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Let's talk financing rates

Discussion in 'Model 3' started by flashflooder, Nov 22, 2017.

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  1. flashflooder

    flashflooder Member

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    With configuration emails finally going out to owners, I thought it might be a good time to start pooling together data points to try and find the lowest rates on car loans. I'll start by contributing the lowest rates I've come across. These are from PenFed credit union, not sure if you have to be a member to apply for a loan or not:

    1.49% 36 mos
    2.24% 48 mos
    2.99% 60 mos
    3.24% 72 mos
    3.84% 84 mos
     
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  2. Pentium2004

    Pentium2004 Member

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    I just bought a 2017 Model S and only put down $20k and I was able to finance the remaining through Wells Fargo for 60 months at 1.49%
     
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  3. kengchang

    kengchang Member

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    1.49% won't be available for Model 3. S/X only.
     
  4. Pentium2004

    Pentium2004 Member

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    Try State Farm they have some really competitive rates. The more you can put down the lower you can get the interest since there is less risk to the bank.
     
  5. flashflooder

    flashflooder Member

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    It seems that Tesla's best rate for the Model 3 is 2.75% if financing through them (is it Alliant CU handling this, like on the Model S/X?)

    That's a pretty good rate if available for 60 month financing.

    As it is, I'll probably go with the PenFed 1.49% for 36 months, unless I can find a better rate / longer term somewhere else.
     
  6. ACA Man

    ACA Man Member

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    We just bought a CPO MS with no money down (other than $1K deposit) and got 1.49% with our credit union.

    Going with Tesla financing would be 2.29%.
     
    • Informative x 1
  7. stevo1100

    stevo1100 Member

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    Try UFCU (Auto Loans) for better rates on longer terms. They were the credit union I was going to sign with until Alliant had their deal on MS/MX recently.
     
  8. dsvick

    dsvick Active Member

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    That's if you go through Tesla's partner for financing. If you go elsewhere you can certainly find lower rates.
     
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  9. 206er

    206er Member

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    Can you go zero down through Tesla's financing partner?
     
  10. kengchang

    kengchang Member

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    Personally haven't seen anything under 2% for 72 months, any pointer?
     
  11. smartypnz

    smartypnz Supporting Member

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    But you do have a 'down payment' since $1000 deposit and $2500 additional when configuring. That's at least 10% of starting price.
     
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  12. dsvick

    dsvick Active Member

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    No, I was just saying that it was only if you go through the Tesla partner that the rate jumped from 1.49% and that other lenders probably won't have the difference in rates by vehicle.
     
  13. flamingoezz

    flamingoezz Member

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    my pointer would be not to take a 72 month auto loan..

     
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  14. flamingoezz

    flamingoezz Member

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    just bought a car at 2.19% for 5 years. my bank has very similar rates to what OP provided.

    Not sure Telsa Financing is as willing to beat bank rates as traditional dealers are.
     
  15. 9erDog

    9erDog Member

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    Cypress, CA
    Financial Partners Credit Union is offering the following to their members and they finance up to 125% (Including taxes, title, & insurance):

    New Autos

    Term APR as low as:
    Up to 36 months 1.74%
    48 to 60 months 1.99%
    72 months (minimum $10,000) 2.24%
    84 months (minimum ($20,000) 3.24%

    New and Used Auto Loan Rates

    All rates shown include a 0.25% discount for automatic payment from a Financial Partners checking or savings account.
     
    • Informative x 1
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  16. Plan B

    Plan B Active Member

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    I got 84 with 2.49% Point West Credit Union. You do have to live in Portland though.
     
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  17. Thomas Edison

    Thomas Edison Member

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    On an S? Do the suburbs count?
     
  18. Paladin732

    Paladin732 Member

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    There is absolutely a reason to take it. That money is an incredibly cheap loan. You have 72 months to use whatever money you would have paid cash (or 3 yrs if you were going to do a 36mo) to invest and grow.
     
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  19. zkmusa

    zkmusa Member

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  20. Nuclear Fusion

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    Australia
    Are there brokers for car loans?
     

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