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Financing With Tesla vs local credit union

Discussion in 'Model 3' started by AMIYY4YOU, Apr 7, 2018.

  1. AMIYY4YOU

    AMIYY4YOU Member

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    Location:
    Boston, MA
    was wondering if anyone knew if there was any benefit to financing with Tesla as opposed to my local credit union. My CU offers 0.25% lower rate so is there any reason or perk of financing through Tesla?
     
  2. Plan B

    Plan B Active Member

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    No perk, go with your CU.
     
    • Informative x 1
  3. AEdennis

    AEdennis Active Member

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    Tesla financing is via partnerships with banks, rather than a division id the manufacturer (like long established competitors). So, go for the best deal for you. (I used another Bug Bank than the one that Tela has a partnership with)
     
  4. SoCalGuy

    SoCalGuy Active Member

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    Anyone know the current rates from Tesla?
     
  5. SuperDragon

    SuperDragon Member

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    I saw 3.5% on their website. Most credit unions have lower rates, i got my loan at a local CU for 1.99%
     
  6. AMIYY4YOU

    AMIYY4YOU Member

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    Wow nice! What was the term? If that rate is for 60 months that would be amazing
     
  7. RayK

    RayK Active Member

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    Don't know why TechCU has a separate section (and drop down selection on their application) for Teslas, but a quick look at their ads say rates "as low as" 2.49%. Apparently that's for a maximum of 3 years.
     
    • Helpful x 1
  8. Henry82

    Henry82 Member

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    Mar 25, 2018
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    Location:
    Los Angeles, CA
    Vons CU (Home - Vons Credit Union) is currently offering 1.49% for 36 months and 1.99% for 48-60 months. I saw in another thread where someone else was getting <1%... I couldn't find anything that low in my area.
     
  9. jtpassat

    jtpassat Member

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    Providence, RI
    Zero - go with whoever gives you the lowest rate.
     
  10. SuperDragon

    SuperDragon Member

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    Yes, 60 months
     
  11. amoney805

    amoney805 Member

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    Paso Robles, CA
    Whoever you go with, lightstream will beat it by .10%
     
  12. AMIYY4YOU

    AMIYY4YOU Member

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    Boston, MA
    Do you know how that works? Do I have to submit an application for their loan first , they pull my credit, and then they tell me if i'm eligible or not? If that's the case, I'm not interested. I've dealt with another local bank that had the same deal but they weren't able to honor the rate beat for whatever reason and still tried to get me to borrow from them lol. :-/
     
    • Like x 1
  13. TallGuy3

    TallGuy3 Member

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    May 29, 2016
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    Location:
    Seattle
    If anyone is looking for financing, try BCU. I just got 2.24% for 60 months. I called them since through my work and even though I wasn’t a member previously and they are in Illinois, I sent them the Tesla paperwork yesterday and I received the check today. Message me directly if you want their contact info—I get nothing out of it but they were so easy and fast they deserve a look.
     
  14. lemketron

    lemketron Member

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    Nov 8, 2013
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    Location:
    Sunnyvale, CA
    I created a google docs spreadsheet that shows many credit unions and rates as of 5/2, along with links to current rates and eligibility info... you can find it here: bit.ly/TeslaFinancing

    If you're in Santa Clara County, check out StarOne as that's where I got my loan last week before picking up my Model 3. I got 2.49% for 84 months and could have financed up to 110% of the purchase price. Approval came in 20 minutes despite having to sign up as a new member.
     

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