Let's talk financing rates

[mtndrew1]

I’m at 3% for 84 with $12.5k down. Score of 800+. Los Angeles Federal Credit Union.

 

[jtpassat]

Used Chadwick Credit Union for 2.25% for 60 months good for 90 days.

 

[troyhouse]

I checked out a couple more. Xceed shows 1.74% on their website, but I presume that's for very short loans. They offered me 2.49% for 60 months. 36 months was 2% I think. Easy hoops to jump through to join though.

FPCU has been mentioned already, I think. Gotta join AARP ($16) if you don't live nearby, but that's not a big deal. They said the promo 1.99% is still available if you meet the criteria and use automatic payment through them. The guy also said I needed 15% down, despite the requirement being LTV < 95%. Approval is good for 60 days and they recommended I go ahead and apply now. This seems to be the one to beat so I'll report back how it goes.

Thanks for Xceed suggestion. I might go with them, pretty easy to quality if DD is done, then the rate could be as low as 1.75%.

Are there any lower rates then this, and easy to qualify?

 

[insaneoctane]

Thanks to everyone on this thread who has shared their findings. It is very helpful in finding the best rate that I can!

 

[mister yub]

I checked out a couple more. Xceed shows 1.74% on their website, but I presume that's for very short loans. They offered me 2.49% for 60 months. 36 months was 2% I think. Easy hoops to jump through to join though.

FPCU has been mentioned already, I think. Gotta join AARP ($16) if you don't live nearby, but that's not a big deal. They said the promo 1.99% is still available if you meet the criteria and use automatic payment through them. The guy also said I needed 15% down, despite the requirement being LTV < 95%. Approval is good for 60 days and they recommended I go ahead and apply now. This seems to be the one to beat so I'll report back how it goes.

Xceed looks like they're including a 0.25% APR decrease for doing automatic payments for an Xceed bank account.

 

[jayhawk3]

Everyone be exceedingly nice to Xceed. I talked to a very helpful rep today (Christine) and she says they are getting inundated with calls for Tesla loans. She asked if I knew why and I told her someone posted on the forum that they would be a good option for a Model 3 loan. We talked for maybe 15 minutes about the car and she had tons of questions about it. They were a little confused why some people lived in one state but were driving a long distance to another state to pick up the car so I explained the state of franchise laws.

She seemed genuinely interested in why this car was so special. It also reinforced to me that the average Joe/Jane knows almost nothing about Tesla.

 

[mister yub]

Anyone have any recommendations for Washington state, specifically Seattle area?

 

[Isaiah F.]

Anyone have any recommendations for Washington state, specifically Seattle area?

I used Alaska USA about two months ago for a Chevy Volt. 2.6% for 60 months. Not sure what their rates are at now.

 

[Butane]

Everyone be exceedingly nice to Xceed. I talked to a very helpful rep today (Christine) and she says they are getting inundated with calls for Tesla loans. She asked if I knew why and I told her someone posted on the forum that they would be a good option for a Model 3 loan. We talked for maybe 15 minutes about the car and she had tons of questions about it. They were a little confused why some people lived in one state but were driving a long distance to another state to pick up the car so I explained the state of franchise laws.

She seemed genuinely interested in why this car was so special. It also reinforced to me that the average Joe/Jane knows almost nothing about Tesla.

This. Everyone I've called has had an immediate change in their tone of voice when I mention the loan would be for a Tesla Model 3. Between here, M3OC, and reddit, I imagine these poor credit unions are getting slammed as we mob them. I've never so actively searched for low interest rates on a car loan before. The Tesla community feels stronger and closer together than any car community I've ever been involved with. It's really awesome!

 

[Supertester777]

This. Everyone I've called has had an immediate change in their tone of voice when I mention the loan would be for a Tesla Model 3. Between here, M3OC, and reddit, I imagine these poor credit unions are getting slammed as we mob them. I've never so actively searched for low interest rates on a car loan before. The Tesla community feels stronger and closer together than any car community I've ever been involved with. It's really awesome!

The proof is in the pudding. Has anyone actually got the 1.75% rate?

 

[Chris Clark]

The proof is in the pudding. Has anyone actually got the 1.75% rate?

Also what term length are people getting quoted for?

 

[troyhouse]

Also what term length are people getting quoted for?

2.00% rate is for upto 36 months, for all other terms it is higher. They deduct .25% for setting up autopay from the Checking account.

 

[slippy47]

As a word of warning:
I applied to Xceed Financial Credit Union (thanks to this thread and others). Like others have stated, they seemed very friendly and genuinely interested in the deluge of Tesla customers, but when they emailed me the paperwork to sign, they sent it to the wrong email address (despite having the correct email address noted in their paperwork). This paperwork included my SSN, address, license #, work address/location, etc.
Luckily, the actual recipient replied to them and copied me, otherwise I wouldn't have ever known. When I called them, they lied and said their message got sent back to them as undeliverable. I told them I knew what really happened because I was copied in the email that was returned to them, and their response was "Oh, sorry.".
Somehow I still can't help but feel a little bad due to how firendly the representative was on the phone, but this was a huge error (and subsequent lie) that has caused me to lose trust in Xceed, and has the potential to cause years of heartache if my SSN and other personal info is in the wrong hands, so I needed to share my experience with Xceed.

 

[Supertester777]

As a word of warning:
I applied to Xceed Financial Credit Union (thanks to this thread and others). Like others have stated, they seemed very friendly and genuinely interested in the deluge of Tesla customers, but when they emailed me the paperwork to sign, they sent it to the wrong email address (despite having the correct email address noted in their paperwork). This paperwork included my SSN, address, license #, work address/location, etc.
Luckily, the actual recipient replied to them and copied me, otherwise I wouldn't have ever known. When I called them, they lied and said their message got sent back to them as undeliverable. I told them I knew what really happened because I was copied in the email that was returned to them, and their response was "Oh, sorry.".
Somehow I still can't help but feel a little bad due to how firendly the representative was on the phone, but this was a huge error (and subsequent lie) that has caused me to lose trust in Xceed, and has the potential to cause years of heartache if my SSN and other personal info is in the wrong hands, so I needed to share my experience with Xceed.

Oh no.

 

[miimura]

I just got conditional approval from Tech CU. I was mistakenly under the impression that the Tesla loans were lower than their general New Auto loans. So, their 66 month rate is 2.99% when I thought it was 2.49%. 2.49% is only available up to 36 months. I put it on hold. My existing credit union, Meriwest has new auto rates on their site at 2.74% for up to 66 months. I just put in an application for that loan.
Meriwest is open to residents of the SF Bay Area and the Tucson, Arizona area or employed by a technology company in California or Arizona.

 

[Marsnaut]

It's my first time getting an auto loan so bare with me.

I called FPCU and they told me that while the financing amount is locked in for 60 days, the rate can still change. Even if I lock in at 2.25%, does that mean that the APR will fluctuate with market/Fed rates throughout the life of the loan? In a sense, does it mean none of the rates are fixed for auto-loans anywhere?

 

[jtpassat]

I would call them and clarify their statement of "rate can still change" All other loans that I've gotten mortgage or car, if you have been pre-approved and "locked-in" for a rate, that rate is good for the duration of the pre-approval.

It's my first time getting an auto loan so bare with me.

I called FPCU and they told me that while the financing amount is locked in for 60 days, the rate can still change. Even if I lock in at 2.25%, does that mean that the APR will fluctuate with market/Fed rates throughout the life of the loan? In a sense, does it mean none of the rates are fixed for auto-loans anywhere?

 

[Butane]

It's my first time getting an auto loan so bare with me.

I called FPCU and they told me that while the financing amount is locked in for 60 days, the rate can still change. Even if I lock in at 2.25%, does that mean that the APR will fluctuate with market/Fed rates throughout the life of the loan? In a sense, does it mean none of the rates are fixed for auto-loans anywhere?

I'm in the process of applying to them too. Of course, because I'm special, the web app died on me and now I have to call in again tomorrow. They told me the application was good for 60 days, and I just assumed that meant a rate lock. Assumptions bite me in the ass on a regular basis though... Even if not and the rate varies up until the day they pay Tesla, the rate at that time will be fixed for the life of the loan. This is not an adjustable rate loan, as it would have to be disclosed in the fine print at the bottom of the rate table.

Also I subjected myself to a year of spam by joining AARP to get in FPCU when all I had to be was a member of another CU (I am at multiple). NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO!

 

[Plan B]

I looked into this since I have a brother in the area. The woman on the phone was not interested in helping me. Strongly recommended I find a credit union closer to home rather than take up her time. She also said the (advertised as of 4/9) rates of 2.49% were long gone due to the prime rate increase back at the beginning of the month. Also said they would need to have eyes on the vehicle and really only loan through dealerships. I hope you had better luck!

Yes, I almost had a nervous break down when I got the rates last week. But after I checked around they still are the lowest in my area for that length of a loan.

I am glad that you backed me up on the "eye's on the car" part, I posted that in a for sale thread and people did not believe me.

Sorry they were not that friendly, but it doesn't surprise me.

 

[RDaneel]

It's my first time getting an auto loan so bare with me.

I called FPCU and they told me that while the financing amount is locked in for 60 days, the rate can still change. Even if I lock in at 2.25%, does that mean that the APR will fluctuate with market/Fed rates throughout the life of the loan? In a sense, does it mean none of the rates are fixed for auto-loans anywhere?

The rate will be locked for the 60 days, but might change after that point. Note that it can take up to a week to get the membership application completed. You can get the preapproval for the loan almost immediately, though. I signed up with FPCU to take advantage of the 1.99 for 60 months. You have to put 15% of the MSRP down (not including taxes/fees), just FYI. Everyone there has been nice to deal with. Lastly, because I can't help myself, it is "bear with me." Enjoy your Model 3!