
NoVa
All would've been settled if you just said: "O i missed the part about the 1.49%. Yup the difference between the 1.49% and 1.9% is indeed $1-2K on 100K loan at 60 months."

For a 5 year loan, the difference between 1.49% and 1.9% is a little more, roughly $1,000 over the life of the loan.

Huh? I admitted all that several posts ago, but you continue to argue... I guess children will act like children.
 

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