Let's talk financing rates

[Joshker]

Thanks @Joshker for the tip on First Community- I also just locked in 1.99/60mo with them. I've been with First Tech forever, and often pay a slight premium just to keep my stuff all under one roof, but their best offer was 3.25%/60mo, which is just too high a premium...

Thanks again!

Absolutely, they have been amazing for the 10 years I've been with them. Signed Friday and pick up my S75D today!

 

[myblubu]

Since I got the call from Tesla this week, I went ahead and applied for my loan. I joined Delta Community Credit Union. The rates had gone up .1 % since the rates in January but many of the CUs I was looking at had gone up since then (assuming due to the recent market ‘correction’).

Rates: New Car Loans | Used Car Loans - Delta Community Credit Union

They were great in working with the Tesla inside sales advisor and took care of getting the loan approval document to the ISA to get my delivery set up. They took care of everything and were super accommodating about everything. The ISA told me that it was easier for Tesla if I brought the loan check with me to the delivery instead of them processing things with the CU. I mentioned that to the CU and they contacted the ISA and took care of everything and kept me in the loop. From the time I applied for the loan to the time the ISA had the approval paperwork was less than 20 minutes! And told me they would overnight the check to me so I would be able to schedule my delivery ASAP!

I chose to do the loan process over the phone and I’m glad I did, the CU agent I dealt with even told me how to get $50 for opening an account with them (you have to open an account in order to get a loan). When I called to apply for the loan, they could have just processed everything and not even mentioned anything about the referral $50 program. But she suggested I: 1) join the referral program, 2) open an account, 3) apply for the loan. She could do #2 and 3 over the phone or I could do them online, but joining the referral program FIRST was key.

So if you are planning on using Delta Community CU and need a referral, feel free to use mine below.

Also let me know if anyone wants the CU agent’s name and contact info and I can PM it to you.

Referral link: Earn great rewards!

FYI - for those who are considering DCCU my rep told me that you get the lower rate of your application date and the April specials if you apply before April the current rate is good for 30 days. If the special offers a better rate, you get the better of the two for 30 days from your application date.

I pulled the trigger on applying to refinance my Model X from another bank. But I’ll wait until after the April specials are announced before locking in my rate and finalizing the loan to make sure I get the lowest rate.

 

[dailo]

Has anyone gotten a loan from TechCU lately? Been on the fence of pulling the trigger but increasing interest rates have me considering pulling the trigger sooner than later.

 

[Pkmmte]

I tried applying with FPCU as recommended earlier on this thread but their rates have recently gone up.

60 Months: 1.99% -> 2.24%
72 Months: 2.24% -> N/A

They no longer offer 72 month loans for electric vehicles for some reason. I found that LA Financial Credit Union offers the same rates that FPCU used to offer, though!

 

[anhnguyen]

I tried applying with FPCU as recommended earlier on this thread but their rates have recently gone up.

60 Months: 1.99% -> 2.24%
72 Months: 2.24% -> N/A

They no longer offer 72 month loans for electric vehicles for some reason. I found that LA Financial Credit Union offers the same rates that FPCU used to offer, though!

...good thing I was approved on the 10th and the terms are good for 60 days..

 

[anhnguyen]

...good thing I was approved on the 10th and the terms are good for 60 days..

I tried applying with FPCU as recommended earlier on this thread but their rates have recently gone up.

60 Months: 1.99% -> 2.24%
72 Months: 2.24% -> N/A

They no longer offer 72 month loans for electric vehicles for some reason. I found that LA Financial Credit Union offers the same rates that FPCU used to offer, though!

...found this on their site:

Special Promo Rate of 1.99% APR on New vehicles, up to 72 months.*

 

[RyanS]

No go for TechCU. Their rate has gone up or my credit score has gone down.

 

[pikachu]

Has anyone gotten a loan from TechCU lately? Been on the fence of pulling the trigger but increasing interest rates have me considering pulling the trigger sooner than later.

I just confirmed with Tech CU today. Got a 1.99% for a 66 month term. They were hard to beat. Financing through Tesla came in at 3.19% and the credit union that we’ve been loyal to for a long time wouldn’t do less than 2.74% (includes a 0.5% discount for active direct deposit).

The process was incredibly straight forward with Tech CU and I would recommend them.

 

[itskv]

Originally got 2.49% 72 month with TechCU when I applied online, couple hours later I got a call from TechCU asking for Tesla Advisor and the additional documents for the purchase. In order to get an loan you'll need to sign up for a primary savings account and deposit $25. The loan will be linked to this account. I asked about their 1.99% rate and was told it was only for 60month terms so I had it switched. Anyone who is applying for loan, make sure you talk with your Tesla Advisor and get a purchase agreement signed and filled out and sent to TechCU.

 

[jgd108]

I tried applying with FPCU as recommended earlier on this thread but their rates have recently gone up.

60 Months: 1.99% -> 2.24%
72 Months: 2.24% -> N/A

They no longer offer 72 month loans for electric vehicles for some reason. I found that LA Financial Credit Union offers the same rates that FPCU used to offer, though!

Hey!
When did you apply?
I talked to their specialist just yesterday and confirmed the
Special Promo Rate of 1.99% APR on New vehicles, up to 72 months.*

And she told me it's a new promo so it "should" be there for a bit. I haven't found that rate for 72 months (or even 60) and the best is you don't need to open an account to get that rate!

 

[anhnguyen]

Hey!
When did you apply?
I talked to their specialist just yesterday and confirmed the
Special Promo Rate of 1.99% APR on New vehicles, up to 72 months.*

And she told me it's a new promo so it "should" be there for a bit. I haven't found that rate for 72 months (or even 60) and the best is you don't need to open an account to get that rate!

...on the 26th with Ryan M. He approved me on the 10th with a letter..i am sure you will need to open an account with them..my rate is 1.99% due to automatic payments coming out of my FPCU account and my down needs to be funded there as well..

 

[jgd108]

...on the 26th with Ryan M. He approved me on the 10th with a letter..i am sure you will need to open an account with them..my rate is 1.99% due to automatic payments coming out of my FPCU account and my down needs to be funded there as well..

Hi!
You mean last month right?

This is the transcript from yesterday, maybe I'll have to double-check with another agent!

Jackie G: Hello. The interest rate is based on approved credit. You would apply for the loan and we would take a full application and run credit to make teh loan decision.

Jackie G: There is a promo right now offering 1.99% for 72 months on 2015 or newer autos with a FICO score of 730 or more

Jackie G: If interested we can take applications over phone or online or at any FPCU branch location

Jackie G: To contact by phone please call 800 950 7328 extension 4200 option 1

M: OK that's great to know, and that 1.99% can be for 60months as well? and is that rate including the 0.25% discount for automatic payment from a Financial Partners checking or savings account?

Jackie G: Did you have any other questions at this time?

Jackie G: Unfortunately the 1.99% is not discounted with auto pay. Yes, the rate max tern is 72 months so you can go 60 months if approved

M: oh OK, so that means 1.99% can be had without the discount

Jackie G: Yes, because it is a promo rate it is available with or without auto payments. Of course automatic payments are very

 

[anhnguyen]

Hi!
You mean last month right?

This is the transcript from yesterday, maybe I'll have to double-check with another agent!

View attachment 288534 Jackie G: Hello. The interest rate is based on approved credit. You would apply for the loan and we would take a full application and run credit to make teh loan decision.
View attachment 288533 Jackie G: There is a promo right now offering 1.99% for 72 months on 2015 or newer autos with a FICO score of 730 or more
View attachment 288527 Jackie G: If interested we can take applications over phone or online or at any FPCU branch location
View attachment 288528 Jackie G: To contact by phone please call 800 950 7328 extension 4200 option 1
View attachment 288530 M: OK that's great to know, and that 1.99% can be for 60months as well? and is that rate including the 0.25% discount for automatic payment from a Financial Partners checking or savings account?
View attachment 288531 Jackie G: Did you have any other questions at this time?
View attachment 288529 Jackie G: Unfortunately the 1.99% is not discounted with auto pay. Yes, the rate max tern is 72 months so you can go 60 months if approved
View attachment 288532 M: oh OK, so that means 1.99% can be had without the discount
View attachment 288535 Jackie G: Yes, because it is a promo rate it is available with or without auto payments. Of course automatic payments are very

...going to take that back to my contact..ha..wait what about 60 months? Is the promo only for 72 months?

...wait..here is the fine print..

APR=Annual Percentage Rate. Payment sample: $15,000 auto loan with 48 month term at 2.24% APR, resulting in 48 monthly payments of $327.03. Rates shown include 0.25% discount for automatic payment from an FPCU checking or savings account. Rates shown are for highly qualified borrowers; rate received may be different based on credit history. Loans subject to borrower qualification; not all applicants will be approved. Fees and charges may apply. Rates as of 3/23/2018 and are subject to change without notice. Conditions, restrictions, and terms may apply.

 

[jgd108]

...going to take that back to my contact..ha..wait what about 60 months? Is the promo only for 72 months?

...wait..here is the fine print..

APR=Annual Percentage Rate. Payment sample: $15,000 auto loan with 48 month term at 2.24% APR, resulting in 48 monthly payments of $327.03. Rates shown include 0.25% discount for automatic payment from an FPCU checking or savings account. Rates shown are for highly qualified borrowers; rate received may be different based on credit history. Loans subject to borrower qualification; not all applicants will be approved. Fees and charges may apply. Rates as of 3/23/2018 and are subject to change without notice. Conditions, restrictions, and terms may apply.

That quote is not for the promo, but for the other rates in that table which are higher than the promo somehow.
This special promo rate cannot be combined with any other rate discounts or offers

And yes, 60 months as well is fine.

New and Used Auto Loan Rates

I would call and ask for sure

 

[Pkmmte]

Hey!
When did you apply?
I talked to their specialist just yesterday and confirmed the
Special Promo Rate of 1.99% APR on New vehicles, up to 72 months.*

And she told me it's a new promo so it "should" be there for a bit. I haven't found that rate for 72 months (or even 60) and the best is you don't need to open an account to get that rate!

I applied just the day before this promo started. Looks like I need to take another look at them now. Thanks for sharing this promo!

 

[DanH]

Quick question:

Just placed my order last night. Delivery is 3-6 weeks. Knowing Tesla, it could be in the 6th week. So, when is a good time to apply for the loan since it's typically only good for 30 days. Should I start applying for it now or wait?

This is my first time doing loan outside of dealership. I haven't bought a new car for over 15 years.

 

[jgd108]

I applied just the day before this promo started. Looks like I need to take another look at them now. Thanks for sharing this promo!

No worries! I think I should lock this up pretty fast since April is coming up and I do not think the rates will go down.. worst case you have time to change before delivery right? Just one more credit inquiry though on your report..

Confirming again this morning (seems very new for the agents):

Cecy G: I apologize, the lowest rate we can offer is 1.99% with All Possible rate discounts.

Cecy G: You may be elibigle for Special Promotional rate. with a maximum term up to 72 months. to qualify the vehicle is required to be a model year 2015 or newer. To my knowledge there is not a maximum loan amount however will can finance up to 95% Loan to value.

EDIT ....

Cecy G: I apologize, I was able to contact our Consumer Lending Dept and unfortunately, an electric vehicle would not qualify for the promotional rate. I would recommend contacting us by phone at 800.950.7328 and speak to a Loan Advisor regarding the process and any stipulations reagarding possible Telsa Financing options.

 

[insaneoctane]

... unfortunately, an electric vehicle would not qualify for the promotional rate.. .

WTH? Why would they care?? Too green?

 

[anhnguyen]

WTH? Why would they care?? Too green?

...may have approved too many tesla loans and need to make some money?

 

[jgd108]

WTH? Why would they care?? Too green?

...may have approved too many tesla loans and need to make some money?

I know right?? Hopefully that's not the case, will call them back Monday..