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Loan and APR through Tesla Financing
- Thread starter Mchesnoff
- Start date
lowtek
Active Member
Spacep0d
Active Member
740 credit score! Someday. 
I'm still trying to close in on 700 before I have to submit my application, lol. Congrats!
I'm still trying to close in on 700 before I have to submit my application, lol. Congrats!
Did you apply directly through Chase or Tesla Financing?
Chase wont let me apply since they dont list the 2020 Model 3 on their website, also the dealer info isnt listed as well. Very odd.
They do match rates. I did financing through tesla and submitted a rate match request the day after delivery (I didn't want to hassle getting third party financing and have to scramble before delivery), I got a check for the difference a few days ago.
Is there an advantage to rate match rather than just go with the credit union that gave the initial lower rate?
The way Tesla does rate matching is they usually cut a check for the difference in rate, up front. So you still pay the higher interest rate, but they've "made it up to you" right away.
Which seems flat-out silly, since you could then move the loan somewhere else and keep their money.
I financed with my credit union (campbellcu.org) - 2.5%. Was the easiest loan process I've ever done. Filled out the forms online, they fedex'd me a check which I took to delivery day. That was it. Saw no reason to go through Tesla's financing.
Thanks for your confirmation, I already accepted the loan from Tesla and planning to do the rate match later
So should i accept the 4% offer through Tesla to get everything moving and then send them the approval letter after for them to rate match?
Hoping to pick up asap, since i dont have a car atm.
Well the approval through the tesla website i dont believe says. I know my car is at the delivery center 2 cities from me as they mention to me today. So im sure that as soon as i secure the financing, i can get it very soon.
That is what I am trying to do too, please keep me updated on how it works out for you. Thanks
Good question, but that's likely what I'd do... especially since they don't really "rate match" per se, but cut you a check for the difference...
Again, I handled my transaction via my credit union so I don't have experience with Tesla's direct financing folks, but that sounds like the best course of action.
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