Interest rate from Tesla's Financing LESS than advertised

[joshuaeven]

Got my approval email today, was surprised to see the rate was 2.49% for 60 months. Puts it 0.7% more than PenFed, but with the buy-back option. Fair deal!

 

[fluxemag]

Penfed is 1.74% for 60.

 

[joshuaeven]

Oop! Meant to say "0.7 MORE than PenFed" I'll edit. Thanks!

 

[Suzieq]

Looking at the finance page on the TM website it says 2.95 for 63 months... How did you get 2.49%?

 

[Rhym]

Looking at the finance page on the TM website it says 2.95 for 63 months... How did you get 2.49%?

Most likely because of the shorter term. The shorter the term, the better the APR you'll get. 60 instead of 63 isn't a huge difference, but it could have an impact.

 

[MLH]

1.99% for 60 months via Tesla Financing (WF) response offered to me via email today.

 

[K Hall]

It based on your individual credit score and risk.

 

[AprilDelivery??]

How much is your down payment? By me its very high.

 

[lloyds]

I just received confirmation of 1.99 60 mo with 20k down. Credit score above 800.

 

[Brandonm]

stupid question, but I can't find a link where you can actually apply....the Tesla site link for financing just goes to their calculator.

 

[joshuaeven]

I was able to apply once I got mt delivery button. And turns out I could get the 1.99% with a bit more down.

 

[ken830]

I was able to apply once I got mt delivery button. And turns out I could get the 1.99% with a bit more down.

How much down? (If you don't mind me asking)

 

[joshuaeven]

Financing $62500 at 1.99% vs. $78000 at 2.49%.

 

[Jenni]

Is this financing available for the 40 kWh pack? I seem to recall, on another thread, that the 40s miss out on better financing. My credit union can do 1.99 for 60 mo, too. If so, any advantage to financing through Tesla versus my own credit union? Buy-back?
With 20 down, my loan would be for 45 ish w Great credit. I Won't get my car until around July, so I just want to time my financing. Was wondering if they will offer this financing when they confirm my delivery like they have for others.

 

[joshuaeven]

The one benefit to doing the Tesla financing is the buy-back at 36 months. 1.99 for Tesla with the buy-back vs 1.79 for PenFed was a no-brainer. I'm going with the Tesla financing.

 

[Doug Martoccia]

This confirms that what I was told yesterday by Tesla is true. Lower rates are possible. I still want to minimize my downpayment - once you get in 2% range, it's lower than my mortgage payment.

 

[ccp]

This confirms that what I was told yesterday by Tesla is true. Lower rates are possible. I still want to minimize my downpayment - once you get in 2% range, it's lower than my mortgage payment.

I'm also trying to minimize the down payment. The Wells Fargo offer I received required over 30% down! My credit is very good, so I was really surprised since I can walk into any traditional dealership and come out in less than an hour with a $75k vehicle with very little, if any, down. Has anyone been offered 10% down as the press release is hyping?

 

[SUN-day Driver]

I was able to apply once I got mt delivery button. And turns out I could get the 1.99% with a bit more down.

Do they give you a list of options when you apply? If not, how do you find out they have a better rate than what they first offer for more down?

 

[ElSupreme]

I'm also trying to minimize the down payment. The Wells Fargo offer I received required over 30% down! My credit is very good, so I was really surprised since I can walk into any traditional dealership and come out in less than an hour with a $75k vehicle with very little, if any, down. Has anyone been offered 10% down as the press release is hyping?

I ended up putting about 10% down. My rates were so low I didn't see the point to putting down more. I had another $10k I was 100% ready to put down, with some reserve to hit the payment I wanted. But my rate came through (I got my loan approved for 100% of the car value), and decided to put down a minimal amount.

I like being liquid.

 

[ohmslaw]

How long did it take for you guys to get your offers from Wells Fargo? I got my delivery button last night so it's only been about 24 hours, but I'm just curious.