Welcome to Tesla Motors Club
Discuss Tesla's Model S, Model 3, Model X, Model Y, Cybertruck, Roadster and More.
Register

Let's talk financing rates

This site may earn commission on affiliate links.
I did not check how long the rate was good for because I needed to execute the loan ASAP because Tesla was ready to take my money. But, the original loan approved by LightStream was good for 30 days.

Also, I execute the loan on Friday and they let me pick what day I wanted the money deposited in my bank account. I chose the first available option which was Today. I checked my bank account first thing this morning and the money was already there. So, I just went to Tesla website and submitted full payment.
Okay, got my offer adjusted today using the PDF'd emails. They do post a date that the offer is good until which looks like it's 30 days from the application or approval date.

Mine's a secured loan and says that the car must be purchased within 15 days of receiving the loan proceeds.
 
Tesla Approved me for 72 Months at 3.19%, $4k down, no other stips through Wells Fargo and 3.29% through Chase.

FPCU approved me for 60 months at 2.24% w/autopay but wanted $10k down and POI and would have to run it through underwriting to get it bumped up to 72 months.

I'm a 790+ credit score so was a little surprised by the $10k requirement.
 
I've been pre-approved at 2.24% for 72mo with FPCU. I'm just waiting on the contract from Tesla to finalize the loan. I do have a VIN and delivery date of 5/5. I'm putting 20% down and FPCU want to see that. Those of you who have already taken delivery, how long did it take you to get your purchase contract from Tesla?
 
My delivery date is May 1. I got my contracts a few days ago. I paid all the money last night. Then I sent FPCU a pasted version of what was on the Tesla page after I paid through wiring my money from checking. Then FPCU emailed me back and said all set.... will get that link in a day or two and then they cut a check for Tesla...I forget if it comes to me or them.
Ken
 
  • Like
Reactions: ev4m3
I've been pre-approved at 2.24% for 72mo with FPCU. I'm just waiting on the contract from Tesla to finalize the loan. I do have a VIN and delivery date of 5/5. I'm putting 20% down and FPCU want to see that. Those of you who have already taken delivery, how long did it take you to get your purchase contract from Tesla?

I spoke to my ISA on a Tuesday and gave him the contact info for FPCU. On Wednesday I spoke to Ryan at FPCU to see if the ISA had contacted him. The next day, Thursday, Tesla called and told me they have everything they need to get the purchase agreement sent to me. He explained I needed to sign, then Tesla would counter sign and then send a copy to FPCU. That all happened Thursday afternoon.

On Friday, FPCU said they would need to see my down payment. I could either deposit it at FPCU and let them cut one big check or I could pay Tesla on my own and show them proof I did so (which I did). On Saturday, FPCU asked for my most recent pay stub (up to this point, they oonly went on my credit report I guess, since I provided them with nothing other than opening a $100 savings acct).

I picked up the check from FPCU in Monday afternoon. Hopefully, picking up car on Wednesday.

Also, jafarion mentioned the FPCU requirement for direct withdrawal payments/autopay. While at the branch, I asked Ryan if they would automatically debit my account each month, even if I made the payment from another bank account prior to the due date. He said if there was no payment due on the due date, they would not automatically debit my account. It sounds all logical, but when I had a HELOC with BofA, they processed their monthly debit regardless of whether I paid it previously or not.
 
Last edited:
  • Like
Reactions: ev4m3
If anyone is looking for financing, I used UHCU and got a great rate. Belenda is the rep and she knew all about the Tesla M3 process. She was able to push my ISA for info and overnighted the check to speed things along, all without me asking her to. If you want her contact info feel free to PM Me.
 
I'm just waiting on the contract from Tesla to finalize the loan. I do have a VIN and delivery date of 5/5.

You got lotsa time. I'm sure the ISA's are processing in order of delivery appointments.

My processing time was even faster than tracksyde. Dropped off app and pay stub & $25 check (for new account) to Ryan on Thursday, forwarded approval to ISA on Friday, funded the down payment by ACH online direct to Tesla yesterday, received online receipt from Tesla, forwarded that to Ryan, scheduled to pick up car tomorrow afternoon in Costa Mesa. (see you there tracksyde?)
 
Tesla Approved me for 72 Months at 3.19%, $4k down, no other stips through Wells Fargo and 3.29% through Chase.

FPCU approved me for 60 months at 2.24% w/autopay but wanted $10k down and POI and would have to run it through underwriting to get it bumped up to 72 months.

I'm a 790+ credit score so was a little surprised by the $10k requirement.

Did you select Tesla as your financing option after configuring the Model 3? I was a bit confused by that option as I wasn't sure if I could select that then change to a credit union at a later date.

Also, did they do a credit pull prior to providing the VIN?
 
I shopped around, even with Tesla providing a rate. Best rate I got was from Exceed CU hands down.

56k, 0 down
@ 3.2 for 72 months
@ 2.95 for 60 months
@ 2.75 for 48 months

.25 discount applied if paid from their checking account.

To be a member, you have to be part of their partnered companies or pay a small donation to a charity.

POC: Saul Ramos
[email protected]
310.607.2104
 
  • Like
Reactions: devilmountain
I shopped around, even with Tesla providing a rate. Best rate I got was from Exceed CU hands down.

56k, 0 down
@ 3.2 for 72 months
@ 2.95 for 60 months
@ 2.75 for 48 months

.25 discount applied if paid from their checking account.

To be a member, you have to be part of their partnered companies or pay a small donation to a charity.

POC: Saul Ramos
[email protected]
310.607.2104
Perhaps it was because of the $0 down, because XFCU gave me the 2.24% APR with 15% down.
 
@ebmcs03
I actually bank with Logix and are happy with them but drove all the way down to Point Loma CU for the loan since they were able to get me the full amount for 66mo @2%. If you looking for a short loan 36mo 1.49% or 48mo 2.24% then they are good. Anyways let me know if you go with Logix you can get a small referral bonus :)

@Aellinsar
Yes, unfortunately you have to reside or work in SD or Riverside ccounties and be able go in branch to open up the accounts.
 
I used this website and found 1.99% for 63 months and the credit union was in my area. If you click on the bank web link on this site you always get the service web page. Instead open a new tab and google the actual name of the bank/credit union and check on their rates.