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

Modifying my loan through Tesla Finance lowered my APR

jyim89

Member
Aug 6, 2020
64
21
Washington
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.

car loan details.PNG
 

jyim89

Member
Aug 6, 2020
64
21
Washington
That bank and rate are what are being offered to everyone ordering now.

So I saw they were offering this rate to qualified buyers when I was first ordering this car only a few days ago but it was not the rate they ended up giving me. It was only after I asked to have my loan modified I got this lower rate.
 

jyim89

Member
Aug 6, 2020
64
21
Washington
Thanks for the link, that is interesting. Just glad that they gave me a lower interest rate without much hassle or me asking for it. 2.49% sounds like a pretty decent rate.
 

Products we're discussing on TMC...

About Us

Formed in 2006, Tesla Motors Club (TMC) was the first independent online Tesla community. Today it remains the largest and most dynamic community of Tesla enthusiasts. Learn more.

Do you value your experience at TMC? Consider becoming a Supporting Member of Tesla Motors Club. As a thank you for your contribution, you'll get nearly no ads in the Community and Groups sections. Additional perks are available depending on the level of contribution. Please visit the Account Upgrades page for more details.


SUPPORT TMC
Top