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Modifying my loan through Tesla Finance lowered my APR

I guess I'm posting this as sort of a PSA as I was surprised to get a significant APR reduction after asking my Tesla agent to Modify my initial loan agreement. I also wanted to see if anyone else had experienced anything similar as well.

On Sunday night, I went through the ordering process for a Tesla M3 SR+ and applied for a loan through Tesla Finance. About a hour later I was matched with Chase with an APR of 2.9+%. I believe it was something like 2.94% but I'm not sure as I didn't take a screen shot. When playing around with the slider to set the desired monthly payment, my remaining downpayment turned out to be a pretty odd looking number and fairly high at $6896.63. I didn't even get the monthly payment I desired as the initial estimates were calculated with a lower APR.

Today I decided that I wanted to slightly lower my downpayment as I wasn't going to get the monthly payment I wanted anyways. So I contacted my tesla agent and asked if it'd be alright to modify the downpayment down to an even $6000. The agent came back saying the finance depart was able to make this happen. So when I went to check online, I was surprised to find out the monthly payment had not changed too much even though I lowered the downpayment. That's when I noticed that I got matched with a different bank (US Bank) with a lower APR at 2.49%.

All this to say that for those who have a slightly higher than desired interest rate at time of order, it might be worth trying to modify the loan before delivery.

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