Let's talk financing rates

[voip-ninja]

Rates in California look great....

Does anyone know of a good rate in Colorado? Most rates for a 60 month loan with 10% down appear to be around 3.5%.

 

[Ejl80]

Rates in California look great....

Does anyone know of a good rate in Colorado? Most rates for a 60 month loan with 10% down appear to be around 3.5%.

Alliant Credit Union is 2.99%. Lightstream will beat them at 2.89% on a 60 month loan.

 

[Trevor B]

Looks like 2.24% is the best rate for folks who are eligible (in CA). Anything better?

Looks like most loans approvals/rates are valid for 2 months or so. I will have to wait for another month or so (ETA for car is Sep-Nov).

 

[voip-ninja]

Alliant Credit Union is 2.99%. Lightstream will beat them at 2.89% on a 60 month loan.

Thanks I will look into lightstream.

 

[robarino]

Anyone found any good deals in Massachusetts yet? I have seen a lot of good rates and such from CA credit unions but how about MA. We must have something?

I started calling around today. Somerville Credit union has 1.99 for 60 Months. You have to join the somerville garden club to qualify ($25) but they will sign you up when you get your account. I am hoping to get my car before rates shoot up again.

 

[favo]

Xceed Financial CU seems to have pretty good rates. 60 months at 2.75%. 48 months at 2.5%.

 

[Ejl80]

Thanks I will look into lightstream.

Just need to show the approval letter or email or whatever at the other bank to get them to beat it. Was a pain but eventually got done.

 

[Johnabis]

This might seem like a silly question. but my Model 3 dual motor delivery date is October-December. at what point should I start applying for loans to see what I qualify for? I wasn't sure if I applied now, and found a good rate, If I could lock it in and defer the loan until I actually got my Model 3 which might not be for another 5 months.

 

[thebigbobowski]

This might seem like a silly question. but my Model 3 dual motor delivery date is October-December. at what point should I start applying for loans to see what I qualify for? I wasn't sure if I applied now, and found a good rate, If I could lock it in and defer the loan until I actually got my Model 3 which might not be for another 5 months.

I think most lenders will only lock rates for 30-60 days (some even less), so you really shouldn't be applying for loans until you have a VIN, which will be a week or two from your delivery. I'd just keep tabs on what the rates are with the different lenders you're considering.

 

[soulstar]

Got ISA email to start the paperwork process. I'm planning to third-party finance but there's a blurb on ISA email that is confusing. They want a pre-approval letter from the bank/CU but at the same time, they don't want me to apply for any loans until the delivery date is set and is near the delivery date. We won't get that until I give them a pre-approval letter and finish trade-in evaluation... I've also been given a VIN.

Wouldn't I actually have to get a loan applied/secured for a pre-approval letter from the CU/bank? Wouldn't it basically start the rate-lock process at that point anyway?

Also, I'm planning on trading in through Tesla. So for the loan amount, am I thinking correctly that if my config is $55k, the loan I should be asking for is around the ballpark of :

config price + estimates of tax and registration - $3500 I gave to Tesla already - trade in of my vehicle.

Is the above assumption correct?

 

[xdmanalo]

BofA
So Cal
<2.4%
48 months
Minimum existing balance required

 

[Trevor B]

What rates are folks seeing in NY (Westchester)?

 

[BioSehnsucht]

I am closing at 2.90% with Credit Union of Texas (CUTX). Originally was quoted 4.24%, but they not only matched the regular Xceed 3.15%, they matched the 2.90% that would only be if I used a Xceed account to auto pay it. Which is nice, because CUTX isn't making me use a CUTX account to auto pay, they'll ACH auto pay out of my existing bank. There is a nominal $15 to open a savings account with $15 in it, but that's fine. The only con so far is that they're overnighting payment to Tesla rather than something more immediate, but one more day I can handle.

 

[thebigbobowski]

I am closing at 2.90% with Credit Union of Texas (CUTX). Originally was quoted 4.24%, but they not only matched the regular Xceed 3.15%, they matched the 2.90% that would only be if I used a Xceed account to auto pay it. Which is nice, because CUTX isn't making me use a CUTX account to auto pay, they'll ACH auto pay out of my existing bank. There is a nominal $15 to open a savings account with $15 in it, but that's fine. The only con so far is that they're overnighting payment to Tesla rather than something more immediate, but one more day I can handle.

Did you just show your credit union Xceed's rate page or did you go through the steps of becoming an Xceed member and getting an official rate quote before you had your CU match? Just wondering how all this rate matching works since I'll be doing the same thing soon.

 

[slipnslider]

Everence.com offers 1.99% plus a .5% discount on loans for EVs, so 1.49%! I haven't talked to them yet, but I don't see any membership limitations. It is a "faith-based" organization though.

 

[rlb4]

Everence.com offers 1.99% plus a .5% discount on loans for EVs, so 1.49%! I haven't talked to them yet, but I don't see any membership limitations. It is a "faith-based" organization though.

That is a great rate. 2.49% for 72 mo and 1.99% for 60 mo. Plus -0.50% for discount on EV's. Then you can get Lightstream to match for another -0.1%.

 

[dailo]

Everence.com offers 1.99% plus a .5% discount on loans for EVs, so 1.49%! I haven't talked to them yet, but I don't see any membership limitations. It is a "faith-based" organization though.

Not sure how they would verify this, but these are the requirements for membership. Maybe they conduct an interview with you first.

Requirements for Membership
To be eligible for membership with Everence Federal Credit Union, one of the following must apply.

1. I (or an immediate family member) am an existing Everence member and/or product owner.

2. I am a member or attender of a Mennonite or Anabaptist church.

3. I work for an employer, volunteer in missions or service, reside in a retirement community, or study at an institution that is Mennonite or Anabaptist affiliated.

4. I share values consistent with the Anabaptist understanding of Christian stewardship (Psalm 24 -all I am and all I have are from God) and, in response to God’s generosity, practice stewardship of all my resources.

 

[BioSehnsucht]

Did you just show your credit union Xceed's rate page or did you go through the steps of becoming an Xceed member and getting an official rate quote before you had your CU match? Just wondering how all this rate matching works since I'll be doing the same thing soon.

I just forwarded them the email I got from Xceed - I asked the Xceed rep I was working with via email what rates I was approved at (after being pre approved) and then forwarded that to CUTX. CUTX doesn't actually have a rate beat program like Lightstream exactly, instead when I first applied the initial email I got from a human (versus initial automated email) specifically said :

Remember, we do not like to lose business because of an interest rate. If you are approved elsewhere for a lower rate, please allow me the opportunity to compete!

So YMMV on rate matching (my guess is that they default to... but they were very responsive, I applied to CUTX, Xceed, and Lighstream all at the same time, and CUTX got back to me with an actual human response, with pre approved rate, in less than 3 hrs. Lightstream I had an actual rate the next day, Xceed took almost 3 days.

I started the process with Everence several days later but they have only one person dealing with out of (EFCU's) state applications apparently and she is totally swamped because someone posted them to Reddit a week ago (I found out from a friend who saw the Reddit post). It took my friend 3 business days (over a weekend) to get a rate from Everence, but it took me longer (also over a weekend) and I decided the extra ~$15/mo I would save if I got their best 72 mo rate wasn't worth waiting around any more and just went with CUTX.

As for EFCU and their requirements, you basically just check a box stating that you agree with their values (the practice stewardship of all your resources bit)... and you're buying an EV so that's kinda a no brainer.

 

[barcagp]

I am trying to finance a CPO here in Bay Area
I applied for loan with a Tesla Department.
My dad I work together so we co-applied.
I have a couple smaller auto loans with my wife and sister under my name but he has 0 debt.
We have a combined income of over 200k and yet for 72 month loan they just quoted us 5.03%. Credit scores are 750+
They went through TD bank who they said gives them the best rates on CPO
I think it’s too high even for 72 months. My last 72 month los was at 2.5% I know rates are higher but 5 is a lot.
Any idea who may have a better 72 month rate?
Also they didn’t include taxes into loan and when I asked for the report they pulled they said they didn’t have it because they never pulled it? First time Ive heard that

 

[manishee]

I got 1.49% from Logix. Closed my loan last week when I picked the M3.
Process was super easy.
You can use my referral. Both of us get $50 each.
PM for the reference number etc if interested.