ggumz
Member
Exactly! The add'l interest expense on a 72 mo. loan compared to 60 mo. financed at 2.24% is only ~ $600 (based on a $50k loan).
Let's talk financing rates
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Exactly! The add'l interest expense on a 72 mo. loan compared to 60 mo. financed at 2.24% is only ~ $600 (based on a $50k loan).
Definitely will watch this thread. It's time to think more seriously about it. If the Tesla 2.75% ends up being the easiest to get with no hassle so be it, but I'm really hoping that by putting ~20k down and wanting a 4 year loan will get me something like what PenFed has (or hopefully less). I'm shooting for $500/month payments (getting SR w/ PUP and paint). Also don't know how much my 2006 Pontiac G6 will get me, I'm conservatively saying 1k.
voip-ninja
Give me some sugar baby
erthquake
Active Member
University Credit Union in west Los Angeles has new auto loans up to 84 months at rates as low as 1.99%.
mediamogul
Member
Sounds like you already configured yours and you had to pay $2,500 for the specs you chose? I chose the AWD version, so I'm now waiting for a next step on that, which I don't anticipate for many months. But good to know that there will be more $ out of pocket well before we can expect to see the vehicle itself. ~M
bnsfengineer
Member
I got the deal thru Chase at .99% for the "S" but the best I found was with credit unions as both my kids work for two different ones. They are "not for profit " like banks and found depending on score 2.9% for 72 months! Or 2.24% for 60.
Plan B
Active Member
It doesn't matter what car it is. And yes, it's by certain counties.
Point West Credit Union | Portland, OR
Join Portland Credit Union I Join Point West Credit Union
EricUSC
Member
Have you checked if the 1.99% can be had for an 84 month loan if you have excellent credit? If so, I think this one is looking really good. "Up to 84 months" and "as low as 1.99%" are too vague.
erthquake
Active Member
I haven't checked yet. I'll try to call tomoorw or early next week. Really hoping I'll get to configure in the next week or so and find out for sure.
So jealous of your loan rates over there, over here Tesla offers 6.95% on a model S, and I'm not aware of any credit union or finance company that'll go below 9%, regardless of your credit rating.
Same here in Canada for regular bank auto loans.
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I wonder if people are getting discounts off MSRP. There was talk about it before but EM seem to suggest the employees giving out the discount were let go.
Are people seriously considering taking our 60, 72, and 84 month loans? From a personal finance perspective, that is not good, especially for the 84. (Why No One Should Get an 84-Month Car Loan (Ever) - The Simple Dollar)
^ Only if interest rates are much higher than one's other outstanding loans (mortgage, lines of credit, credit card loans).
Always better to have some flexibility. These are open loans typically that you can prepay anyway. As long as you one is disciplined enough, I don't see any risk.
Always better to have some flexibility. These are open loans typically that you can prepay anyway. As long as you one is disciplined enough, I don't see any risk.
Plan B
Active Member
Maybe.....but if you are getting a Tesla or any other car for wholesale or below and do not plan on keeping it for more than a year than long loans are harmless. So it really depends on the situation.
Plan B
Active Member
erthquake
Active Member
Absolutely I am. I'm lucky in that I have zero debt right now. I don't need a seven year loan, but my $TSLA stock will grow way faster than my 2% loan rate over seven years. I'd much rather keep the monthly payment in my comfort zone with a long-term loan than having to sell stock.
I've always been in the habit of signing the loan for a term that's longer than I need/want, and throwing random extra payments at them as I can. I pay them off early but have the option of cutting back to the minimum payment for a couple of months if unplanned expenses arise.
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