Welcome to Tesla Motors Club
Discuss Tesla's Model S, Model 3, Model X, Model Y, Cybertruck, Roadster and More.
Register

Financing With Tesla vs local credit union

AMIYY4YOU

Member
Jan 4, 2018
194
186
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?
 

AEdennis

Active Member
Jul 23, 2013
2,719
938
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?

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)
 

RayK

Active Member
Apr 5, 2016
1,984
1,929
San Jose, CA
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
Reactions: SlicedBr3ad

AMIYY4YOU

Member
Jan 4, 2018
194
186
Boston, MA
Whoever you go with, lightstream will beat it by .10%
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
Reactions: Pkmmte

TallGuy3

Member
May 29, 2016
21
16
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.
 

lemketron

Member
Nov 8, 2013
29
120
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.
 

About Us

Formed in 2006, Tesla Motors Club (TMC) was the first independent online Tesla community. Today it remains the largest and most dynamic community of Tesla enthusiasts. Learn more.

Do you value your experience at TMC? Consider becoming a Supporting Member of Tesla Motors Club. As a thank you for your contribution, you'll get nearly no ads in the Community and Groups sections. Additional perks are available depending on the level of contribution. Please visit the Account Upgrades page for more details.


SUPPORT TMC
Top