Saw some pretty good rates for a credit union in so. Cal, Unify FCU. The rates are lower than I've seen most places. I don't know the exact requirements to join. However, even going from 3 or 4 years to a 5 year is only .25% more, which is pretty minimal for one additional year. But as others have mentioned, when you can get loans at such low interest rates, investing that amount in any basic index fund will more than make up for the small interest charges you will pay. Just my two cents.
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Let's talk financing rates
- Thread starter flashflooder
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- Model 3
Sorry, I pasted an image of the rates table but it didn't come through. Will try again, hopefully it works.
2 yrs. .74%
3 yrs. 1.74%
4 yrs. 1.74%
5 yrs. 1.99%
6 yrs. 2.24%
2 yrs. .74%
3 yrs. 1.74%
4 yrs. 1.74%
5 yrs. 1.99%
6 yrs. 2.24%
Sure, rates are low -- but its also a depreciating asset. and with 10 years of stock market gains in a cyclical market, I'd bet on 2-4 bad years before that loan is paid. Everyone choses their gamble..I'm not betting on this president =p
Can't understand why anyone wouldn't take a 72 or 84 month loan on this car to ensure the lowest monthly payment possible and then simply make additional payments on top of the min required to pay it off early as you wish.
One reason is that those loans generally have a higher interest rate.
Dynastar
Member
The cost of a car is depreciation + opperating costs + financing costs. The length of your loan doesn't matter except in so far as it effects your financing costs.
For folks in the Seattle area, Seattle Credit Union has some pretty solid rates:
36 months 1.49%
48 months 1.99%
60 months 2.49%
72 months 2.99%
84 months 3.49%
And there's this little footnote:
The "as low as" rate is reflected as follows: Subtract 0.25% for hybrid/electric vehicles. Add 0.25% for loan-to-value > 80%. Add 1.25% for model years 2007 and older. Add 1.25% for vehicles with more than 125,000 miles.
Which I read as bringing the rates down .25%. The loan rep I spoke with didn't sound very convincing, though she did confirm that detail.
36 months 1.49%
48 months 1.99%
60 months 2.49%
72 months 2.99%
84 months 3.49%
And there's this little footnote:
The "as low as" rate is reflected as follows: Subtract 0.25% for hybrid/electric vehicles. Add 0.25% for loan-to-value > 80%. Add 1.25% for model years 2007 and older. Add 1.25% for vehicles with more than 125,000 miles.
Which I read as bringing the rates down .25%. The loan rep I spoke with didn't sound very convincing, though she did confirm that detail.
Uhhh...yeah....uhhh no.....only problem with that is you have absolutely no idea whether or not your stock will grow faster than your 2% loan rate. Wishful thinking perhaps but the certainty of your statement does not bode well for your understanding of equity investing (I don't care how much you've made with TSLA to date, you can't predict the future.)!!
erthquake
Active Member
I wouldn't be buying a Model 3 if I didn't think Tesla's ability to execute and take advantage of their huge technological lead was very likely. While I can't predict the future with absolute certainty (sure there's risk), $TSLA is one of the better bets this century has offered us so far.
Why an independent financial company would intentionally lend money for a used car with no money down at these rates is beyond me.
Congrats though!
Is that standard or did you have to qualify for some discounts to get this? I.e. can everyone get this with m3?
Why an independent financial company would intentionally lend money for a used car with no money down at these rates is beyond me.
Congrats though!
Not all credit unions are for profit, not everyone is driven by greed
Funny, I actually used them before. Tired using them when I moved to Washington but found out you have to be a TX resident. Which at the time I was
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