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Financing rates

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Well, Navy Federal isn't technically military only. They're 2.19 for 60 months, and an additional .5 off for active duty members.

You just have to be related to a military member to join up, or a DoD, or a National guard member.
 
it says 2.49% for 60 months. So you are saying it is a 1% discount? i.e. 1.49% for new members? That sounds way too low.

Back in the day I used them to get a 1.39% rate with this same promotion and then had Lightstream match it. Too bad Lightstream doesn't match secured loans anymore...

But yes, they are legit if you are a federal employee or contractor.
 
I just decided to pull the trigger on a MY so started to look at financing rates. I’ve used Delta Community Credit Union and always got good rates in the past (4 loans). They’ve been outstanding to work with and I’ll likely go with them again. They usually run a loan special every April and September, But the current rates they’re offering seem good.


1.98% for 12-60 months

2.38% for 72 months

2.78% for 84 months

Rates: https://www.deltacommunitycu.com/personal/loans/vehicle-loans/car-loans.aspx#overview


You can even get $50 for signing up with a referral from a member:


The way it works:


1) join the referral program,

2) open an account,

3) apply for the loan.


Note: Joining the referral program FIRST is key to getting the $50.

So if you are planning on using Delta Community CU and need a referral, feel free to use mine below:


Referral link: Earn great rewards!


Just PM me if you have questions on the process or dealing with them. I’ve done loans for new Teslas and transferred loans from other banks to them because their rates were lower even for ‘used’ cars.


To check to see if you qualify to join, check the link below:

Member Eligibility: Eligibility for Membership at Delta Community Credit Union
 
This isn't going to be popular but the most solid advice I can give you is to NEVER finance a depreciating asset. Ever.

Disagree.

While it is best to pay cash, where does one get said cash? Most people now a days don't have $20k for a down deposit on a house, let alone $100k for a Model S.

Further, what if your savings is in investments, where you're getting 25% annually? You'd lose far more than you'd save from selling the investment and not getting a loan.

This is not to mention that car loans are some of the easiest to obtain, and easiest to pay off loans that will increase your credit score. It's not a credit card, that promises "endless" cash, it's a basic one one time cash lump you use to get a very necessary (for America) asset. Once acquired, you can set up an allotment to pay the loan off, and easily budget around the cost, as it'll never change.
 
Disagree.

While it is best to pay cash, where does one get said cash? Most people now a days don't have $20k for a down deposit on a house, let alone $100k for a Model S.

Further, what if your savings is in investments, where you're getting 25% annually? You'd lose far more than you'd save from selling the investment and not getting a loan.

This is not to mention that car loans are some of the easiest to obtain, and easiest to pay off loans that will increase your credit score. It's not a credit card, that promises "endless" cash, it's a basic one one time cash lump you use to get a very necessary (for America) asset. Once acquired, you can set up an allotment to pay the loan off, and easily budget around the cost, as it'll never change.

Ah man, you fed the troll. You're not supposed to do that. ;)

Check out @Ostrichsak 's recent holy war postings over the Ohmmu 12v battery. That was just warmup for when he goes all Suze Orman on everyone.
 
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Disagree.

While it is best to pay cash, where does one get said cash? Most people now a days don't have $20k for a down deposit on a house, let alone $100k for a Model S.

Further, what if your savings is in investments, where you're getting 25% annually? You'd lose far more than you'd save from selling the investment and not getting a loan.

This is not to mention that car loans are some of the easiest to obtain, and easiest to pay off loans that will increase your credit score. It's not a credit card, that promises "endless" cash, it's a basic one one time cash lump you use to get a very necessary (for America) asset. Once acquired, you can set up an allotment to pay the loan off, and easily budget around the cost, as it'll never change.

You made my point. If you don't have $100k for a Model S you shouldn't be buying one. Simple as that. This is why I said it isn't a popular or glitzy take. Sound financial advise rarely is.

The car will be worth $50k (if you're lucky) in 4-5 years meaning you're going to lose over $10k per year in depreciation. Who can afford to lose that every single year? You also need to factor in what the loan costs as these are significant on a $100k car. Then there's the "what if" that is our economy... if you still think it's a good idea to tell people to get a loan on a car and throw their liquid assets into the stock market... you aren't very keyed into investing and the uncertainty that is our near future.

Increase your credit score? Why the hell do you need a credit score if you don't finance anything? That is a SERIOUS price tag just to build up some credit. Save your money and pay cash or at least put a MASSIVE chunk down on items and your credit suddenly isn't an issue.

Summary: this is just bad financial advice no matter how you slice it. This is why I stand by my original statement for anyone who actually cares about being wealthy enough to do something about it.