If Tesla rate matches, whats the advantage for going with Tesla and not CU?

[nyxynyx]

If you get a loan from DCU and Tesla rate matches it, what is the advantage with going with Tesla and not DCU? Since both will offer the same rate.

 

[glide]

If you get a loan from DCU and Tesla rate matches it, what is the advantage with going with Tesla and not DCU? Since both will offer the same rate.

I would go with the financial institution that I can walk into and speak with a person.

Tesla is barely able to deliver vehicles. Now you want to bring money into the mix? I try and deal with Tesla as little as possible.

 

[jjrandorin]

If you get a loan from DCU and Tesla rate matches it, what is the advantage with going with Tesla and not DCU? Since both will offer the same rate.

That boils down to "its easier" to do financing through the company you are also buying the vehicle from, in many cases. "Easier" doesnt mean better, it just means easier. If you go through tesla, you dont have to worry about trying to get the check to tesla, or issues about getting the vin number on the financing, etc etc. All that is handled for you.

Just like trading a vehicle into tesla is "easier" (but not necessarily better), because you dont have to worry about coordinating, having a time without a vehicle, etc.

It boils down to do you want tesla to arrange financing for you, or do you want to do it yourself with an institution and manage all those other things yourself. Completely personal decision, because some may prefer doing business with a specific financial institution (for example). You ARE signing up for a financial relationship with whoever you are borrowing the money from, for as long as the loan period. Sometimes, people forget that.

As a (completely separate) example, I wont do business with capital one, in any way, shape, or form, because of how the company treated me when I was a young man and had one of their credit cards. I dont care what the rate they offer might be , I would pay more to go somewhere else.

I almost walked out on a car deal about 13-14 years ago, because the dealer "finance guy", while in his office, told me that the rate he had was through capital one. I said "I wont do that" and he didnt understand why it mattered to me. I said "I dont care if you understand why it matters to me or not, I wont do financing through capital one. Either find other financing through someone else at the same rate, or I guess I am not buying this vehicle", then got up, and told them to contact me if they found another company.

They contacted me the next day with the same loan terms through another company, and I came back and signed.

Pick whichever company you want to have a financial relationship with, or, whichever one meets your criteria, whether thats "easier purchase transaction" or something else.

 

[ilike2brkthngs]

Tesla uses other banks for financing. So, at the end of the day, it depends on whether you want to do business with one of those banks (e.g. Chase, US Bank, etc) or go with DCU. As others have mentioned above, you just need to do some extra leg work for third-party financing - e.g. have them mail the check to Tesla (or to you?), etc.

Also, if Tesla can't rate match, they will send you a check instead. So, if a lower monthly payment is more preferred vs a check in hand, you might want to stick with DCU.

 

[UpNorth067]

For anyone that stayed with a DCU loan, instead of rate matching with Tesla, do you know how strict DCU is with requiring full/entire payroll direct deposit? I’m not interested in having my entire paycheck DD there and would only like to do a few hundred dollars to look good.

I think I had to send them a copy of my paystub for verification.

TIA!