Let's talk financing rates

[run-the-joules]

Not much point in worrying about it now, there are several months before more than a tiny handful of people here are going to be close enough to delivery to secure financing.

 

[flashflooder]

Not much point in worrying about it now, there are several months before more than a tiny handful of people here are going to be close enough to delivery to secure financing.

I think it's a good idea to start collecting datapoints on this, since the places with the lowest rates now will likely still be among the lowest when/if rates jump

 

[run-the-joules]

I think it's a good idea to start collecting datapoints on this, since the places with the lowest rates now will likely still be among the lowest when/if rates jump

That's fair, I suppose.

 

[jsanford]

For those who live or work in Washington state, Inspirus Credit Union offers loans up to 72 months as low as 2.79% APR, and have been financing Teslas since 2012.

Auto Loans & Vehicle Refinancing | Inspirus Credit Union

 

[dss33]

For those who live or work in Washington state, Inspirus Credit Union offers loans up to 72 months as low as 2.79% APR, and have been financing Teslas since 2012.

Auto Loans & Vehicle Refinancing | Inspirus Credit Union

Seattle Credit Union has even lower rates if you're looking for something shorter. See my prior post - #47

 

[SageBrush]

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%

I read it the other way around: the stated rates presume a hybrid/EV

 

[dss33]

I read it the other way around: the stated rates presume a hybrid/EV

But then how would you account for those additions? Like high LTV and late model years?

 

[insaneoctane]

Anyone find a better rate than 2.74% for 72 months from a CU that anyone can join?

 

[ps004ynos]

Anyone find a better rate than 2.74% for 72 months from a CU that anyone can join?

That was the best rate I could find. I went with alliant. B of a, usbank all offered higher rates.

 

[onautopilot]

Just got my model 3 loan sorted from the "Financing arranged through Tesla." 2.44% for 60 months, 10% down. The lender is Chase. 800ish credit score. No income verification, or extra info. Just basically gave them my name and ss#.

It took about an hour to get a reply after submitting the application. Looking forward to picking up my Model 3 on Thursday.

 

[Az_Rael]

Just got approved from Logix Federal Credit Union for 2.24% for 60 months. They did have lower rates on the shorter term loans, FYI.

I got declined at first because I had forgotten I had frozen all my credit during the Equifax fiasco earlier. (So the freeze works). Unfroze all three, but they said they use Experian for credit checks, so I guess I could have just thawed that one. Had them re-run over the phone and got approved in short order.

I am still going to get a quote from Tesla as well, we will see if they can match or beat Logix.

 

[Pinot.Noir]

Anyone find a better rate than 2.74% for 72 months from a CU that anyone can join?

Depends on your credit score, but UNCLE Credit Union in the Bay Area has rates starting at 2.44% for 72 months. Likely need above an 800 to get that rate.

I'm trying to figure out if I should go for a 24 month loan at 1.44% or sell some stock. 1.44% is pretty damn low.

 

[Pinot.Noir]

I got declined at first because I had forgotten I had frozen all my credit during the Equifax fiasco earlier.

Thank you for that reminder!

 

[jerjozwik]

eh, so i guess the 2.44% tesla quioted me for 36 months is kinda crap then.

 

[ölbrenner]

Anyone find a better rate than 2.74% for 72 months from a CU that anyone can join?

If you can do 66 months, this CU does Tesla's at 1.99%:
Tesla Auto Financing - Tech CU

There are some limitations on who can join if you are not local. I got lucky in that my employer does have a location up north and is therefore an affiliated employer, so I qualify for membership down here .

 

[dailo]

Star One CU has financing rates for 2.09% on new car loans.

 

[SlicedBr3ad]

Star One CU has financing rates for 2.09% on new car loans.

Please also share term info, how many months. Looking for 60-72 Mo term

 

[shokunin]

eh, so i guess the 2.44% tesla quioted me for 36 months is kinda crap then.

I got the same 2.44 for 36 month financing through Tesla via Chase. They did respond with theloan terms within an hour of submitting just the basic info (name/ssn/employer)

 

[jerjozwik]

@shokunin i ended up going with a local credit union, got 2.19%

 

[giants2001]

Penfed has 1.49 for 36 months