Financing With Tesla vs local credit union

[AMIYY4YOU]

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?

 

[Super_Popular]

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?

No perk, go with your CU.

 

[AEdennis]

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)

 

[SoCalGuy]

Anyone know the current rates from Tesla?

 

[SuperDragon]

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

 

[AMIYY4YOU]

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

 

[RayK]

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.

 

[Henry82]

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.

 

[jtpassat]

Zero - go with whoever gives you the lowest rate.

 

[SuperDragon]

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

Yes, 60 months

 

[amoney805]

Whoever you go with, lightstream will beat it by .10%

 

[AMIYY4YOU]

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. :-/

 

[TallGuy3]

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]

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.