Financing options

[cybergamefan]

Thanks for the info!! The 84 month financing is the lowest rate I've seen.

 

[hershey101]

For those who live in the SF Bay Area or Tucson, work for a technology company in California or Arizona, or have a close family member who does, Meriwest Credit Union has decent rates:

Auto Loan Rates

Consumer Auto Loans | Effective Date: March 1, 2013
APR* as low as

Term                          New Auto Loans
01 - 24 Months                0.99%***
25 - 36 Months                1.24%***
37 - 48 Months                1.74%***
49 - 66 Months                1.99%***
67 - 84 Months**              2.49%***
85 - 96 Months**              3.74%***

* APR = Annual Percentage Rate 

** 72 month financing available for loans exceeding $15,000. 84 month financing available for loans exceeding $20,000. 96 month financing available for loans exceeding $25,000. 

*** Rates, terms and conditions of loan will be based on individual credit worthiness. No further rate discounts apply. Current rates reflect promotional rate.

- Bill

For anyone in Long Island, or NYC area, I got $100,000 financing for 72-months from Bethpage Credit Union for 2.71%. Initially my credit application was rejected because according to the underwriter, they felt "uncomfortable" lending out $100,000 when my previous car loan was only $27,000. But I spoke to the manager, and was able to get an approval within minutes of giving them 2 yrs. worth of tax returns. Excellent response time, highly recommend the bank to anyone having financing troubles (I have a long story which will be in the write-up after I take delivery).

 

[jweinstein]

For what it's worth, I was approved this morning with Alliant Credit Union. $104K for 72 months at 1.99%. The loan officer asked if I wanted to put anything else down besides the $5K required by Tesla to build the car, and I said, "No."

 

[Schnetzer]

I got pre approved from Alliant Credit Union last week at a rate of 1.99%. While PenFed offered a slightly lower APR, they only wanted to loan me $50K. Today I got a note from my loan officer and he told me he had some good news, they had lowered the rate to 1.49% and would finance 100% of the car not including sales tax and dealer fees. They are very familiar with Tesla and all I had to provide were two pay stubs and once the final MVPA is sent - they will cut the check.

Super easy to work with and the decision came back in 2 minutes. I highly recommend.

 

[xhawk101]

Any news when lease option will start?


Sent from my iPad using Tapatalk HD

 

[yobigd20]

I got pre approved from Alliant Credit Union last week at a rate of 1.99%. While PenFed offered a slightly lower APR, they only wanted to loan me $50K. Today I got a note from my loan officer and he told me he had some good news, they had lowered the rate to 1.49% and would finance 100% of the car not including sales tax and dealer fees. They are very familiar with Tesla and all I had to provide were two pay stubs and once the final MVPA is sent - they will cut the check.

Super easy to work with and the decision came back in 2 minutes. I highly recommend.

damn! I didn't even try to negotiate them lower because I thought their rate was pretty damn good already for up to 100% financing at 72 and 84 months.

 

[jweinstein]

I got pre approved from Alliant Credit Union last week at a rate of 1.99%. While PenFed offered a slightly lower APR, they only wanted to loan me $50K. Today I got a note from my loan officer and he told me he had some good news, they had lowered the rate to 1.49% and would finance 100% of the car not including sales tax and dealer fees. They are very familiar with Tesla and all I had to provide were two pay stubs and once the final MVPA is sent - they will cut the check.

Super easy to work with and the decision came back in 2 minutes. I highly recommend.

Woo-hoo! Thanks to your post, I e-mailed my loan officer at Alliant, and my rate was lowered to 1.49% for 72 months. Their website is now reflecting this rate, as well.

 

[andrewket]

When do they lock the rate, and how long is the check good for?

 

[jweinstein]

When do they lock the rate, and how long is the check good for?

Andrew,

My rate was provided upon approval, and the offer was for 30 days.

 

[andrewket]

Alliant credit union. 1.99% 72 months. 2.99% 84 months. I financed 92k of 103k. very easy to join if non-member ($10 donation + opening savings account).

I'm looking at Alliant's website and I see all the companys and orgs that qualify, but nothing is jumping out at me. Which org can you join for $10 and qualify?

 

[jomo25]

I thought the angle was the Foster Care program donation. At least that's what I saw when I checked out their site.

 

[yobigd20]

I'm looking at Alliant's website and I see all the companys and orgs that qualify, but nothing is jumping out at me. Which org can you join for $10 and qualify?

The foster care program. You automatically become a member when you make a $10 donation which qualifies you to join Alliant credit union.

 

[andrewket]

The foster care program. You automatically become a member when you make a $10 donation which qualifies you to join Alliant credit union.

Thanks. I missed it.

 

[Rodolfo Paiz]

Just got notified of a Wells Fargo approval. 2.99% for 60 months, $75,000 amount (based on a loaded P85). My car arrived three weeks before its ETA, so I'm scrambling to get things ready in time... happy to take the Wells Fargo deal, and I'll evaluate later if there's sufficient reason to refinance.

 

[yobigd20]

Just got notified of a Wells Fargo approval. 2.99% for 60 months, $75,000 amount (based on a loaded P85). My car arrived three weeks before its ETA, so I'm scrambling to get things ready in time... happy to take the Wells Fargo deal, and I'll evaluate later if there's sufficient reason to refinance.

why pay 2.99% for 60 months @ Wells Fargo when you can get 1.49% for 72 months @ Alliant?

here's the math for a $75,000 loan:
2.99% for 60 months= $1347.32 monthly payment, total of $80,839.11
1.49% for 72 months = $1089.57 monthly payment, total of $78,448.97

You're paying more per month, and you end up paying $2,390.14 more in extra finance fees...

 

[Apoclyps]

why pay 2.99% for 60 months @ Wells Fargo when you can get 1.49% for 72 months @ Alliant?

here's the math for a $75,000 loan:
2.99% for 60 months= $1347.32 monthly payment, total of $80,839.11
1.49% for 72 months = $1089.57 monthly payment, total of $78,448.97

You're paying more per month, and you end up paying $2,390.14 more in extra finance fees...

I just signed up with Alliant CU, after paying into the Foster Care program. At the end of the application process with Alliant, I got a note saying that I am pre-approved for a 2.75% auto loan. Is this what people are getting? Where does the 1.49% come in?

 

[carrerascott]

1.49% was common over the past couple months with PenFed (not sure if that's the latest or it's up to 1.74% now).

I was able to get 1.48% through USAA (they wanted to beat PenFed) for 60 months for $90k (I could have done full amount but $90k was enough for me) .

 

[andrewket]

I just signed up with Alliant CU, after paying into the Foster Care program. At the end of the application process with Alliant, I got a note saying that I am pre-approved for a 2.75% auto loan. Is this what people are getting? Where does the 1.49% come in?

I just signed up as well, but I had to go through a manual identity confirmation (fax ID, etc.) That's done, but now I'm looking at their auto rates page:

Auto | Vehicle | Loans | Alliant Credit Union

And it says "as low as 1.49% APR" but the lowest rate in the table is 1.99% APR. I tried calling but all of their loan officers were busy. I'll try again later.

 

[carrerascott]

USAA had a similar thing ("as low as 1.49%"), and using their car buying service and auto-pay from a checking account with them each lowered it another .25%, so maybe it's something similar.

I just signed up as well, but I had to go through a manual identity confirmation (fax ID, etc.) That's done, but now I'm looking at their auto rates page:

Auto | Vehicle | Loans | Alliant Credit Union

And it says "as low as 1.49% APR" but the lowest rate in the table is 1.99% APR. I tried calling but all of their loan officers were busy. I'll try again later.

 

[yobigd20]

I just signed up as well, but I had to go through a manual identity confirmation (fax ID, etc.) That's done, but now I'm looking at their auto rates page:

Auto | Vehicle | Loans | Alliant Credit Union

And it says "as low as 1.49% APR" but the lowest rate in the table is 1.99% APR. I tried calling but all of their loan officers were busy. I'll try again later.

That's a recent change to 1.49%, and very possible that not every page on their web site reflects the new rate yet. In addition, if its not in the tiny little disclaimers, the rate is actually .4% higher unless you do automatic payments from a checking account (can be from any account from any bank, doesn't need to be one with them). Yeah just call them and ask, I'm sure you'll get it.