Financing through Tesla?

[Dan123]

Is it worth it? I can get the following terms through my credit union. Do they offer better terms through financing arranged by Tesla?

2.49% 36 mos $500 - $100,000 $721.42
3.24% 48 mos $7,500 - $100,000 $556.01
3.49% 60 mos $10,000 - $100,000 $454.68
3.74% 72 mos $15,000 - $100,000 $388.17
4.24% 84 mos $25,000 - $100,000 $344.49

 

[LoveEV]

I was under the impression credit union would always give better rates

 

[cmalinowski]

Is it worth it? I can get the following terms through my credit union. Do they offer better terms through financing arranged by Tesla?

2.49% 36 mos $500 - $100,000 $721.42
3.24% 48 mos $7,500 - $100,000 $556.01
3.49% 60 mos $10,000 - $100,000 $454.68
3.74% 72 mos $15,000 - $100,000 $388.17
4.24% 84 mos $25,000 - $100,000 $344.49

I was under the impression credit union would always give better rates

We financed through Tesla at 1.74% for our MS100D (July order, Oct delivery). Closest we could get in our credit union was 1.99% (still pretty good).

 

[Dan123]

I actually just got an offer from Tesla for 72 month at 3.89%. So it is slightly higher than the credit union, but not much.

 

[Dorkiedoode]

Shop around, the lowest credit union here is 1.99 @ 60m w/ 800+ credit

 

[webdbbt]

Looks like my Tesla 60m rate is about .25% higher. I know I could get a better rate through my wife's credit union, but I heard too many stories here of Tesla struggling with outside finance.

 

[Dorkiedoode]

Looks like my Tesla 60m rate is about .25% higher. I know I could get a better rate through my wife's credit union, but I heard too many stories here of Tesla struggling with outside finance.

It was a bit of a struggle when I went through it. It was my first time and it got pretty annoying cause my Owner advisor never respond to any email. But in the end, I got the loan check 30 min before the bank close and 1 day before delivery. I was so close to pushing back delivery due to not getting the loan on time. So If you’re going to do CU, get everything done Early.

 

[ewoodrick]

You can probably find cheaper rates than Tesla, but how much money does a 1% difference in rates actually mean.

And there is definitely a big advantage in hitting the Tesla finance button. You answer a few questions and then pick up the car, no worrying about how to pay for it, fighting with the bank on how Tesla works, blah, blah, blah.

 

[JBare]

You can probably find cheaper rates than Tesla, but how much money does a 1% difference in rates actually mean.

And there is definitely a big advantage in hitting the Tesla finance button. You answer a few questions and then pick up the car, no worrying about how to pay for it, fighting with the bank on how Tesla works, blah, blah, blah.

$50K financed
3.74% - $5,897 interest over 6 years
2.74% - $4,279 interest over 6 years

~$1,600 over 6 years = $22/month

I haven't gone through it yet so don't know about "blah blah blah" hell....and hopefully won't! Just providing info